Addex Therapeutics First Half 2013 Financial Results

GENEVA, Switzerland, Sept. 17, 2013 (GLOBE NEWSWIRE) --

Addex Therapeutics (SIX: ADXN), a leading company pioneering allosteric modulation-based drug discovery and development announced today its first half 2013 financial results. CHF' thousands H1 2013 H1 2012 Change ---------------------------------------------------------------------------- Income 142 121 17% R&D expenses (9 315) (11 667) (20%) G&A expenses (4 760) (3 336) 43% --------------------------------------- Total operating loss (13 933) (14 882) (6%) Finance result, net (4) (9) - --------------------------------------- Net loss for the period (13 937) (14 891) (6%) --------------------------------------- Basic and diluted net loss per share (1.61) (1.93) (17%) Net cash used (cash burn) (10 778) (15 829) (32%) ---------------------------------------------------------------------------- CHF' thousands Jun. 30, 2013 Dec. 31, 2012 Change ---------------------------------------------------------------------------- Cash and cash equivalents 4 479 15 257 (71%) Shareholders' equity 2 883 16 698 (83%) Income was CHF0.1 million in the first half of 2013 and 2012 and relates to grants received from The Michael J. Fox Foundation for Parkinson's Research to partially fund dipraglurant development in Parkinson's disease levodopa induced dyskinesia. Research & Development expenses decreased by 20% to CHF9.3 million in the first half of 2013 compared to CHF11.6 million in the first half of 2012, mainly due to our reduced headcount and related activities. General and Administration expenses increased to CHF4.8 million in the first half of 2013, compared to CHF3.3 million in the first half of 2012, mainly due to increased professional fees related to a number of strategic initiatives and restructuring costs. Net Loss decreased to CHF13.9 million from CHF14.9 million, and included CHF4.7 million of costs related to the restructuring of the organization that took place in February and May 2013. Cash and cash equivalents amounted to CHF4.5 million at 30 June 2013, compared to CHF15.3 million at the end of 2012. Cash utilization for the first half of 2013 of CHF10.8 million is mainly due to the cash used in operations. Capital increase subsequent to 30 June 2013 balance sheet date was completed on 8 August 2013 and resulted in CHF3.2 million of gross proceeds. Outlook: Based on current expectations, full year cash utilization guidance is CHF15 million and cash runway through end of 2014. The 2013 half year condensed consolidated interim financial statements are available at http://www.addextherapeutics.com About Addex Therapeutics Addex Therapeutics (www.addextherapeutics.com) is a development stage company focused on advancing innovative oral small molecules against rare diseases utilizing its pioneering allosteric modulation-based drug discovery platform. The Company's two lead products are being investigated in Phase 2 clinical testing: dipraglurant (an mGlu5 negative allosteric modulator or NAM) is being developed by Addex to treat Parkinson's disease levodopa-induced dyskinesia (PD- LID) and rare forms of dystonia; and ADX71149 (mGlu2 positive allosteric modulator or PAM) is being developed in collaboration with Janssen Pharmaceuticals, Inc., to treat both schizophrenia and anxiety as seen in patients suffering from major depressive disorder. Addex also has several preclinical programs including: GABA-BR positive allosteric modulator (PAM) for Charcot-Marie-Tooth (type 1a) disease, spasticity in patients with multiple sclerosis (MS), pain, overactive bladder and other disorders; and mGlu4 PAM for MS, Parkinson's disease, anxiety and other diseases. Allosteric modulators are an emerging class of small molecule drugs which have the potential to be more specific and confer significant therapeutic advantages over conventional "orthosteric" small molecule or biological drugs. The Company uses its proprietary discovery platform to target receptors and other proteins that are recognized as essential for the therapeutic modulation of important diseases with unmet medical needs. Tim Dyer Chief Executive Officer Addex Therapeutics +41 22 884 1561 PR@addextherapeutics.com Disclaimer: The foregoing release may contain forward-looking statements that can be identified by terminology such as "seek", "not pursue", "not approvable", "continue", "believes", "believe", "will", "remained open to exploring", "would", "could", or similar expressions, or by express or implied discussions regarding Addex Therapeutics, formerly known as, Addex Pharmaceuticals, 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 Therapeutics 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, 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 factors may in particular cause actual results with allosteric modulators of mGlu2, mGlu4, mGlu5, GABA-BR 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 Addex Therapeutics will complete the restructuring and reduction of its liabilities or any financing nor that allosteric modulators of mGlu2, mGlu4, mGlu5, GABA-BR or other therapeutics targets will be approved for sale in any market or by any regulatory authority. Nor can there be any guarantee that allosteric modulators of mGlu2, mGlu4, mGlu5, GABA-BR 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 mGlu2, mGlu4, mGlu5, GABA-BR 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 Therapeutics 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. [HUG#1729556] Source:Addex Therapeutics