Addex Therapeutics Reports First Half 2017 Operating Highlights and Financial Results
Geneva, Switzerland, 26 September 2017 – Addex Therapeutics (SIX: ADXN) announced today its first half 2017 operating highlights and financial results.
2017 First Half Operating & Financial Highlights
“We have made significant progress in advancing our portfolio and strengthened our balance sheet as we prepare dipraglurant for registration trials in PD-LID and ADX71441 for Phase 1,” said Tim Dyer, CEO of Addex. “We also achieved a number of milestones as we advance our preclinical portfolio, including securing funding for our TrkB PAM program with a grant from the Michael J. Fox Foundation for Parkinson’s Research. Looking ahead to the remainder of 2017, we expect a number of additional key milestones to be achieved.”
CHF’ thousands H1 2017 H1 2016 Change
Income 227 283 (19.7) %
Research and development expenses (1,148) (1 061) 8.2 %
General and administration expenses (831) (705) 17.9 %
Total operating loss (1 752) (1 483) 18.1 %
Finance costs, net (35) (2) NA
Net loss for the period (1 787) (1 485) 20.3 %
Basic and diluted net loss per share (0.14) (0.13) 7.7 %
Net cash from / (used) 2 193 (376) NA
Cash and cash equivalents 3 574 2 255 58.5 %
Shareholders’ equity 2 379 1 180 101.6 %
Research & Development expenses remain stable at CHF1.1 million in the first half of 2017 compared to the first half of 2016 and are mainly related to the preparation of dipraglurant and ADX71441 to start clinical studies in 2018.
General and Administration expenses increased to CHF0.8 million in the first half of 2017 from CHF0.7 million in the first half of 2016, and are mainly related to business development and general corporate activities.
Net Loss increased to CHF1.8 million in the first half of 2017 from CHF1.5 million in the first half of 2016.
Cash and cash equivalents increased to CHF3.6 million at 30 June 2017, compared to CHF1.4 million at the end of 2016 mainly due to the proceeds from the sale of treasury shares and to a lesser extent amount received under grant awards, off-set by cash used in operations.
2017 Condensed Consolidated Interim Financial Statements
The 2017 condensed consolidated interim financial statements can be found on the Company's website at the following link:
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.
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.