Addex Board Proposes Hoyoung Huh and Oleg Nodelman for Election to the Board of Directors
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Addex Pharmaceuticals /
Addex Board Proposes Hoyoung Huh and Oleg Nodelman for Election to the Board of
Directors
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Geneva, Switzerland, 9 March 2011 - Allosteric modulation company Addex
Pharmaceuticals (SIX:ADXN) announced today that the Board of Directors proposes
to the Annual General Meeting of 28 April 2011 that Dr. Hoyoung Huh and Mr. Oleg
Nodelman be elected to the Board of Directors of Addex Pharmaceuticals Ltd.
Hoyoung Huh, 41, U.S. citizen, is Chairman of the Boards of BiPar Sciences Inc.,
Geron Corp. (NASDAQ: GERN), and Epizyme Inc. He is a global leader in the
biotechnology and healthcare arena, being9 involved in formation and growth
of innovative organizations across the U.S., Europe and Asia. Dr. Huh was
BiPar's President and CEO, where he led the merger of BiPar with the French
pharmaceutical firm Sanofi-Aventis (EURONEXT: SAN and NYSE: SNY) in 2009. BiPar
is now an independent, wholly owned subsidiary and center of innovation within
the Sanofi-Aventis Group. He also serves on the Board of Directors at BayBio,
Jennerex, SciDose, and on the Presidential Advisory Council of the Berklee
College of Music. He was previously a member of the Board of Directors, Chief
Operating Officer, and Head of the PEGylation Business Unit at Nektar
Therapeutics (NASDAQ: NKTR). Dr. Huh was formerly a Partner at McKinsey and
Company. Dr. Huh holds an M.D. from Cornell University Medical College, a Ph.D.
in Genetics/Cell Biology from Cornell University/Sloan-Kettering Institute, and
a bachelor's degree in biochemistry from Dartmouth College.
Oleg Nodelman, 34, U.S. citizen, is a Portfolio Manager at the Biotechnology
Value Fund, a biotech focused investment fund founded in San Francisco in 1993.
Before joining BVF, Mr. Nodelman was a consultant with Mercer Management
Consulting where he worked closely with senior management on financial and
strategic matters. Mr. Nodelman holds a Bachelor of Science in International
Affairs and a minor in Science in Technology from the School of Foreign Service
at Georgetown University. BVF is a 15.15% shareholder of Addex and on 14 March
following conversion of outstanding notes will hold 30% of Addex.
Addex Pharmaceuticals (www.addexpharma.com) discovers and develops allosteric
modulators for human health. The company uses its proprietary discovery platform
to target cell surface receptors that are recognized as having therapeutic
potential for treating diseases of the central nervous system, metabolic
disorders or inflammation. Several Phase II clinical trials are expected to
start soon for two lead products: dipraglurant (ADX48621) and ADX71149.
Dipraglurant is an mGluR5 negative allosteric modulator (NAM), which will be
tested in Parkinson's disease levodopa-induced dyskinesia (PD-LID) and,
separately, non-Parkinsonian patients suffering from dystonia, a movement
disorder also observed in PD. The PD-LID clinical trial is supported by a grant
from The Michael J. Fox Foundation for Parkinson's Research. ADX71149 is an
mGluR2 positive allosteric modulator (PAM), which has potential for treatment of
schizophrenia, anxiety and other indications. ADX71149 is licensed to Ortho-
McNeil-Janssen Pharmaceuticals Inc., a subsidiary of Johnson & Johnson. In
addition, Merck & Co., Inc. has licensed rights to two preclinical programs:
mGluR4 PAM for Parkinson's disease and mGluR5 PAM for schizophrenia. Unpartnered
products in preclinical testing include: follicle stimulating hormone receptor
(FSHR) NAM, with potential for endometriosis and benign prostatic hyperplasia;
mGluR2 NAM for Alzheimer's disease; and GABA-B receptor PAM with potential for
chronic pain, Fragile X syndrome, urinary incontinence and GERD. Preclinical
diabetes and inflammation discovery programs include GLP1R PAM, IL1R1 NAM, and
TNFR1 NAM.
Chris Maggos
Business Development & Communication
Addex Pharmaceuticals
+41 22 884 15 11
chris.maggos(at)addexpharma.com
Disclaimer: The foregoing release may contain forward-looking statements that
can be identified by terminology such as "not approvable", "continue",
"believes", "believe", "will", "remained open to exploring", "would", "could",
or similar expressions, or by express or implied discussions regarding Addex
Pharmaceuticals Ltd, 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
Pharmaceuticals Ltd 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, and/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 may
in particular cause actual results with allosteric modulators of mGluR2, mGluR4,
mGluR5, mGluR7 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 allosteric modulators of mGluR2,
mGluR4, mGluR5, mGluR7 will be approved for sale in any market or by any
regulatory authority. Nor can there be any guarantee that allosteric modulators
of mGluR2, mGluR4, mGluR5, mGluR7 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 mGluR2, mGluR4, mGluR5, mGluR7
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 Pharmaceuticals Ltd 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.
--- End of Message ---
Addex Pharmaceuticals
12, chemin des Aulx Plan-les-Ouates; Geneva Switzerland
ISIN: CH0029850754;
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Source: Addex Pharmaceuticals via Thomson Reuters ONE
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Datum: 09.03.2011 - 07:01 Uhr
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News-ID 52260
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contact information:
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