Addex Provides Trading Update and Completes 2020 with Strong Cash Position of CHF18.7 million
February 17 2021 - 1:00AM
Geneva, Switzerland, February 17, 2021 – Addex
Therapeutics (SIX: ADXN and Nasdaq: ADXN), a clinical stage
pharmaceutical company pioneering allosteric modulation-based drug
discovery and development, today announced that it completed 2020
with a strong cash position of CHF18.7 million of cash and cash
equivalents.
“Despite the challenges of the global pandemic
in 2020, we made significant progress in advancing our portfolio,
including non-clinical activities related to our dipraglurant
registration program for Parkinson’s disease levodopa induced
dyskinesia (PD-LID). We have maintained readiness to start our
pivotal study of dipraglurant for PD-LID and expect to dose
patients in the first half 2021,” said Tim Dyer, CEO of Addex.
“Also, in the first half 2021, we look forward to advancing
dipraglurant into a blepharospasm study and seeing our partner,
Janssen Pharmaceuticals, Inc., start their Phase 2 with ADX71149
for the treatment of epilepsy.”
Financial Update
-
Successfully raised $11.5 million in January 2021
-
Cash and cash equivalents at December 31, 2020 of CHF18.7
million
-
Net cash used in 2020 of CHF12.8 million, in line with
expectations
Pipeline Update
-
Dipraglurant PD-LID Phase 2b/3 clinical study expected to start in
H1 2021
-
Dipraglurant blepharospasm Phase 2 clinical study expected to start
in H1 2021
-
ADX71149 (JNJ-40411813) epilepsy Phase 2a proof of concept clinical
study expected to start in Q2 2021 (partnered with Janssen
Pharmaceuticals Inc.)
-
Indivior gamma-aminobutyric acid subtype B (GABAB) positive
allosteric modulator (PAM) partnership research term extended to
June 2021. Additional funding of CHF2.8 million received in
2020.
Upcoming Financial Reports
-
Week of March 8, 2021 - Full-year 2020 financial results and
publication of the Annual Report
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 poised to start a
pivotal registration clinical trial for Parkinson’s disease
levodopa induced dyskinesia (PD-LID) in H1 2021. Addex is also
investigating dipraglurant's therapeutic use in blepharospasm (a
type of dystonia), for which a clinical trial is expected to be
initiated in H1 2021. Addex's third clinical program, ADX71149
(mGlu2 positive allosteric modulator or PAM), developed in
collaboration with Janssen Pharmaceuticals, Inc, is scheduled to
enter a phase 2a proof of concept clinical study for the treatment
of epilepsy in Q2 2021. Addex’s GABAB PAM program has been
licensed to Indivior PLC who are focused on development 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. Addex is listed
on the SIX Swiss Exchange and the NASDAQ Capital Market and trades
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
StatementsCertain statements made in this announcement are
forward-looking statements. 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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