Addex Reports 2018 Half-Year Financial Results and Provides Corporate Update

Geneva, Switzerland, 28 September 2018 – Addex Therapeutics (SIX: ADXN), a company pioneering allosteric modulation-based drug discovery and development, today reported its half-year financial results for the period ended 30 June 2018 and provided an update on corporate activities.


2018 Half-Year Operating Highlights

  • Signed partnership agreement with Indivior PLC for GABAB PAM program and received USD5.0 million upfront
  • Closed CHF40.4 million capital increase, including US specialist healthcare investors
  • Accelerated clinical team build-out to support dipraglurant US registration studies starting in H2 2019
  • Appointed Jean-Philippe Rocher, PhD, as Co-Head of Discovery (Chemistry)
  • Reported net income of CHF2.4 million
  • Completed first half 2018 with CHF43.6 million in cash and cash equivalents

Key Half-Year 2018 Financial Data

CHF’ thousands

H1 2018

H1 2017






R&D expenses




G&A expenses




Total operating income / (loss)




Finance result, net




Net income / (loss) for the period




Basic net income / (loss) per share




Net increase in cash




Cash and cash equivalents




Shareholders’ equity





Financial Summary

Income in the first half 2018 was CHF5.4 million, compared to CHF0.2 million in the first half 2017, and comprised primarily of an upfront payment of USD5.0 million (CHF4.8 million) for the sale of the GABAB PAM license to Indivior PLC as well as grants totalling CHF0.5 million from The Michael J. Fox Foundation for Parkinson’s Research to fund certain research activities in the dipraglurant Parkinson’s program and TrkB PAM program.


Research and development (R&D) expenses increased by CHF0.9 million to CHF2.1 million in the first half 2018, compared to CHF1.2 million in the first half 2017, primarily due to an increase in resources deployed on the dipraglurant Parkinson’s program and outsourced research costs on our TrkB PAM program. R&D expenses consist primarily of costs associated with research, preclinical/clinical testing, related staff and consulting costs. They also include depreciation of laboratory equipment, leasehold improvements, costs of materials used in research, costs associated with renting and operating facilities and equipment, as well as patent costs, other outside service fees and overhead costs. These expenses include costs for proprietary and third party R&D.


General and administrative (G&A) expenses remained stable at CHF0.8 million in the first half 2018 compared to the first half 2017. G&A expenses consisted primarily of staff costs, professional fees for legal, tax and strategic purposes, overheads related to general management, human resources, finance, information technology, business development and communication functions.

The increase of CHF4.2 million from a net loss of CHF1.8 million in the first half of 2017 to a net income of CHF2.4 million in the first half of 2018 is primarily due to the upfront payment recognized under the Indivior partnership agreement.


Cash and cash equivalents at 30 June 2018 amounted to CHF43.6 million, an increase of CHF40 million compared to the CHF3.6 million reported at 30 June 2017. The significant cash increase was primarily due to the proceeds from the capital increase completed on 28 March 2018.


2018 Condensed Consolidated Interim Financial Statements

The 2018 condensed consolidated interim financial statements can be found on the Company's website in the Investor/download section

Conference Call Details

A conference call will be held today, Friday, 28 September 2018 at 4:00 p.m. CEST / 10:00 a.m. EDT to review the financial results. Tim Dyer, Chief Executive Officer; Roger Mills, Chief Medical officer; and Robert Lütjens, Co-Head of Discovery (Biology), will deliver a brief presentation followed by a Q&A session.


Joining the Conference Call:

  1. In the 10 minutes prior to the call start time, call the appropriate participant dial-in number.


Dial-In Numbers:

  • Switzerland           +41 44 580 65 22 
  • UK                         +44 20 30 09 24 70
  • USA                       +  1 87 74 23 08 30
  • Other countries’ numbers


  1. Provide the operator with the Participant PIN Code:  15144177#


Joining the Live Event Online:

  1. In the 10 minutes prior to the call start time, sign in online by following this Webex Link.
  2. Password : Welcome

About Addex Therapeutics

Addex Therapeutics ( is a biopharmaceutical company focused on the development of novel, orally available, small molecule allosteric modulators for neurological disorders. Allosteric modulators are an emerging class of small molecule drugs which have the potential to be more specific and confer significant therapeutic advantages over conventional "orthosteric" small molecule or biological drugs. Addex's allosteric modulator drug discovery platform targets receptors and other proteins that are recognized as essential for therapeutic intervention - the Addex pipeline was generated from this pioneering allosteric modulator drug discovery platform. Addex's lead drug candidate, dipraglurant (mGluR5 negative allosteric modulator or NAM) has successfully completed a Phase 2a POC in Parkinson's disease levodopa-induced dyskinesia (PD-LID), and is being prepared to enter registration trials for PD-LID. In parallel, dipraglurant's therapeutic use in dystonia is being investigated. Addex's second clinical program, ADX71149 (mGluR2 positive allosteric modulator or PAM) is being developed in collaboration with Janssen Pharmaceuticals, Inc for epilepsy. In addition, ADX71441 (GABAB receptor PAM) program was awarded a $5.3 million grant by the US National Institute on Drug Abuse (NIDA, a division of National Institutes of Health, NIH) to support human studies in cocaine addiction and has been licensed to Indivior PLC. Discovery programs include GABAB PAM for CMT1A neuropathy, mGluR4PAM, mGluR7NAM, TrkBPAM and mGluR3NAM & PAM.


Press Contacts:

Tim Dyer

Chief Executive Officer

Telephone: +41 22 884 15 61


Mike Sinclair

Partner, Halsin Partners

+44 (0)20 7318 2955


Disclaimer / Forward-looking statements: This communication does not constitute an offer or invitation to subscribe for or purchase any securities of Addex Therapeutics Ltd. This publication may contain certain forward-looking statements concerning the Company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. The Company disclaims any obligation to update these forward-looking statements.