Addex Completes Restructuring to Focus on Capturing Potential Upside from its Partnered Asset and CEO Steps Down
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Addex Therapeutics /
Addex Completes Restructuring to Focus on Capturing Potential Upside from its
Partnered Asset and CEO Steps Down
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The issuer is solely responsible for the content of this announcement.
Geneva, Switzerland, 31 May 2013 - Addex Therapeutics (SIX: ADXN) announced
today that it has completed the restructuring previously announced on 27(th) May
and that Dr.Bharatt Chowrira has stepped down with immediate effect from his
position as CEO of the Addex Group and director of Addex Therapeutics Ltd and
Addex Pharma SA. In the interim, an operational subcommittee of the Board,
headed by André J. Mueller, Chairman of Addex, will directly supervise the Addex
Group. The Board has asked Tim Dyer, co-founder and CFO, to head the Addex
Group's plan to further reduce operating costs and seek investment, grants and
partners to advance its pipeline and technology platform assets, including
pursuing potential upside from its ADX71149 partnership with Janssen
Pharmaceuticals, Inc. ADX71149, an mGluR2 positive allosteric modulator (PAM)
jointly developed with Janssen, is currently in Phase 2 clinical development for
schizophrenia and anxious depression and funded entirely by Janssen.
Dipraglurant, an mGluR5 negative allosteric modulator will also continue to be
investigated for use in Parkinson's disease in collaboration with The Michael J.
Fox Foundation for Parkinson's Research. Mr. Dyer, in his capacity as an
external consultant, as previously announced, will also be in charge of the day-
to-day operations in close cooperation with Board members.
As part of the reorganization, the Company has formally terminated 17 of its
remaining 19 employment agreements, including all of the Executive Management,
and these employees will work through their notice periods to execute the
strategy. During this period, the Company will determine the optimal
organizational and operating structure needed to build value for its
shareholders.
"On behalf of the Addex Board of Directors, I would like to convey our sincere
thanks and appreciation to all our employees for their hard work, dedication and
wish them success in their future endeavors." said André J. Mueller, Chairman of
Addex. "In the coming months we will work diligently to secure the resources
necessary to advance our pipeline and monetize our assets to capture potential
upside for our shareholders."
About ADX71149
Addex' compound, ADX71149, an mGluR2 positive allosteric modulator (PAM) jointly
developed in collaboration with Janssen, is currently in Phase 2 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. 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.
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 also has 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.
Tim Dyer
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#1706438]
Unternehmensinformation / Kurzprofil:
Datum: 31.05.2013 - 18:03 Uhr
Sprache: Deutsch
News-ID 265318
Anzahl Zeichen: 9476
contact information:
Town:
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Kategorie:
Business News
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