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Addex Reports Full Year 2020 Financial Results and Provides Corporate Update

Written by Customer Service on . Posted in Public Companies.

Strong cash and cash equivalents position at Dec 31, 2020 of $20.2M (CHF18.7M)Balance sheet further strengthened by $11.5M fundraising on January 11, 2021Three clinical studies in neurology programs expected to start during H1 2021Clinical stage neurology programs aimed at large underserved market opportunities (Epilepsy, Parkinson’s disease LID and Blepharospasm)Geneva, Switzerland, March 11, 2021 – Addex Therapeutics (SIX: ADXN and Nasdaq: ADXN), a clinical-stage pharmaceutical company pioneering allosteric modulation-based drug discovery and development, today reported financial results for the full-year ended December 31, 2020 and provided a corporate update.“We ended 2020 in a strong financial position, which was supplemented by our successful $11.5 million fundraising at the beginning of 2021,” said Tim Dyer, CEO of Addex. “Throughout 2020, we advanced preparations for the start of clinical studies targeting large underserved market opportunities. Clinical studies starting in the first half of 2021 include two internal programs, dipraglurant in Parkinson’s disease LID and blepharospasm. Additionally, our partner, Janssen is expected to start clinical studies with ADX71149 for epilepsy in the second quarter. Our collaboration with Indivior continues to move forward at a rapid pace and expect to deliver compounds for IND enabling studies by the end of this year.”Select Upcoming Milestones:Q2 21 – Phase 2a study starting: ADX71149 for epilepsy. Partnered with JanssenH1 21 – Phase 2b/3 study starting: dipraglurant for Parkinson’s disease LID (Uncontrolled, involuntary muscle movement)H1 21 – Phase 2a study starting: dipraglurant for blepharospasm (Uncontrolled squeezing or twitching of the eyelids)Q4 21 – Phase 2a data: dipraglurant for blepharospasmH1 22 – Phase 2a data: ADX71149 for epilepsyQ4 22 – Phase 2b/3 data: dipraglurant for Parkinson’s disease LID (PD-LID)2020 Operating Highlights:Ended 2020 with a strong cash position of $20.2 million (CHF 18.7 million), coupled with an additional $11.5 million fundraising on January 11, 2021, provides runway till mid 2022Ensured dipraglurant is ready to start pivotal registration study in levodopa induced dyskinesia associated with Parkinson’s disease (PD-LID) following delay due to the global Covid-19 crisis; study initiation expected H1 2021Prepared dipraglurant exploratory placebo-controlled clinical trial in blepharospasm patients, which is scheduled to start in H1 2021Partner, Janssen prepared the start of a Phase 2a proof of concept clinical study of ADX71149 for epilepsy, which is scheduled to start in Q2 2021GABAB PAM research program entered clinical candidate selection phaseExtended research agreement with Indivior until June 30, 2021, with a commitment for an additional funding of $2.8 millionAwarded CHF600K Innosuisse grant in collaboration with SIB (Swiss Institute of Bioinformatics) to identify new therapeutic indications for ADX10061 (D1 antagonist) programAppointed Darryle D. Schoepp, PhD, one of the world’s leading and most successful neuroscience drug developers as Chairman newly formed scientific advisory boardAdvanced Eurostars / Innosuisse funded mGlu7 negative allosteric modulator research program for post-traumatic stress disorderContinue to advance remaining preclinical programs to their next value inflection pointsListed American Depositary Shares (ADS) representing our ordinary shares on the Nasdaq Stock Market on January 29, 2020Key 2020 Financial Data

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