Addex Therapeutics Reports 2014 Financial Results
(Thomson Reuters ONE) -
Addex Therapeutics /
Addex Therapeutics Reports 2014 Financial Results
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The issuer is solely responsible for the content of this announcement.
2014 Financial Highlights
* Increased income to CHF0.7 million in 2014 compared to CHF0.1 million in
2013
* Reduced operating loss to CHF1.8 million in 2014 compared to CHF14.5 million
in 2013
* Significant reduction in 2014 cash burn to CHF0.9 million compared to
CHF12.3 million
* Cash and cash equivalents of CHF2.0 million at 31 December 2014
2014 Operating Highlights
* Prepared dipraglurant receptor occupancy study in healthy subjects at Johns
Hopkins University with support of The Michael J. Fox Foundation for
Parkinson's Research;
* Preparation of pilot study of dipraglurant in patients with cervical
dystonia in collaboration with Professor Dressler of The Hannover Medical
School;
* Entered a collaboration with the Charcot-Marie-Tooth Association to complete
preclinical characterization in Charcot-Marie-Tooth type 1A neuropathy
* Performed preclinical characterization of ADX71441 in nicotine and cocaine
addiction models in collaboration with the United States National Institute
on Drug Abuse (NIDA);
Geneva, Switzerland, 30 April 2015 - Addex Therapeutics (SIX: ADXN) announced
today 2014 financial results.
Key 2014 Financial Data
CHF' millions 2014 2013 2H14 2H13
-----------------------------------------------------------------------
Income 0.7 0.1 0.7 -
R&D expenses (0.9) (10.9) (0.5) (1.6)
G&A expenses (1.6) (5.8) (1.0) (1.0)
Impact of IAS19 revised - 2.1 - 2.1
----------------------------------
Total operating loss (1.8) (14.5) (0.8) (0.5)
----------------------------------
Net loss for the period (1.8) (14.5) (0.8) (0.5)
----------------------------------
Basic and diluted net loss per share (0.18) (1.60) (0.18) (0.06)
Net cash used (cash burn) (0.9) (12.3) - (1.6)
Cash and cash equivalents 2.0 2.9 2.0 2.9
Shareholders' equity 2.3 3.0 2.3 3.0
2014 Financial Summary
Income was CHF0.7 million in 2014 compared to CHF0.1 million in 2013, and
relates to an amount received from our strategic partner Janssen Pharmaceuticals
Inc., (JPI) following amendment of our collaboration and license agreement.
Research & Development expenses decreased by 92% to CHF0.9 million in 2014
compared to CHF10.9 million in 2013, primarily due to a significant reduction in
our headcount and development activities.
General & Administration expenses decreased by 72% to CHF1.6 million in 2014
compared to CHF5.8 million in 2013 mainly due to our reduced headcount.
Net Loss decreased by 88% to CHF1.8 million for 2014 compared to CHF14.5 million
for 2013, mainly due to the decrease in our operating expenses and increased
income.
Cash and Cash Equivalents amounted to CHF2.0 million at 31 December 2014,
compared to CHF2.9 million at the end of 2013. 2014 cash burn of CHF0.9 million
is mainly due to the cash used in operations of CHF1.8 million, off-set by cash
inflows of CHF0.4 million from the sale of property, plant and equipment and
CHF0.5 million from the sale of treasury shares.
Post balance Sheet Event
On March 9, 2015, the Group issued 1,526,036 new shares from authorized capital
in a private placement of which 921,667 were placed at CHF3 with investors,
raising CHF2.8 million and 604,369 were placed at CHF1 with Addex Pharma SA, a
subsidiary of the Company. These shares are recorded as treasury shares and will
be used to both raise additional funds and purchase services under the share
purchase plan.
Outlook: Based on current expectations, full year 2014 cash utilization guidance
is CHF2.0 million and cash runway into 2017.
Organization and Strategy
Following a strategic review of our portfolio in 2014, we took the decision to
restart clinical development of dipraglurant with the support of The Michael J.
Fox Foundation for Parkinson's Research and prepare ADX71441 for the start of
phase I. We also continue to pursue collaborations with industry, patient
advocacy groups, academic institutions and governmental organizations to drive
forward our portfolio of exciting allosteric modulator drug candidates. In
parallel, we will execute our strategy to secure the resources necessary to
advance the pipeline for the benefit of patient while maximizing value for our
shareholders.
2014 Annual Report
The 2014 annual report can be found on our website at Report
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 (mGluR5 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 (mGluR2 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; mGluR4PAM for
drug abuse and dependence, Parkinson's disease and other neurodegenerative
diseases; mGluR2NAM for treatment resistant depression and cognitive deficits;
mGluR7NAM 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
+41 22 884 15 61
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.
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Addex Therapeutics via GlobeNewswire
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Unternehmensinformation / Kurzprofil:
Datum: 30.04.2015 - 07:00 Uhr
Sprache: Deutsch
News-ID 389679
Anzahl Zeichen: 9198
contact information:
Town:
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