Addex Raises CHF2.8 million in a Private Placement and Extends Cash Runway Through 2017
(Thomson Reuters ONE) -
Addex Therapeutics /
Addex Raises CHF2.8 million in a Private Placement and Extends Cash Runway
Through 2017
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The issuer is solely responsible for the content of this announcement.
Geneva, Switzerland, 9 March 2015 - Addex Therapeutics (SIX: ADXN) announced
today that it has raised gross proceeds of CHF2.8 million in a private placement
of new issued registered shares. The private placement was led by Herculis
Partners SA with participations from clients of Herculis and Addex executive
management. After the placement, Investment funds managed by Herculis Partners
SA will hold 4.1% of Addex issued share capital.
"We see huge value in the assets of Addex which we believe is not recognized by
the market" said Jean-Paul Periat, Chief Executive Officer of Herculis Partners.
"Addex has been through some challenging times, but we believe they are poised
to strongly rebound as the team executes on what we believe will be a remarkable
turnaround."
"We are delighted to welcome Herculis as a major new shareholder of Addex", said
Tim Dyer, Chief Executive Officer of Addex. "These additional funds extend our
cash runway through 2017 and allow us to continue to advance our portfolio in
collaboration with our partners. We are currently focused on preparing
dipraglurant for clinical studies in PD-LID and dystonia, and ADX71441 in
Charcot-Marie-Tooth type 1A neuropathy and addiction."
Of the new shares, 921,667 were placed at CHF3 per share with investors and
CHF604,369 were placed at CHF1 with Addex Pharma SA, a subsidiary of the Addex
Therapeutics Ltd. The 1,526,036 new issued registered shares will be listed on
the SIX Swiss Exchange and their first day of trading will be the 9 March 2015.
The new shares, with a par value of CHF 1 each, were issued from the Company's
authorized share capital and represent 13% of the outstanding share capital
after the transaction.
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 central nervous system disorders. Addex lead drug candidate,
dipraglurant (mGlu5 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 Phase 2B for PD-LID. In parallel,
dipraglurant's therapeutic use in dystonia and treatment resistant depression is
being investigated. Addex second clinical program, ADX71149 (mGlu2 positive
allosteric modulator or PAM) is being developed in collaboration with Janssen
Pharmaceuticals, Inc. Addex also has several preclinical programs including:
ADX71441 (GABAB receptor PAM) which has received regulatory approval to start
Phase 1 and is being investigated for therapeutic use in Charcot-Marie-Tooth
(Type 1A) disease, alcohol use disorder and nicotine dependence; mGlu4PAM for
drug abuse and dependence, Parkinson's disease and other neurodegenerative
diseases; mGlu2NAM for treatment resistant depression and cognitive deficits;
mGlu7NAM for psychosomatic disorders, TrkBPAM for neurodegenerative disorders;
and GLP1PAM for type 2 diabetes. 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 was generated from this pioneering
allosteric modulator drug discovery platform.
Tim Dyer
Chief Executive Officer
Addex Therapeutics
Telephone: +41 22 884 15 61
Email: PR(at)addextherapeutics.com
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.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1900152]
Unternehmensinformation / Kurzprofil:
Datum: 09.03.2015 - 07:00 Uhr
Sprache: Deutsch
News-ID 376870
Anzahl Zeichen: 5774
contact information:
Town:
Plan-les-Ouates, Geneva
Kategorie:
Business News
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