Addex Shareholders Approved all Board Proposals at 2017 Annual General Meeting
Roger Mills elected to the Addex Board of Directors
Geneva, Switzerland, 23 June 2017 – Addex Therapeutics (SIX: ADXN), announced today that its shareholders approved all the proposals of the board of directors at its 2017 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 Roger Mills to the Board of Directors and look forward to continuing our highly productive collaboration as we continue to advance our Parkinson’s disease program into Phase 3.”
“We have made significant progress in 2016 with the preparation of dipraglurant for Phase 3 in PD-LID and advancing our portfolio of allosteric modulators with the important support from patient advocacy and governmental organizations.” said Tim Dyer, CEO of Addex. “We are committed to advancing our portfolio of allosteric modulators and continue to pursue our strategy to secure resources from investors and pharma partners to meet this goal.”
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 2016 as well as the appropriation of the results: Addex Therapeutics Ltd will carry forward the loss of CHF1,864,744, for the business year 2016. In addition shareholders granted discharge to the members of the board of directors and the executive management for their activities during the business year 2016
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; re-elected Raymond Hill as member of the board of directors and member of the compensation committee; re-elected Tim Dyer as member of the board of directors and elected Roger Mills 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 2017 business year and re-elected Robert P. Briner, attorney-at-law as the independent voting rights representative until the 2018 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 22 June 2019, to increase the share capital in an amount of CHF7,692,494 through the issuance of 7,692,494 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 CHF900,000 thereby raising the conditional share capital reserved for this purpose from CHF2,600,000 to CHF3,500,000; 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 CHF65218 thereby raising the conditional share capital reserved for this purpose from CHF4,127,276 to CHF4,192,494;
Remuneration for board of directors and executive management approved
In three separate votes, shareholders approved the total remuneration for members of the board of directors up to the 2018 Annual General Meeting and executive management for the time period from 1 January 2017 until 31 December 2017 and for the period 1 January 2018 until 31 December 2018. In a consultative vote, the shareholders also endorsed the compensation report for the business year 2016.
Details on the agenda items
The proposals and explanations about the agenda items can be found on Addex Therapeutics website at www.addextherapeutics.com.
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.
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.