Addex Takes Steps to Rightsize Operations and Position the Company for Future Success
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Addex Therapeutics /
Addex Takes Steps to Rightsize Operations and Position the Company for Future
Success
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Geneva, Switzerland, April 13, 2012 - Addex Therapeutics (SIX:ADXN), a leading
organization pioneering allosteric modulation-based oral small molecule drug
discovery and development, announced today that it has started initiating
organizational changes to improve operational efficiency, reduce cost of capital
and drive long-term success. Addex will continue to pursue its strategy of
building shareholder value through developing its robust in-house pipeline of
novel oral small molecule drug candidates through clinical proof of concept and
pursuing high value partnerships with larger organizations that are able to
offer significant development and marketing capabilities.
Addex recently announced positive top-line results from a Phase 2 clinical trial
of its proprietary dipraglurant product in patients with Parkinson's disease
levodopa-induced dyskinesia. In addition, Addex' ADX71149 is currently being
evaluated in a Phase 2a clinical trial by its partner Janssen Pharmaceuticals
Inc. to treat schizophrenia.
Following a careful review of Addex operations over the past several months and
industry trends, the management and the board of directors have decided that, in
order to ensure the most efficient use of its capital and resources to execute
on its robust pipeline and new product opportunities, Addex plans to reduce the
size of its operations in Geneva. The changes will ensure that Addex will retain
its core competencies and leadership position in allosteric modulator-based
discovery and development in-house while accessing non-core activities from
external providers.
As part of this new organization, while Addex will move to retain key personnel,
the headcount is expected to be reduced by up to 28 people. To this end, a
consultation process, required under Swiss law, has been initiated. During the
consultation period, which shall last 10 business days, the management will work
to determine the specific details of the restructuring. An announcement
detailing the new organization and the resulting cost savings will be made
thereafter.
"The loss of people's jobs at Addex is something we deeply regret," said Bharatt
Chowrira, President & Chief Executive Officer of Addex. "However, we believe it
is necessary to improve the operational efficiency and reduce cost structure
without harming pipeline execution and innovation. We are implementing these
strategic initiatives from a position of strength following our recent positive
results in Parkinson's disease levodopa-induced dyskinesia Phase 2 clinical
trials. We believe that these measures will position Addex for long-term success
and help build significant shareholder value."
Addex is making excellent progress in advancing its proprietary pipeline of
novel oral small molecules against a number of validated high-value targets.
Near term R&D milestones include:
· The Phase 2a clinical trial data with dipraglurant for the treatment
of Parkinson's disease levodopa-induced dyskinesia will be presented in more
detail at an international conference later this year; Positive top-line results
were announced in March 2012
· Top-line results from the Phase 2a trial with ADX71149 in
schizophrenia patients expected in 2H12 from partner Janssen Pharmaceuticals
· IND/CTA filing to initiate clinical trials with GABA-B receptor PAM
compound expected in 4Q12
Addex Therapeutics (www.addextherapeutics.com) discovers and develops an
emerging class of small molecule drugs, called allosteric modulators, which have
the potential to be more specific and confer significant therapeutic advantages
over conventional "orthosteric" small molecule or biological drugs. Addex uses
its proprietary discovery platform to address receptors and other proteins that
are recognized as attractive targets for modulation of important diseases with
unmet medical needs. Addex' two lead products are being investigated in Phase 2
clinical testing: dipraglurant (ADX48621, an mGluR5 negative allosteric
modulator or NAM) is being developed by Addex to treat Parkinson's disease
levodopa-induced dyskinesia (PD-LID); and ADX71149 (mGluR2 positive allosteric
modulator or PAM) is being developed by its partner Janssen Pharmaceuticals Inc.
to treat schizophrenia. Addex also is advancing several preclinical programs
including: GABA-BR PAM for pain, overactive bladder and other disorders; mGluR4
PAM for Parkinson's, anxiety and other diseases; GLP1R PAM for type 2 diabetes;
mGluR2 NAM for treating Alzheimer's disease and depression; and FSHR/LHR NAM for
sex hormone dependent tumors & reproductive system disorders. In addition, Addex
has discovery programs to identify allosteric modulators of: receptor tyrosine
kinase (RTK) superfamily, including TrkB PAM for treating neurodegenerative
diseases (e.g. Alzheimer's, Parkinson's and Huntington's diseases); and TNF
receptor superfamily, including TNFR1 NAM for inflammation (e.g. rheumatoid
arthritis) and other diseases.
Tim Dyer
Chief Financial Officer
Addex Therapeutics
+41 22 884 15 61
PR(at)addextherapeutics.com
Disclaimer: The foregoing release may contain forward-looking statements that
can be identified by terminology such as "not approvable", "continue",
"believes", "believe", "will", "remained open to exploring", "would", "could",
or similar expressions, or by express or implied discussions regarding Addex
Therapeutics, formerly known as, Addex Pharmaceuticals, its business, the
potential approval of its products by regulatory authorities, or regarding
potential future revenues from such products. Such forward-looking statements
reflect the current views of Addex Therapeutics regarding future events, future
economic performance or prospects, and, by their very nature, involve inherent
risks and uncertainties, both general and specific, whether known or unknown,
and/or any other factor that may materially differ from the plans, objectives,
expectations, estimates and intentions expressed or implied in such forward-
looking statements. Such may in particular cause actual results with allosteric
modulators of mGluR2, mGluR4, mGluR5, GABABR, FSHR/LHR, GLP1R, TNFR1, RTK, TrkB
or other therapeutic targets to be materially different from any future results,
performance or achievements expressed or implied by such statements. There can
be no guarantee that allosteric modulators of mGluR2, mGluR4, mGluR5, GABABR,
FSHR/LHR, GLP1R, TNFR1, RTK, TrkB or other therapeutics targets will be approved
for sale in any market or by any regulatory authority. Nor can there be any
guarantee that allosteric modulators of mGluR2, mGluR4, mGluR5, GABABR,
FSHR/LHR, GLP1R, TNFR1, RTK, TrkB or other therapeutic targets will achieve
any particular levels of revenue (if any) in the future. In particular,
management's expectations regarding allosteric modulators of mGluR2, mGluR4,
mGluR5, GABABR, FSHR/LHR, GLP1R, TNFR1, RTK, TrkB or other therapeutic targets
could be affected by, among other things, unexpected actions by our partners,
unexpected regulatory actions or delays or government regulation generally;
unexpected clinical trial results, including unexpected new clinical data and
unexpected additional analysis of existing clinical data; competition in
general; government, industry and general public pricing pressures; the
company's ability to obtain or maintain patent or other proprietary intellectual
property protection. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results
may vary materially from those anticipated, believed, estimated or expected.
Addex Therapeutics is providing the information in this press release as of this
date and does not undertake any obligation to update any forward-looking
statements contained in this press release as a result of new information,
future events or otherwise, except as may be required by applicable laws.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Addex Therapeutics via Thomson Reuters ONE
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Unternehmensinformation / Kurzprofil:
Datum: 13.04.2012 - 18:00 Uhr
Sprache: Deutsch
News-ID 134881
Anzahl Zeichen: 9680
contact information:
Town:
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Kategorie:
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