Addex Trading Update in Accordance with Art. 53 of the SIX Listing Rules (Ad hoc publicity)
Geneva, Switzerland, 8 March 2019 – Addex Therapeutics (SIX: ADXN), a leading company pioneering allosteric modulation-based drug discovery and development, announced today an unaudited operating loss of CHF1.6 milion for the financial year 2018.
Key Financials for FY 2018 (Unaudited)
- Strong financial position of CHF41.7 million (2017: CHF2.6 million)
- Net cash from operating activities of CHF1.9 million (2017: CHF1.2 million)
- Operating income of CHF6.8 million (2017: CHF4.9 million),
- Operating costs of CHF8.1 million (2017: CHF3.8 million)
- Net loss of CHF1.6 million (2017: CHF3.2 million)
These results are still under audit and could be subject to change on completion of the full audit.
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' allosteric modulator drug discovery platform targets receptors and other proteins that are recognized as essential for therapeutic intervention - the Addex pipeline has been 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. In parallel, dipraglurant's therapeutic use in dystonia is being investigated. 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, Addex’s GABAB PAM program has been licensed to Indivior PLC for the treatment of addiction. Discovery programs include mGluR4PAM, mGluR7NAM, mGluR3PAM and TrkBPAM.
For Addex Therapeutics
Chief Executive Officer
Telephone: +41 22 884 15 55
Partner, Halsin Partners
+44 (0)20 7318 2955
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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