Addex Shareholders Appoint Raymond Hill and Tim Dyer to the Board of Directors and approve all Board Proposals at Annual General Meeting
Geneva, Switzerland, 12 June 2015 – Addex Therapeutics (SIX: ADXN), a leading company pioneering allosteric modulation-based drug discovery and development, announced today that its shareholders approved all the proposals of the board of directors at its 2015 annual general meeting.
“We express our sincere thanks to our shareholders for their continued support and confidence in our strategy,” said Vincent Lawton, Chairman of Addex. “We are delighted to welcome Ray Hill back to the Addex board of directors, and look forward to working with him as we continue to execute on our strategy to rebuild Addex into a sustainable pharmaceutical business.”
“We are committed to developing dipraglurant for levodopa induced dyskinesia in Parkinson’s disease patients and for dystonia, as well as developing ADX71441 in Charcot-Marie-Tooth type 1A neuropathy and addiction.” said Tim Dyer, CEO of Addex. “We will continue to pursue collaborative arrangement with industry, patient advocacy groups, academic institutions and governmental organizations as we efficiently advance our pipeline of innovative drug candidates.”
Annual report, appropriation of results and discharge of board of directors and executive management
Shareholders approved the annual report, financial statements, consolidated financial statements for the business year 2014 as well as the appropriation of the results: Addex Therapeutics Ltd will carry forward the loss of CHF2,226,972 for the business year 2014 and release CHF186,966 from the treasury share reserve to the general reserve. In addition shareholders granted discharge to the members of the board of directors and the executive management for their activities during the business year 2014
Election of members of the board of directors and compensation committee and chairman
Shareholders re-elected Vincent Lawton as member of the board of directors and chairman of the board of directors and member of the compensation committee; elected Raymond Hill as member of the board of directors and member of the compensation committee; and elected Tim Dyer as member of the board of directors.
Election of auditors and independent voting rights representative
Shareholders re-elected PricewaterhouseCoopers SA, Geneva, as the auditors for the 2015 business year and re-elected Robert P. Briner, attorney-at-law as the independent voting rights representative until the 2016 Annual General Meeting.
Increased authorized and conditional capital ensures maximum financial flexibility
Shareholders approved: (i) extension and increase of the authorized share capital authorizing the board of directors, at any time until 11 June 2017, to increase the share capital in an amount of CHF5,849,752 through the issuance of 5,849,752 fully paid registered shares with a nominal value of CHF1 each; (ii) increase of the conditional share capital reserved for the exercise of option rights or subscription rights attached to “bon de jouissance” which the employees, directors and/or consultants of the Company or a group company are granted according to respective regulations of the board of directors in the amount of CHF300,000 thereby raising the conditional share capital reserved for this purpose from CHF2,000,000 to CHF2,300,000; and (iii) increase of the conditional share capital reserved for the exercise of option and/or conversion rights that are granted in connection with the issue of bonds, similar obligations or other financial instruments in the amount of CHF463,018 thereby raising the conditional share capital reserved for this purpose from CHF3,086,788 to CHF3,549,806;
Articles of Association amended for Ordinance against Excessive Compensation at Public Corporations (OaEC)
Shareholders approved amendments to the Articles of Association as a consequence of the Company adopting the requirements of the OaEC.
Remuneration for board of directors and executive management approved
In two separate votes, shareholders approved the total remuneration for members of the board of directors up to the 2016 Annual General Meeting and executive management for the time period from 1 January 2015 until 31 December 2015. In a consultative vote, the shareholders also endorsed the compensation report for the business year 2014.
Details on the agenda items
The proposals and explanations about the agenda items can be found on Addex Therapeutics website at www.addextherapeutics.com.
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 central nervous system disorders. Addex lead drug candidate, dipraglurant (mGlu5 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 Phase 2B for PD-LID. In parallel, dipraglurant’s therapeutic use in dystonia and treatment resistant depression is being investigated. Addex second clinical program, ADX71149 (mGlu2 positive allosteric modulator or PAM) is being developed in collaboration with Janssen Pharmaceuticals, Inc. Addex also has several preclinical programs including: ADX71441 (GABAB receptor PAM) which has received regulatory approval to start Phase 1 and is being investigated for therapeutic use in Charcot-Marie-Tooth (Type 1A) disease, alcohol use disorder and nicotine dependence; mGlu4PAM for drug abuse and dependence, Parkinson’s disease and other neurodegenerative diseases; mGlu2NAM for treatment resistant depression and cognitive deficits; mGlu7NAM for psychosomatic disorders, TrkBPAM for neurodegenerative disorders; and GLP1PAM for type 2 diabetes. 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.