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Addex Completes 2014 with Strong Cash Position and Provides 2015 Strategic Update

GENEVA, Jan. 9, 2015 (GLOBE NEWSWIRE) -- Addex Therapeutics (SIX: ADXN), a leading company pioneering allosteric modulation-based drug discovery and development announced today:

Financial Update
Addex completed 2014 with cash and cash equivalence of CHF1.8 million as of 31 December 2014 (2013: CHF2.9 million) and a full year 2014 cash utilization of CHF1.1 million (2013: CHF12.3 million).

Pipeline Update
Dipraglurant (mGluR5NAM):

  • Planning to start a phase 1 receptor occupancy study in collaboration with Dean F Wong , MD, PhD of the Departments of Radiology, Psychiatry and Neuroscience at the Johns Hopkins University and his collaborators Lorena Gapasin and Hiroto Kuwabara, MD, PhD supported by The Michael J. Fox Foundation for Parkinson's Research (MJFF);
  • Planning clinical testing of the therapeutic effect of dipraglurant in patients with dystonia in collaboration with Professor Dressler of The Hannover Medical School;
  • Preclinical characterization in DYT1 dystonia planned for completion in 2015 in collaboration with Dr Pisani of the IRCCS Santa Lucia Foundation; and
  • Preclinical characterization of anti-depressant-like effects in biochemical and behavioral models is ongoing in collaboration with Professor Pilc and Dr. A. Palucha-Poniewiera of the Polish Academy of Sciences.

ADX71441 (GABAB receptor PAM):

  • Preclinical characterization in Charcot-Marie-Tooth type 1A neuropathy models is ongoing in collaboration with the Charcot-Marie-Tooth Association (CMTA);
  • Preclinical characterization in nicotine and cocaine addiction models is ongoing in collaboration with the United States National Institute on Drug Abuse (NIDA); and
  • Preclinical characterization in alcohol use disorder models planned for completion in 2015 in collaboration with the United States National Institute on Alcohol Abuse and Alcoholism (NIAAA).

ADX71149: Addex strategic partner, Janssen Pharmaceuticals Inc., continues to actively explore other indications.

mGluR7NAM and mGluR4PAM: preclinical characterization in neurodegenerative and psychiatric disorder models in collaboration with the "Ecole Polytechnique Fédérale de Lausanne" and "University de Lausanne" is ongoing.

mGluR2NAM: neuroprotection experiments in preclinical models of ischemic damage are ongoing in collaboration with Professors G. Battaglia and F. Nicoletti of Neuromed, Italy (Istituto Neurologico Mediterraneo).

Strategy Update and Outlook
Addex continues to engage potential pharmaceutical partners, patient advocacy groups, academic institutions, government organization and investors to secure the resources necessary to advance its pipeline of drug candidates for the benefit of patients.

"We are pleased to have significantly reduced our cash burn and completed 2014 with sufficient cash reserves to see us into 2016," said Tim Dyer, CEO at Addex. "We thank our collaboration partners for the excellent work they are performing and look forward to reporting data in the coming months. In addition we look forward to establishing new collaborations in 2015 to further advance our exciting pipeline of drug candidates."

About Addex Therapeutics
Addex Therapeutics (www.addextherapeutics.com) is a biopharmaceutical company focused on the development of novel, orally available, small molecule allosteric modulators for central nervous system disorders. Addex lead drug candidate, dipraglurant (mGluR5 negative allosteric modulator or NAM) has successfully completed a Phase 2A POC in Parkinson's disease levodopa-induced dyskinesia (PD-LID), and is being prepared to enter Phase 2B for PD-LID. In parallel, dipraglurant's therapeutic use in dystonia and treatment resistant depression is being investigated. Addex second clinical program, ADX71149 (mGluR2 positive allosteric modulator or PAM) is being developed in collaboration with Janssen Pharmaceuticals, Inc. Addex also has several preclinical programs including: ADX71441 (GABAB receptor PAM) which has received regulatory approval to start Phase 1 and is being investigated for therapeutic use in Charcot-Marie-Tooth (type 1a) disease, alcohol use disorder and nicotine dependence; mGluR4PAM for drug abuse and dependence, Parkinson's disease and other neurodegenerative diseases; mGluR2NAM for treatment resistant depression and cognitive deficits; mGluR7NAM for psychosomatic disorders, TrkBPAM for neurodegenerative disorders; and GLP1PAM 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. Addex allosteric modulator drug discovery platform targets receptors and other proteins that are recognized as essential for therapeutic intervention - the Addex pipeline was generated from this pioneering allosteric modulator drug discovery platform.

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#1885504

Source:Addex Therapeutics