Addex Therapeutics raises CHF3.2 million in a Private Placement to International Institutional Investors
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Addex Therapeutics /
Addex Therapeutics raises CHF3.2 million in a Private Placement to International
Institutional Investors
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The issuer is solely responsible for the content of this announcement.
Cash runway extended to end of 2014
Geneva, Switzerland, 9 August 2013 - Addex Therapeutics (SIX: ADXN) announced
today that it has raised gross proceeds of CHF3.2 million (US$3.5 million) in a
private placement of 1,170,612 new issued registered shares to international
institutional investors with extensive life science experience. The private
placement was strongly supported by existing investors including BVF Partners
L.P., which manages the Biotechnology Value Fund, and new investors, including
Armistice Capital, which as a result of the placement will hold 5.36% of the
issued share capital after the transaction, and EcoR1 Capital. Board Members and
Executive Management also participated in the private placement.
"These funds have extended our cash runway through 2014 taking us beyond our
next significant clinical event, the reporting of Phase 2 ADX71149 anxious
depression data which is expected in the first half of the year," said Tim Dyer,
CEO of Addex. "We continue to explore strategic options to advance our portfolio
of proprietary clinical and preclinical allosteric modulators, as well as our
allosteric modulator discovery technology platform."
The new shares were placed at CHF2.75 per share, corresponding to a 5% discount
to the volume weighted average price (VWAP) during the five preceding trading
days prior to pricing. The 1,170,612 new issued registered shares will be listed
on the SIX Swiss Exchange and their first day of trading will be the 9 August
2013. The new shares, with a par value of CHF 1 each, were issued from the
Company's authorized share capital and represent 11.5% of the outstanding share
capital after the transaction.
30 June 2013 Financial Update
Addex completed the half year ended 30 June 2013 with cash and cash equivalents
of CHF4.5 million. The receipt of net proceeds from the private placement
estimated at CHF3.1 million resulted in proforma adjusted cash and cash
equivalents of CHF7.6 million.
About ADX71149
Addex' compound, ADX71149, an mGluR2 positive allosteric modulator (PAM) jointly
developed in collaboration with Janssen Pharmaceuticals, Inc., is currently in
Phase 2 clinical development for schizophrenia and anxious depression and funded
entirely by Janssen Pharmaceutica NV. 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 Psychiatric 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 (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
Chief Executive Officer
Addex Therapeutics
+41 22 884 1561
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
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Datum: 09.08.2013 - 07:00 Uhr
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News-ID 286304
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