Addex Board Proposes Hoyoung Huh and Oleg Nodelman for Election to the Board of Directors
Geneva, Switzerland, 9 March 2011 – Allosteric modulation company Addex Pharmaceuticals (SIX:ADXN) announced today that the Board of Directors proposes to the Annual General Meeting of 28 April 2011 that Dr. Hoyoung Huh and Mr. Oleg Nodelman be elected to the Board of Directors of Addex Pharmaceuticals Ltd.
Hoyoung Huh, 41, U.S. citizen, is Chairman of the Boards of BiPar Sciences Inc., Geron Corp. (NASDAQ: GERN) and Epizyme Inc. He is a global leader in the biotechnology and healthcare arena, being involved in formation and growth of innovative organizations across the U.S., Europe and Asia. Dr. Huh was BiPar's President and CEO, where he led the merger of BiPar with the French pharmaceutical firm Sanofi-Aventis (EURONEXT: SAN and NYSE: SNY) in 2009. BiPar is now an independent, wholly owned subsidiary and center of innovation within the Sanofi-Aventis Group. He also serves on the Board of Directors at BayBio, Jennerex Inc., SciDose LLC, and on the Presidential Advisory Council of the Berklee College of Music. He was previously a member of the Board of Directors, Chief Operating Officer, and Head of the PEGylation Business Unit at Nektar Therapeutics (NASDAQ: NKTR). Dr. Huh was formerly a Partner at McKinsey and Company. Dr. Huh holds an M.D. from Cornell University Medical College, a Ph.D. in Genetics/Cell Biology from Cornell University/Sloan-Kettering Institute, and a bachelor’s degree in biochemistry from Dartmouth College.
Oleg Nodelman, 34, U.S. citizen, is a Portfolio Manager at the Biotechnology Value Fund, a biotech focused investment fund founded in San Francisco in 1993. Before joining BVF, Mr. Nodelman was a consultant with Mercer Management Consulting where he worked closely with senior management on financial and strategic matters. Mr. Nodelman holds a Bachelor of Science in International Affairs and a minor in Science in Technology from the School of Foreign Service at Georgetown University. BVF is a 15.15% shareholder of Addex and on 14 March following conversion of outstanding notes will hold 30% of Addex.
Addex Pharmaceuticals (www.addexpharma.com) discovers and develops allosteric modulators for human health. The company uses its proprietary discovery platform to target cell surface receptors that are recognized as having therapeutic potential for treating diseases of the central nervous system, metabolic disorders or inflammation. Several Phase II clinical trials are expected to start soon for two lead products: dipraglurant (ADX48621) and ADX71149. Dipraglurant is an mGluR5 negative allosteric modulator (NAM), which will be tested in Parkinson’s disease levodopa-induced dyskinesia (PD-LID) and, separately, non-Parkinsonian patients suffering from dystonia, a movement disorder also observed in PD. The PD-LID clinical trial is supported by a grant from The Michael J. Fox Foundation for Parkinson’s Research. ADX71149 is an mGluR2 positive allosteric modulator (PAM), which has potential for treatment of schizophrenia, anxiety and other indications. ADX71149 is licensed to Ortho-McNeil-Janssen Pharmaceuticals Inc., a subsidiary of Johnson & Johnson. In addition, Merck & Co., Inc. has licensed rights to two preclinical programs: mGluR4 PAM for Parkinson's disease and mGluR5 PAM for schizophrenia. Unpartnered products in preclinical testing include: follicle stimulating hormone receptor (FSHR) NAM, with potential for endometriosis and benign prostatic hyperplasia; mGluR2 NAM for Alzheimer’s disease; and GABA-B receptor PAM with potential for chronic pain, Fragile X syndrome, urinary incontinence and GERD. Preclinical diabetes and inflammation discovery programs include GLP1R PAM, IL1R1 NAM, and TNFR1 NAM.
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Disclaimer: The foregoing release may contain forward-looking statements that can be identified by terminology such as "not approvable", "continue", "believes", "believe", "will", "remained open to exploring", "would", "could", or similar expressions, or by express or implied discussions regarding Addex Pharmaceuticals Ltd, its business, the potential approval of its products by regulatory authorities, or regarding potential future revenues from such products. Such forward-looking statements reflect the current views of Addex Pharmaceuticals Ltd regarding future events, future economic performance or prospects, and, by their very nature, involve inherent risks and uncertainties, both general and specific, whether known or unknown, and/or any other factor that may materially differ from the plans, objectives, expectations, estimates and intentions expressed or implied in such forward-looking statements. Such may in particular cause actual results with allosteric modulators of mGluR2, mGluR4, mGluR5, mGluR7 or other therapeutic targets to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that allosteric modulators of mGluR2, mGluR4, mGluR5, mGluR7 will be approved for sale in any market or by any regulatory authority. Nor can there be any guarantee that allosteric modulators of mGluR2, mGluR4, mGluR5, mGluR7 or other therapeutic targets will achieve any particular levels of revenue (if any) in the future. In particular, management's expectations regarding allosteric modulators of mGluR2, mGluR4, mGluR5, mGluR7 or other therapeutic targets could be affected by, among other things, unexpected actions by our partners, unexpected regulatory actions or delays or government regulation generally; unexpected clinical trial results, including unexpected new clinical data and unexpected additional analysis of existing clinical data; competition in general; government, industry and general public pricing pressures; the company's ability to obtain or maintain patent or other proprietary intellectual property protection. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. Addex Pharmaceuticals Ltd is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, except as may be required by applicable laws.