Addex Announces Pricing of $10.0 Million Global Offering
January 06 2021 - 9:00PM
Geneva, Switzerland, January 7,
2021 – Addex Therapeutics Ltd (SIX: ADXN and Nasdaq:
ADXN), a clinical-stage pharmaceutical company pioneering
allosteric modulation-based drug discovery and development,
announced today the pricing of an underwritten global offering of
6,000,000 registered shares (the New Shares)
(including shares in the form of American Depositary Shares, or
ADSs) at a public offering price of approximately CHF1.47 per share
or $10.00 per ADS. Each ADS represents the right to receive six
shares of Addex. The aggregate gross proceeds from the
offering are expected to be $10.0 million, before deducting the
underwriting discounts and commissions and offering expenses
payable by Addex. The offering is expected to close on or about
January 11, 2021, subject to satisfaction of customary closing
conditions.
H.C. Wainwright & Co. is acting as sole
book-running manager for the offering.
In connection with the offering, Addex has
granted the underwriter a 30-day option to purchase up to
additional 900,000 shares (or ADSs) at the public offering price,
less the underwriting discounts and commissions.
The New Shares will be issued from existing
authorized share capital of Addex under exclusion of the existing
shareholders’ pre-emptive rights.
The New Shares, if issued, are expected to be
listed and admitted to trading on SIX Swiss Exchange. The New
Shares will rank pari passu with Addex’s existing shares.
The shares, including those to be settled in the
form of ADSs, are being offered and sold pursuant to the Company's
previously filed registration statement on Form F-1 (File No.
333-251322), as amended, with the U.S. Securities and Exchange
Commission (SEC) and declared effective by the SEC on January 6,
2021. The offering is being made by means of a prospectus. When
available, an electronic copy of the final prospectus relating to,
and describing the terms of, the offering may be obtained by
contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by telephone at (646) 975-6996
or e-mail at placements@hcwco.com or on the SEC’s website at
SEC.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. There is no
intention or permission to publicly offer, solicit, sell or
advertise, directly or indirectly, any securities of Addex
Therapeutics Ltd in or into Switzerland within the meaning of the
Swiss Financial Services Act ("FinSA"). Neither this document nor
any other offering or marketing material relating to these
securities, such as the shares, constitutes or will constitute a
prospectus pursuant to the FinSA, and neither this document nor any
other offering or marketing material relating to the shares
constitutes a prospectus pursuant to the FinSA, and neither this
document nor any other offering or marketing material relating to
the shares may be publicly distributed or otherwise made publicly
available in Switzerland.
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 is listed on the NASDAQ Capital
Market and is trading under the ticker symbol "ADXN".
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:This
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended, including in respect of the anticipated closing of the
offering described above. The words “may,” “will,” “could,”
“would,” “should,” “expect,” “plan,” “anticipate,” “intend,”
“believe,” “estimate,” “predict,” “project,” “potential,”
“continue,” “target” and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Any
forward-looking statements in this press release, such as the
expected closing date, are based on management's current
expectations and beliefs and are subject to a number of risks,
uncertainties and important factors that may cause actual events or
results to differ materially from those expressed or implied by any
forward-looking statements contained in this press release,
including, without limitation, uncertainties related to market
conditions and the satisfaction of customary closing conditions
related to the global offering. These and other risks and
uncertainties are described in greater detail in the section
entitled “Risk Factors” in Addex Therapeutics’ Annual Report on
Form 20-F for the year ended December 31, 2019, as filed with the
SEC on April 27, 2020, the preliminary prospectus related to the
global offering and other filings that Addex Therapeutics may make
with the SEC in the future. Any forward-looking statements
contained in this press release represent Addex Therapeutics’ views
only as of the date hereof and should not be relied upon as
representing its views as of any subsequent date. Addex
Therapeutics explicitly disclaims any obligation to update any
forward-looking statements.
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