Addex Converts Mandatory Convertible Notes and Issues Ordinary Shares
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Addex Pharmaceuticals /
Addex Converts Mandatory Convertible Notes and Issues Ordinary Shares
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Geneva, Switzerland, 14 March, 2011 - Allosteric modulation company Addex
Pharmaceuticals (SIX:ADXN) announced today that further to the Company's press
release dated 14 September 2010, the zero-coupon mandatory convertible notes
(MCN) automatically converted into ordinary shares.
The MCN held by Biotechnology Value Fund, L.P. and its affiliates (BVF) were
converted into 1,371,069 new ordinary shares issued from Addex's conditional
capital at a fixed conversion price of CHF10.18 per share representing 17% of
the outstanding share capital after conversion. Following the conversion of the
MCN, the BVF holds approximately 30% of Addex's outstanding shares.
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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Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
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originality of the information contained therein.
Source: Addex Pharmaceuticals via Thomson Reuters ONE
[HUG#1496581]
Unternehmensinformation / Kurzprofil:
Datum: 14.03.2011 - 07:01 Uhr
Sprache: Deutsch
News-ID 52393
Anzahl Zeichen: 6611
contact information:
Town:
Plan-les-Ouates, Geneva
Kategorie:
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