Addex Pharmaceuticals Announces Board Changes
Geneva, Switzerland, 11 August 2011 – Addex Pharmaceuticals (SIX:ADXN), a leader in allosteric modulation-based drug discovery and development, announced today changes to the Company’s Board of Directors. Vincent Lawton, an existing director at Addex, has been appointed Vice-Chairman. In addition, Vincent Mutel formally resigned his position as Member of the Board of Directors of Addex. As previously announced, Dr. Mutel stepped down from his position as CEO of Addex on June 3, 2011.
Mr. Lawton, who was previously Managing Director of Merck Sharp & Dohme (MSD) U.K. and Vice President of MSD Europe, both subsidiaries of Merck & Co., Inc., has served on the Addex Board since April 2009.
“We are pleased to acknowledge the important role Vincent Lawton played during the past two years, including his recent role as interim Managing Director during this transition period while we are recruiting a new CEO,” said André Mueller, executive chairman of Addex. “The board congratulates Mr. Lawton and we all look forward to his continued leadership as we build shareholder value for Addex.”
Addex Pharmaceuticals (www.addexpharma.com) discovers and develops small molecule drugs based on allosteric modulation that have the potential to be highly specific and significantly safer than traditional small molecule drugs. The company uses its proprietary small molecule discovery platform to specifically target cell surface receptors that are recognized as having therapeutic potential for treating important neurological, metabolic or inflammatory diseases. Separate Phase IIa clinical trials are ongoing for dipraglurant (ADX48621) to treat PD-LID and ADX71149 to treat schizophrenia in collaboration with Janssen Pharmaceuticals, Inc. In addition, Merck & Co., Inc. has licensed rights to preclinical mGluR4 PAM for Parkinson's disease. In addition, the company has several preclinical programs including: mGluR2 NAM for treating Alzheimer's disease; GLP-1R PAM and related receptors for treating metabolic disorders; TrkB PAM for treating neurodegenerative diseases (e.g. Alzheimer’s, Parkinson’s and Huntington’s diseases) and other members in the receptor tyrosine kinase superfamily; TNFR1 for treating inflammatory conditions and other members of the TNF receptor superfamily; IL1R1 NAM for treating gout and type II diabetes as well as other members of the interleukin receptor family; follicle stimulating hormone receptor (FSHR) NAM for treatment of endometriosis and benign prostatic hyperplasia; and GABA-BR PAM for treatment of chronic pain, Fragile X syndrome, urinary incontinence and gastroesophageal reflux disease.
Business Development & Communication
+41 22 884 15 11
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.