Addex Sucessfully Raises CHF40 million in Capital Increase
Geneva, Switzerland, 29 March 2018 – Addex Therapeutics (SIX: ADXN), the leading developer of oral allosteric modulators for neurological disorders, announced today that the company has successfully completed its capital increase, raising CHF40 million. A total of CHF13,037,577 new shares, with a nominal value of CHF1 each at an issue price of CHF3.13 per share, will begin trading today, 29 March 2018. The gross proceeds will be used to advance Addex’s portfolio of drug candidates, including registration studies for lead program, dipraglurant, for levodopa-induced dyskinesia associated with Parkinson’s disease (PD-LID).
“This is a transformational event for Addex which will enable us to advance our portfolio of allosteric modulator drug candidates through important value inflection points, including completing Phase 3 registration studies for dipraglurant,” said Tim Dyer, CEO of Addex. “We expect this financing to allow us to unlock significant value from our portfolio as we pursue broadly a collaboration strategy with industry partners to leverage our world leading allosteric modulator discovery platform.”
Addex Therapeutics (www.addextherapeutics.com) 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.
Chief Executive Officer
Telephone: +41 22 884 15 61
Partner, Halsin Partners
+44 (0)207318 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.