Cash position of CHF6.5 million as of 31 January 2018
Geneva, Switzerland, 5 February 2018 - Addex Therapeutics (ADXN.SW), a leading company pioneering allosteric modulation-based drug discovery and development, announced today key financial indicators and cash position at 31 January 2018 of CHF 6.5 million.
Addex completed 2017 with a cash postion of CHF2.6 million (2016:CHF1.4 million). During 2017, the company received cash inflows from financing activities of CHF3.0 million and consumed CHF1.8 million cash for operations. In January 2018, the Company received an upfront payment of USD5.0 million from Indivior PLC following the signing of a strategic partnership focused on ADX71441 for addiction.
"We have made significant progress in advancing our portfolio of proprietary drug candidates and our strengthened cash position provides us with a cash runway through 2020," commented Tim Dyer, CEO of Addex. "We look forward to delivering on our key strategic objectives through 2018, including securing the resources to advance dipraglurant into registration studies for PD-LID, executing on our funded GABAB PAM research program under our strategic partnership with Indivior PLC and delivering important milestones in our TrkB PAM program, which is funded by The Michael J. Fox Foundation for Parkinson`s Research."
Full-year 2017 results will be issued in March 2018.
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) program was awarded a $5.3 million grant by the US National Institute on Drug Abuse (NIDA, a division of National Institutes of Health (NIH)) to support human studies in cocaine addiction and has been licensed to Indivior PLC. Discovery programs include mGluR4PAM, mGluR7NAM, TrkBPAM and mGluR3NAM & PAM that are being advanced with the support of the MJFF and Swiss Commission for Innovation and Technology (CTI).
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.
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Source: Addex Therapeutics via GlobeNewswire