Addex Pharmaceuticals CEO Steps Down
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Addex Pharmaceuticals /
Addex Pharmaceuticals CEO Steps Down
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Geneva, Switzerland, 3 June 2011 - Allosteric modulation company Addex
Pharmaceuticals Ltd (SIX:ADXN) announced today that Vincent Mutel, PhD, has
stepped down from his position as CEO of the Addex group. Mr. André J. Mueller,
chairman of the board of Addex, will act as executive chairman and lead an
operational subcommittee of directors to manage the transition until a new CEO
is appointed.
Under Mr. Mutel's leadership, Addex has become a world leader in the field of
allosteric modulator drug discovery and formed significant drug development
partnerships with leading pharmaceutical companies. During this time, the
company successfully completed several financing transactions, while also
receiving grants and awards from non-profit and industry organizations.
Mr. Mueller said: "On behalf of the Board, I would like to thank Vincent Mutel
for his commitment and drive in building this exceptional company. During his
nine year tenure, Vincent played a pivotal role in founding Addex and growing it
into the world's leading allosteric drug discovery platform. We wish him success
in his future endeavors. The company, which retains key intellectual property
and a core group of highly talented experts in allosteric drug discovery, is in
an excellent position to successfully leverage its emerging platform in a manner
that maintains alignment with its strategic goals and the interests of its
shareholders."
The Board of Directors will be working closely with Mr. Mueller to consider Mr.
Mutel's replacement. The Board also has invited Mr. Mutel to consider a possible
future advisory role at Addex.
"It's been an exciting venture and a privilege to lead this group of high
caliber researchers and staff in adapting allosteric modulation science to drug
development," Mr. Mutel said. "I wish my colleagues at Addex continued success."
Addex Pharmaceuticals (www.addexpharma.com) discovers and develops allosteric
modulators for human health. The company uses its proprietary small molecule
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 an mGluR5 negative allosteric modulator (NAM), which is being
tested in Parkinson's disease levodopa-induced dyskinesia (PD-LID). ADX71149, an
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 GABA-BR PAM with potential for chronic
pain, Fragile X syndrome, urinary incontinence and gastroesophageal reflux
disease. Diabetes and inflammation discovery programs include GLP-1R PAM, IL-
1R1 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;
French pdf:
http://hugin.info/138017/R/1521025/457267.pdf
German pdf:
http://hugin.info/138017/R/1521025/457268.pdf
English pdf:
http://hugin.info/138017/R/1521025/457266.pdf
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Source: Addex Pharmaceuticals via Thomson Reuters ONE
[HUG#1521025]
Unternehmensinformation / Kurzprofil:
Datum: 03.06.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 55260
Anzahl Zeichen: 7833
contact information:
Town:
Plan-les-Ouates, Geneva
Kategorie:
Business News
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