Addex increases share capital and creates treasury shares

Addex Therapeutics (SIX: ADXN), a leading company pioneering allosteric modulation-based drug discovery and development, today announced that it has increased its capital from 28,564,031 to 32,848,635 through the issue of 4,284,604 new registered shares at a nominal value of CHF1 each to Addex Pharma S.A, its 100% wholly-owned subsidiary. The new shares, issued from the Company’s authorized capital, will be listed on the SIX Swiss Exchange from May 21, 2019. The transaction has been executed to provide the Group with additional treasury shares that can be used in the future to raise funds in an efficient manner.

“This transaction has been executed to provide us with future financing flexibility as we execute on our plans to start a pivotal registration study with dipraglurant in Parkinson’s disease levodopa-induced dyskinesia (PD-LID) by the end of 2019,” said Tim Dyer, CEO of Addex. “This is purely a preparatory step and we have no intention of using these new shares to raise capital in the current depressed market conditions.”