Addex Reports 2020 Half Year Financial Results and Provides Corporate Update
August 12 2020 - 1:00AM
Geneva, Switzerland, August 12, 2020 – Addex
Therapeutics (SIX: ADXN and Nasdaq: ADXN), a clinical-stage
pharmaceutical company pioneering allosteric modulation-based drug
discovery and development, today reported its second quarter and
half year financial results for the periods ended June 30, 2020 and
provided an update on corporate activities.
H1 2020 Operating
Highlights:
- Completed first half 2020 with a liquidity position of CHF 20.7
million of cash and cash equivalents
- Announced ADX71149 (JNJ-40411813) to start Phase 2a study in
epilepsy in early 2021
- Constituted scientific advisory board and appointed Darryle D.
Schoepp PhD, one of the world’s leading and most successful
neuroscience drug developers, as Chairman
- Dipraglurant ready to start dosing patients in pivotal
registration study in levodopa induced dyskinesia associated with
Parkinson’s disease (PD-LID) once restrictions in US healthcare
system associated with the global Covid-19 crisis are lifted
- Advanced GABAB positive allosteric modulator (PAM)
research program towards clinical candidate selection
- Advanced mGlu7 negative allosteric modulator (NAM) research
program towards clinical candidate selection
- Listed American Depositary Shares (ADS) representing our
ordinary shares on the Nasdaq Stock Market on January 29, 2020
“During the first half, we have continued to
execute on our strategy and add value to Addex. The decision by
Janssen to advance ADX71149 (JNJ-40411813) into Phase 2 in 2021 is
especially important as we now have two active clinical programs
and a pipeline of earlier stage compounds advancing towards the
clinic,” said Tim Dyer CEO of Addex. “We are particularly
looking forward to the second half of 2020 as we hope to be able to
dose the first patients in the planned pivotal study of
dipraglurant in PD-LID.”
Key Financial Data of the second quarter and the
first half 2020:
CHF’ thousands |
Q2 20 |
Q2 19 |
Change |
H1 20 |
H1 19 |
Change |
Income |
933 |
525 |
408 |
1,885 |
1,227 |
658 |
R&D
expenses |
(2,319) |
(3,411) |
1,092 |
(5,872) |
(5,894) |
22 |
G&A
expenses |
(1,588) |
(1,478) |
(110) |
(3,260) |
(2,821) |
(439) |
Total operating
loss |
(2,974) |
(4,364) |
1,390 |
(7,247) |
(7,488) |
241 |
Finance result,
net |
(141) |
(136) |
(5) |
(174) |
(53) |
(121) |
Net loss for
the period |
(3,115) |
(4,500) |
1,385 |
(7,421) |
(7,541) |
120 |
Basic and
diluted net loss per share |
(0.12) |
(0.17) |
0.05 |
(0.28) |
(0.29) |
0.01 |
Net decrease in
cash and cash equivalents |
(6,455) |
(2,111) |
(4,344) |
(10,506) |
(4,924) |
(5,582) |
Cash and cash
equivalents as of June 30 |
20,671 |
36,748 |
(16,077) |
20,671 |
36,748 |
(16,077) |
Shareholders’
equity as of June 30 |
18,801 |
32,273 |
(13,472) |
18,801 |
32,273 |
(13,472) |
Financial Summary
Income increased by CHF 0.7 million to CHF 1.9
million in the first half of 2020 compared to CHF 1.2 million in
the first half of 2019, primarily due to research funding from
Indivior under our GABAB PAM partnership. Of this increase in
income, CHF 0.4 million was attributable to the second quarter
2020.
Research and development expenses remained
stable at CHF 5.9 million in the first half of 2020 compared to the
first half of 2019 and related primarily to dipraglurant PD-LID and
GABAB PAM programs. During the second quarter of 2020, these
expenses decreased by CHF 1.1 million, compared to the second
quarter of 2019 primarily due to reduced spending on dipraglurant
PD-LID program following the suspension of initiation of the Phase
2b/3 pivotal study in PD-LID.
G&A expenses increased by CHF 0.4 million to
CHF 3.3 million in the first half of 2020, compared to CHF 2.8
million in the first half of 2019, primarily due to costs
related to the listing of ADSs on the Nasdaq Stock Market. During
the second quarter of 2020, G&A slightly increased by CHF 0.1
million compared to the second quarter of 2019 mainly due to
ongoing costs associated with our US listing.
The net loss for the first half 2020 was CHF 7.4
million compared to CHF 7.5 million for the first half of 2019 and
CHF 3.2 million for the second quarter of 2020 compared to CHF 4.5
million for the same period in 2019.
Basic and diluted loss per share decreased to
CHF 0.28 for the first half of 2020, compared to CHF 0.29 for the
first half of 2019. For the second quarter of 2020, the basic and
diluted loss per share decreased to CHF 0.12 compared to CHF 0.17
for the second quarter 2019.
Cash and cash equivalents amounted to CHF
20.7 million at June 30, 2020 compared to CHF 36.7 million at June
30, 2019 and CHF 31.5 million at December 31, 2019. The decrease
was primarily due to cash used in operating activities.
2020 Condensed Consolidated Interim
Financial Statements:
The half year 2020 financial report can be found
on the Company’s website in the investor/download section here.
Conference Call Details:
A conference call will be held
today, Wednesday, August 12, 2020 at 4:00 p.m. CEST / 3:00 p.m
BST / 10:00 a.m EST, to review the financial results. Tim Dyer,
Chief Executive Officer; Roger Mills, Chief Medical officer; and
Robert Lütjens, Co-Head of Discovery (Biology), will deliver a
brief presentation followed by a Q&A session.
Joining the Conference
Call:
1. In the 10 minutes prior to
the call start time, call the appropriate participant
dial-in number.
Dial-In Numbers:
-
Switzerland
+ 41445806522
-
UK
+ 442030092470
-
USA
+ 18774230830
- Other countries’ numbers
- Provide the operator with the Participant PIN
Code: 22285484#
Joining the Live Event
Online:
- In the 10 minutes prior to the call start time, sign in online
by following this Webex Link.
- Password : Welcome
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 ready to start a
pivotal registration clinical trial for Parkinson’s disease
levodopa induced dyskinesia (PD-LID) subject to restrictions in US
healthcare system associated with the global Covid-19 crisis being
lifted. Addex is also investigating dipraglurant's therapeutic use
in dystonia in preclinical models. Addex's second clinical program,
ADX71149 (mGlu2 positive allosteric modulator or PAM), developed in
collaboration withJanssen Pharmaceuticals, Inc, is scheduled to
enter a phase 2a proof of concept clinical study for the
treatment of epilepsy in early 2021. 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
anticipated timing of the Company’s clinical trials and the
reporting of data therefrom. 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, including relays resulting from the
COVID-19 pandemic and healthcare regulatory considerations. 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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