Addex Shareholders Appoint Hoyoung Huh and Oleg Nodelman to Board, Approve All Board Proposals at Annual General Meeting
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Addex Pharmaceuticals /
Addex Shareholders Appoint Hoyoung Huh and Oleg Nodelman to Board, Approve All
Board Proposals at Annual General Meeting
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The issuer is solely responsible for the content of this announcement.
Geneva, Switzerland, 28 April 2011 - Allosteric modulation company Addex
Pharmaceuticals Ltd (SIX:ADXN) announced that its shareholders approved all the
proposals of the board of directors at its 2011 annual general meeting (AGM)
today. Hoyoung Huh and Oleg Nodelman have joined the board of directors while
Beat Lüthi resigned.
Hoyoung Huh, M.D., Ph.D., said: "I am honoured to contribute to the future
growth and maturation of the Addex allosteric modulation platform. The company's
deep scientific expertise and drug discovery achievements have the potential to
create novel and innovative therapies in major clinical indications. I look
forward to contributing to critical business development and product development
strategies at Addex."
Oleg Nodelman added: "This is a special investment for BVF. We look forward to
helping Addex realize the tremendous upside potential of its unique platform
technology."
A global leader in the biotechnology and healthcare arenas, Dr. Hoyoung Huh has
been involved in the formation and growth of multiple innovative organizations
in the U.S., Europe and Asia. He is currently chairman of the board of directors
of both BiPar Sciences Inc. and Geron Corp. (NASDAQ: GERN). He also serves on
the board of directors of BayBio, Jennerex Inc. and SciDose LLC. Dr. Huh was
BiPar's President and CEO, when he led the merger of BiPar with the French
pharmaceutical firm Sanofi-Aventis (EURONEXT:SAN and NYSE:SNY) in 2009. 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). A former
partner at McKinsey & 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 is a portfolio manager at the Biotechnology Value Fund, a biotech
focused investment fund founded in San Francisco in 1993. 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 30% shareholder of
Addex.
Vincent Mutel, chief executive officer of Addex, said: "We are happy to welcome
such a successful entrepreneur as Hoyoung Huh to the Addex board. Also, we
welcome Oleg Nodelman, who will be representing our largest shareholder,
Biotechnology Value Fund, and warmly thank Beat Lüthi for his contributions as a
board member over the past 4 years."
Summary of AGM results
Shareholders of Addex Pharmaceuticals Ltd approved:
· Election of Hoyoung Huh and Oleg Nodelman to the board of directors
for a period of 3 years; and
· Re-election of Antoine Papiernik and Raymond Hill to the board of
directors for a period of 3 years.
Shareholders of Addex Pharmaceuticals Ltd also approved:
* The annual report, financial statements and consolidated financial
statements for the business year 2010;
* The appropriation of the results, namely that Addex Pharmaceuticals Ltd
would will carry forward the accumulated loss of CHF 32,640,152 for the
business year 2010; release CHF 575 from share premium to the treasury share
reserve; and offset the accumulated loss of CHF 64,532,091 with the share
premium;
· Granting full discharge to the members of the board of directors and
the executive management for their activities during the business year 2010; and
· The re-election of PriceWaterhouseCoopers SA, Geneva, as the auditors
for the 2011 business year.
And finally, shareholders of Addex Pharmaceuticals Ltd approved the following
amendments to the Articles of Association:
* Renewal and increase of the authorized share capital authorizing the Board
of Directors, at anytime until 28 April 2013, to increase the share capital
in an amount of CHF2,931,246 through the issuance of 2,931,246 fully paid
registered shares with a nominal value of CHF1 each;
· The increase of the conditional share capital reserved for the
exercise of option and/or subscription rights attached to bons de
jouissance,which the employees or directors of the Company or a Group company
are granted according to respective regulations of the Board of Directors in an
amount of CHF 408,750 raising the conditional share capital reserved to this
effect from CHF 891,250 to CHF 1,300,000;
· The increase of the conditional share capital reserved for the
exercise of option and/or conversion rights that are granted in connection with
the issue of bonds, similar obligations or other financial instruments by Addex
Pharmaceuticals in the amount of CHF 1,371,069 thereby raising the conditional
share capital reserved from CHF 660,177 to CHF 2,031,246;
· Creation and issue of 409 registered bons de jouissance
(Genussscheine/profit sharing certificates) within the meaning of article 657 of
the Swiss Code of Obligations to be granted to employees and/or directors of the
Company or Group companies.
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. Two Phase IIa clinical trials are ongoing for two
lead products: dipraglurant (ADX48621) and ADX71149. Dipraglurant is a mGluR5
negative allosteric modulator (NAM), which is being tested in Parkinson's
disease levodopa-induced dyskinesia (PD-LID). ADX71149, a mGluR2 positive
allosteric modulator (PAM), is being tested for treatment of schizophrenia by
our partner Ortho-McNeil-Janssen Pharmaceuticals Inc. 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 GABABR PAM with potential for chronic pain, Fragile X
syndrome, urinary incontinence and gastroesophageal reflux disease. 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;
English pdf:
http://hugin.info/138017/R/1510132/445161.pdf
French pdf:
http://hugin.info/138017/R/1510132/445162.pdf
German pdf:
http://hugin.info/138017/R/1510132/445395.pdf
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Source: Addex Pharmaceuticals via Thomson Reuters ONE
[HUG#1510132]
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Datum: 28.04.2011 - 18:01 Uhr
Sprache: Deutsch
News-ID 54027
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contact information:
Town:
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