Addex Therapeutics Reports First Half 2014 Financial Results

GENEVA, Sept. 30, 2014 (GLOBE NEWSWIRE) -- Addex Therapeutics (SIX: ADXN), a leading company pioneering allosteric modulation-based drug discovery and development, announced today its first half 2014 financial results.

Financial & Operational Highlights

  • Operating expenses reduced by 97% to CHF0.3 million for H1 2014
  • Cash utilization reduced by 92% to CHF0.8 million for H1 2014
  • Cash and cash equivalents of CHF2.1 million at 30 June 2014
  • CHF0.4 million raised from the sale of treasury shares in July 2014
  • NIDA collaboration reported positive results with ADX71441 in preclinical model of nicotine addiction

"We are pleased to have completed the half year with enough cash to sustain the company through 2015, while we continue to discuss the development of our portfolio of drug candidates with industrial partners and investors" said Tim Dyer, CEO of Addex. "In parallel, we continue to collaborate with academic institutions, patient advocacy groups and government organizations to access expertise and resources to advance our drug candidates."

CHF' thousands H1 2014 H1 2013 Change
Income - 142 (100%)
R&D expenses (305) (9 315) (97%)
G&A expenses (662) (4 760) (86%)
Total operating loss (967) (13 933) (93%)
Finance result, net (3) (4) (25%)
Net loss for the period (970) (13 937) (93%)
Basic and diluted net loss per share (0.10) (1.61) (94%)
Net cash used (cash burn) (816) (10 778) (92%)
Cash and cash equivalents 2 094 2 913 (28%)
Shareholders' equity 2 050 14 317 (86%)

Research & Development expenses decreased by 97% to CHF0.3 million in the first half of 2014 compared to CHF9.3 million in the first half of 2013, mainly due to our reduced headcount and activity level.

General and Administration expenses decreased to CHF0.7 million in the first half of 2014, from CHF4.8 million in the first half of 2013, mainly due to our reduced headcount and activity level.

Net Loss decreased to CHF1.0 million in the first half of 2014 from CHF13.9 million in the first half of 2013.

Cash and cash equivalents amounted to CHF2.1 million at 30 June 2014, compared to CHF2.9 million at the end of 2013. Cash utilization for the first half of 2014 of CHF0.8 million is mainly due to the cash used in operations of CHF1.3 million off-set by cash from the sale of assets of CHF0.5 million.

Outlook: Based on current expectations, full year cash utilization guidance is CHF1.6 million resulting in a cash runway through 2015.

2014 Condensed Consolidated Interim Financial Statements
The 2014 condensed consolidated interim financial statements can be found on the Company's website at the following link.

About Addex Therapeutics
Addex Therapeutics (www.addextherapeutics.com) is a discovery and development stage company focused on advancing innovative oral small molecules 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 dystonia; and ADX71149 (mGlu2 positive allosteric modulator or PAM) is being developed in collaboration with Janssen Pharmaceuticals, Inc. Addex also has several preclinical programs including: GABAB receptor positive allosteric modulator (PAM) for addiction, Charcot-Marie-Tooth (type 1a) disease, spasticity in patients with multiple sclerosis (MS), pain, overactive bladder, autism and other disorders; mGlu4 PAM for MS, Parkinson's disease, anxiety and other diseases; mGlu2 NAM for treatment resistant depression and cognitive deficits; mGlu7 NAM for psychosomatic disorders, TrkB PAM for neurodegenerative disorders; and GLP1 PAM for type 2 diabetes. 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. The Company is currently focused on preserving the value of its assets, including the intellectual property surrounding its portfolio of allosteric modulator drug candidates and its proprietary allosteric modulator technology platform, while pursuing a strategy to secure the resources necessary to advance the pipeline and maximize value for shareholders. In parallel the Company continues to enter collaborations with academic institutions, government organizations and patient advocacy groups to advance its portfolio of drug candidates for the benefit of patients.

Tim Dyer, Chief Executive Officer
Addex Therapeutics
Telephone: +41 22 884 15 61
PR@addextherapeutics.com

Disclaimer / Forward-looking statements
This communication does not constitute an offer or invitation to subscribe for or purchase any securities of Addex Therapeutics Ltd. This publication may contain certain forward-looking statements concerning the Company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. The Company disclaims any obligation to update these forward-looking statements.

HUG#1859493

Source:Addex Therapeutics