Addex Raises CHF3.0 million Through Private Placement of Treasury Shares and Extends Cash Runway Through 2018
Geneva, Switzerland, 28 February 2017 – Addex Therapeutics (SIX: ADXN) announced today that it has raised gross proceeds of CHF3.0 million through a private placement in which 1.5 million treasury shares were placed at CHF2 per share. The private placement was led by Herculis Partners SA.
“We see significant value in Addex’s pipeline and validated discovery platform, which we believe is not fully appreciated by the market,” said Patrick Girod, Managing Partner of Herculis. “With their lead asset, dipraglurant, poised to begin registration trials in levodopa-induced-dyskinesia associated with Parkinson’s disease, under the direction of their recently appointed and well regarded Chief Medical Officer, Roger Mills, we believe the Company is well-positioned to create substantial long-term shareholder value.”
“We have made great progress in advancing our pipeline of allosteric modulator drug candidates and leveraging our technology platform through collaborations with patient advocacy groups, government and academic institutions," said Tim Dyer, Chief Executive Officer of Addex. "These additional funds extend our cash runway through 2018 and allow us to continue to advance our pipeline in collaboration with these partners. We remain focused on securing the resources necessary to advance dipraglurant into registration trials for levodopa-induced-dyskinesia associated with Parkinson’s disease, initiating a proof-of-concept study of dipraglurant in dystonia and advancing ADX71441 into Phase 1 studies."
Addex completed 2016 with cash and cash equivalents of CHF1.4 million (2015: CHF2.6 million). Following the reported sale of treasury shares, cash and cash equivalence currently total CHF3.9 million.
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. 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 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'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) has received regulatory approval to start Phase 1 and is being investigated for its therapeutic use in Charcot-Marie-Tooth Type 1A disease (CMT1A), cocaine and alcohol use disorder and nicotine dependence. Discovery programs include mGluR4PAM, mGluR7NAM, TrkBPAM and mGluR3NAM & PAM.
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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.