Addex Increases Issued Share Capital and Creates Treasury Shares
Geneva, Switzerland, 30 May 2016 – Addex Therapeutics (SIX: ADXN) announced today that it has increased its capital from 11,699,612 to 13,454,553 through the issue of 1,754,941 new registered shares at nominal value of CHF1 each to Addex Pharma S.A, its 100% subsidiary. The new shares were issued from the Company’s authorized share capital and are listed on The SIX Swiss Exchange. The transaction has been executed to provide the Group with additional treasury shares that can be used in the future to raise funds in an efficient manner.
“We have executed this transaction to provide additional financing flexibility as we execute on our strategy to advance the clinical development of dipraglurant and ADX71441” explained Tim Dyer, Chief Executive Officer of Addex. "Dipraglurant has recently received orphan drug designation for levodopa-induced dyskinesia associated with Parkinson’s disease and is scheduled to start a Phase 2a proof of concept study in focal cervical dystonia."
About Addex Therapeutics
Addex Therapeutics (www.addextherapeutics.com) 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 III for PD-LID with support from the Michael J. Fox Foundation for Parkinson’s Research (MJFF). In parallel, dipraglurant’s therapeutic use in dystonia is being investigated with support from the Dystonia Medical Research Foundation (DMRF). Addex 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) has received regulatory approval to start phase I and is being investigated for its therapeutic use in Charcot-Marie-Tooth Type 1A disease (CMT1A), alcohol use disorder and nicotine dependence. Discovery programs include mGluR4PAM for neurodegenerative diseases, mGluR7NAM for psychosomatic disorders and TrkBPAM for neurodegenerative disorders which are being advanced in collaboration with the Universities of Lausanne and Geneva under the Swiss CTI grant program; and mGluR3PAM which is being advanced in collaboration with Pierre Fabre Pharmaceuticals. 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.
Chief Executive Officer
Telephone: +41 22 884 15 61
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.