valuationLAB Issues Research Report on Addex Therapeutics

valuationLAB Issues Research Report on Addex Therapeutics

Geneva, Switzerland, 5 August 2015 - Addex Therapeutics (SIX: ADXN), a leading company pioneering allosteric modulation-based drug discovery and development, announced today that the independent life science research company valuationLAB AG has issued a research report on Addex Therapeutics. The research report estimates a current "risk-adjusted NPV (net present value) of CHF 5 per share" (ADXN closing price 4 Aug: CHF3.00).

valuationLAB's current valuation is based only on Addex clinical stage programs, dipraglurant for Parkinson's disease levodopa induced dyskinesia (PD-LID) and ADX71149 which is partnered with Janssen Pharmaceuticals Inc. The valuationLAB report also provides detailed analysis of significant upside in the current valuation should Addex successfully execute on its strategy to advance dipraglurant for PD-LID and dystonia, and ADX71441 for Charcot-Marie-Tooth type 1A neuropathy (CMT1A).

"We see huge unlocked value in the Addex portfolio which has been built over the last ten plus years with more than CHF300 million of invested capital." commented Bob Pooler, CEO of valuationLAB. "Addex new strategy to focus on rare neurological disorders has the promise to unlock this value for shareholders in a short time frame and with modest additional investment."

PD-LID is the most important unmet medical need after a disease-modifying agent for Parkinson's disease and was recently classified as an orphan indication by the US FDA. Addex recently announced the dosing of the first subject with dipraglurant in a receptor occupancy study in collaboration with the Johns Hopkins University and with funding from The Michael J. Fox Foundation. Addex has recently filed an application with the FDA for orphan drug designation for dipraglurant in PD-LID. valuationLAB estimates peak sales of USD 900m for dipraglurant as a treatment for PD-LID.

"We believe this first analyst report provides useful guidance to the investment community on the Addex investment case as we execute on our strategy to unlock the value of the Addex portfolio for our shareholders." commented Tim Dyer, CEO of Addex."

The full analyst research report is available on and on Addex website at under Investors/downloadsor (direct link).

About Dipraglurant
Dipraglurant is an oral, small molecule allosteric modulator that inhibits selectively the metabotropic glutamate receptor 5 (mGluR5), a Class C G-Protein Coupled Receptor (GPCR), with potential to be used in combination with levodopa or dopamine agonists or as a standalone treatment for Parkinson's disease levodopa-induced dyskinesia (PD-LID), motor and non-motor symptoms of Parkinson's disease and other movement disorders. In a double-blind, placebo-controlled, US and European Phase II study in PD-LID, data showed that dipraglurant met the primary objective of the study by exhibiting a good safety and tolerability profile. Dipraglurant also demonstrated a statistically significant reduction in LID severity with both 50 and 100 mg doses. Dipraglurant reduced dystonia severity in addition to chorea, the two major LID components. Efficacy was measured using the modified Abnormal Involuntary Movement Scale and patient diaries documenting "off-time" (impaired voluntary movement), "on-time" (with or without dyskinesia) and sleep. Additional endpoints include the Unified Parkinson's Disease Rating Scale, the Clinical and Patient Global Impression of Changes scales, and an evaluation of the patient's mood using the Hospital Anxiety and Depression Scale. The trial was supported by a grant from The Michael J. Fox Foundation for Parkinson's Research.

About valuationLAB and their research report
valuationLAB AG is an independent life science research boutique with no securities or banking services. The company does not hold any positions in the securities mentioned in its reports. Its financial analyses are based on the Directives on the Independence of Financial Research issued by the Swiss Bankers Association in January 2008. valuationLAB's aim is to translate complicated scientific/clinical data into easy-to-understand financial forecasts and valuations for investors. Valuations are based on tailor-made, detailed, bottom-up research from publicly available sources. The Addex Valuation Report has been commissioned by Addex Therapeutics Ltd. and prepared and issued by valuationLAB AG. The analyst views and expectations were made independently and as such do not necessarily reflect those of Addex.

About Addex Therapeutics
Addex Therapeutics ( is a biopharmaceutical company focused on the development of novel, orally available, small molecule allosteric modulators for neurological disorders. Addex lead drug candidate, dipraglurant (mGluR5 negative allosteric modulator or NAM) has successfully completed a Phase IIa POC in Parkinson's disease levodopa-induced dyskinesia (PD-LID), and is being prepared to enter Phase IIa for PD-LID. In parallel, dipraglurant's therapeutic use in dystonia and treatment resistant depression is being investigated. Addex second clinical program, ADX71149 (mGluR2 positive allosteric modulator or PAM) is being developed in collaboration with Janssen Pharmaceuticals, Inc. Addex also has several preclinical programs including: ADX71441 (GABAB receptor PAM) which has received regulatory approval to start Phase I and is being investigated for therapeutic use in Charcot-Marie-Tooth (Type 1A) disease, alcohol use disorder and nicotine dependence; mGluR4PAM for drug abuse and dependence, Parkinson's disease and other neurodegenerative diseases; mGluR2NAM for treatment resistant depression and cognitive deficits; mGluR7NAM for psychosomatic disorders, TrkBPAM for neurodegenerative disorders; and GLP1PAM for type 2 diabetes. 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 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.

Tim Dyer
Chief Executive Officer
Addex Therapeutics
Telephone: +41 22 884 15 61
Email: PR(at)

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.