Addex Reports Q1 2020 Financial Results and Provides Corporate Update
May 20 2020 - 1:00AM
Geneva, Switzerland, May 20,
2020 – Addex Therapeutics (SIX: ADXN and Nasdaq: ADXN), a
clinical-stage pharmaceutical company pioneering allosteric
modulation-based drug discovery and development, today reported its
first quarter results for the period ended March 31, 2020 and
provided a corporate update.
Q1 2020 Operating
Highlights:
- Completed Q1 2020 with a strong liquidity position of CHF 27.1
million of cash and cash equivalents
- Appointed Darryle D. Schoepp PhD, one of the world’s leading
and most successful neuroscience drug developers as Chairman newly
formed scientific advisory board
- Dipraglurant pivotal registration study in levodopa induced
dyskinesia associated with Parkinson’s disease (PD-LID) ready to
start dosing patients subject to lifting of restrictions in US
healthcare system associated with the global Covid-19 crisis
- Advanced Indivior funded GABAB positive allosteric
modulator (PAM) research program for addiction
- Advanced Eurostars / Innosuisse funded mGlu7 negative
allosteric modulator research program for post traumatic stress
disorder
- Listed American Depositary Shares (ADS) representing our
ordinary shares on the Nasdaq Stock Market on January 29, 2020
“We continue to execute our registration program
with dipraglurant for the treatment of PD-LID and look forward to
treating patients once it is safe for centers to begin enrolling,”
said Tim Dyer, CEO of Addex. “We are also making significant
progress with our preclinical portfolio with the financial support
from Indivior and the Eurostars / Innosuisse, and are extremely
happy to welcome our recently established SAB members to the Addex
team.”
Key Q1 2020 Financial Data:
CHF’ thousands |
Q1 20 |
Q1 19 |
Change |
Income |
952 |
701 |
251 |
R&D expenses |
(3,553) |
(2,482) |
(1,071) |
G&A expenses |
(1,672) |
(1,342) |
(330) |
Total operating loss |
(4,273) |
(3,123) |
(1,150) |
Finance result, net |
(33) |
82 |
(115) |
Net loss for the period |
(4,306) |
(3,041) |
(1,265) |
Basic and diluted net loss per share |
(0.16) |
(0.12) |
(0.04) |
Net cash decrease |
(4,379) |
(2,679) |
(1,700) |
Cash and cash equivalents |
27,126 |
38,859 |
(11,733) |
Shareholders’ equity |
21,781 |
36,416 |
(14,635) |
|
|
|
|
Financial SummaryIncome
increased by CHF 0.3 million to CHF 1.0 million in Q1 2020 compared
to CHF 0.7 million in Q1 2019, primarily due to funding from
Indivior under our GABAB PAM parrtnership. Research and development
expenses increased by CHF 1.1 million to CHF 3.6 million in Q1 2020
compared to CHF 2.5 million in Q1 2019, mainly due to an increase
in outsourced development costs related to our dipraglurant PD-LID
program. G&A expenses increased by CHF 0.3 million to CHF 1.7
million in Q1 2020, compared to CHF 1.3 million in Q1 2019,
primarily due to the net impact of higher operating costs related
to the listing of ADSs on the Nasdaq Stock Market and decreased
share-based compensation costs. The net loss for Q1 2020 was CHF
4.3 million compared to CHF 3.0 million for Q1 2019. Basic and
diluted loss per share increased to CHF 0.16 for Q1 2020, compared
to CHF 0.12 for Q1 2019. Cash and cash equivalents amounted to
CHF 27.1 million at March 31, 2020 compared to CHF 38.9 million at
March 31, 2019 and CHF 31.5 million at December 31, 2019. The
decrease is primarily due to the cash used in operating activities.
The first quarter 2020 financial report can be found on the
Company’s website in the investor/download section here.
About Addex Therapeutics:
Addex Therapeutics is a clinical-stage
pharmaceutical company focused on the development and
commercialization of an emerging class of novel orally available
small molecule drugs known as allosteric modulators for
neurological disorders. Allosteric modulators offer several
potential advantages over conventional non-allosteric molecules and
may offer an improved therapeutic approach to 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. Addex's lead drug candidate, dipraglurant (mGlu5
negative allosteric modulator or NAM), is scheduled to enter a
pivotal registration clinical trial for Parkinson’s disease
levodopa induced dyskinesia (PD-LID). In parallel, dipraglurant's
therapeutic use in dystonia is being investigated in preclinical
models. Addex's second clinical program, ADX71149 (mGlu2 positive
allosteric modulator or PAM) is being developed in collaboration
with Janssen Pharmaceuticals, Inc for the treatment of epilepsy. In
addition, Addex’s GABAB PAM program has been licensed to
Indivior PLC for the treatment of addiction. Preclinical programs
include GABAB PAM for CMT1A, mGlu7 NAM for PTSD, mGlu2 NAM for
mild neurocognitive disorders, mGlu4 PAM for Parkinson’s disease
and mGlu3 PAM for neurodegenerative
disorders.
Press Contacts:
Tim DyerChief Executive OfficerTelephone: +41 22 884 15
55Email: PR@addextherapeutics.com |
Mike SinclairPartner, Halsin Partners+44 (0)20 7318
2955msinclair@halsin.com |
Forward Looking
Statements:Certain statements made in this announcement
are forward-looking statements including with respect to the
creation of a trading market for ADSs representing the Company's
shares in the United States. These forward-looking statements
are not historical facts but rather are based on the Company's
current expectations, estimates, and projections about its
industry; its beliefs; and assumptions. Words such as
'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,'
'estimates,' and similar expressions are intended to identify
forward-looking statements. These statements are not guarantees of
future performance and are subject to known and unknown risks,
uncertainties, and other factors, some of which are beyond the
Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in
the forward-looking statements. The Company cautions
securityholders and prospective securityholders not to place undue
reliance on these forward-looking statements, which reflect the
view of the Company only as of the date of this announcement. The
forward-looking statements made in this announcement relate only to
events as of the date on which the statements are made. The Company
will not undertake any obligation to release publicly any revisions
or updates to these forward-looking statements to reflect events,
circumstances, or unanticipated events occurring after the date of
this announcement except as required by law or by any appropriate
regulatory authority.
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