Addex Announces Steps to Capture Potential Upside from its Partnered Asset and Preserve Value for Shareholders
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Addex Therapeutics /
Addex Announces Steps to Capture Potential Upside from its Partnered Asset and
Preserve Value for Shareholders
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The issuer is solely responsible for the content of this announcement.
Company intends to restructure the organization and monetize its pipeline and
platform assets
Geneva, Switzerland, 28 May 2013 - Addex Therapeutics (SIX: ADXN), announced
today that it intends to further reduce its operating costs and workforce to
conserve cash while pursuing a potential upside from its partnership with
Janssen Pharmaceuticals, Inc. Addex' compound, ADX71149, an mGluR2 positive
allosteric modulator (PAM) jointly developed with Janssen, is currently in
clinical development for schizophrenia and anxious depression and funded
entirely by Janssen. As part of the reorganization and as required under Swiss
law, a consultation process has been initiated. During the consultation period,
the Company will investigate a variety of options to determine the optimal
organizational structure and resulting operations necessary to execute this
strategy. An announcement detailing the changes to the organization and
operations will be made shortly thereafter. The Company will continue to seek
partners to monetize its pipeline and technology platform assets in order to
generate cash.
About ADX71149
Addex' compound, ADX71149, an mGluR2 positive allosteric modulator (PAM) jointly
developed in collaboration with Janssen, is currently in clinical development
for schizophrenia and anxious depression and funded entirely by Janssen. The
schizophrenia and anti-depressant markets represent worldwide sales of
approximately $15 billion and $20 billion, respectively. Under terms of the
agreement with Janssen, Addex is eligible to receive ?109 million in pre-launch
milestones for these indications as well as low double-digit royalties on net
sales of products arising from the partnership. Recently, Janssen presented data
at the 2013 Annual Meeting of the American Psychiatry Association, on their
Phase 2, first-in-patient, trial investigating ADX71149 as an adjunctive
treatment in patients with schizophrenia. They reported that the data showed
that ADX71149 met the primary objectives of safety and tolerability and that
ADX71149 demonstrated an effect in patients with residual negative symptoms. The
Company will only advance its current clinical programs through partnerships and
grants in an effort to extend its runway through the announcement of top-line
results from the ongoing development efforts of ADX71149.
About Addex Therapeutics
Addex Therapeutics (www.addextherapeutics.com) is a development stage company
focused on advancing innovative oral small molecules against rare diseases
utilizing its pioneering allosteric modulation-based drug discovery platform.
The Company's two lead products are being investigated in Phase 2 clinical
testing: dipraglurant (dipraglurant, an mGlu5 negative allosteric modulator or
NAM) is being developed by Addex to treat Parkinson's disease levodopa-induced
dyskinesia (PD-LID) and rare forms of dystonia; and ADX71149 (mGlu2 positive
allosteric modulator or PAM) is being developed in collaboration with Janssen
Pharmaceuticals, Inc. to treat both schizophrenia and anxiety as seen in
patients suffering from major depressive disorder. Addex is also advancing
several preclinical programs including: GABA-BR positive allosteric modulator
(PAM) for Charcot-Marie-Tooth (type 1a) disease, spasticity in patients with
multiple sclerosis (MS), pain, overactive bladder and other disorders; and mGlu4
PAM for MS, Parkinson's disease, anxiety and other diseases. 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. The Company uses
its proprietary discovery platform to target receptors and other proteins that
are recognized as essential for the therapeutic modulation of important diseases
with unmet medical needs.
Addex Therapeutics
+41 22 884 1555
PR(at)addextherapeutics.com
Disclaimer: The foregoing release may contain forward-looking statements that
can be identified by terminology such as "seek", "not pursue", "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, 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 factors may in particular cause actual results
with allosteric modulators of mGlu2, mGlu4, mGlu5, GABA-BR 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 Addex Therapeutics will complete the restructuring and reduction of its
liabilities or any financing nor that allosteric modulators of mGlu2, mGlu4,
mGlu5, GABA-BR 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 mGlu2, mGlu4, mGlu5, GABA-BR 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 mGlu2,
mGlu4, mGlu5, GABA-BR 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
[HUG#1705017]
Unternehmensinformation / Kurzprofil:
Datum: 28.05.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 263660
Anzahl Zeichen: 8497
contact information:
Town:
Plan-les-Ouates, Geneva
Kategorie:
Business News
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