Addex completes 2018 with strong cash position

Addex Therapeutics (SIX: ADXN), a leading company pioneering allosteric modulation-based drug discovery and development, announced today that it has completed the year 2018 with CHF41.7 million of cash and cash equivalence, and a net operating cash inflow of CHF1.8 million.

“Our positive operating cash performance was primarily driven by cash inflows from our partnership with Indivior and our strengthened cash position from our CHF40 million capital increase in March 2018,” said Tim Dyer, CEO of Addex. “For 2019, our focus continues to be the initiation of registration studies for dipraglurant in patients with Parkinson’s disease levodopa induced dyskinesia (PD-LID) and delivering on our funded research collaboration with Indivior, as well as pursuing additional collaborative arrangements accross our allosteric modulator portfolio.”

Financial Update

• Cash and cash equivalents at 31 December 2018 of CHF 41.7 million
• Cash inflows from licensing, collaborations and grant providers of CHF 6.4 million
• Cash used in operations of CHF 4.6 million, in line with expections
• Net proceeds from capital increase of CHF 37.5 million

Pipeline & Operating Update

• Dipraglurant: solid progress made to start pivotal registration studies in H2 2019 for the treatment of dyskinesia associated with Parkinson’s disease – manufacturing and CRO selection ongoing
• Janssen partnership: continuing to work with our partner to advance ADX71149 into a proof of concept study in epilepsy
• Indivior partnership: delivering on plans to enter phase 1 with lead candidate, ADX71441 during Q2 2019
• GABAB PAM: novel candidates identified and progressing into preclinical characterization in models of addiction and Charcot-Marie-Tooth type 1A neuropathy
• Discovery programs: mGluR4PAM, mGluR3PAM, mGluR7NAM and TrkB PAM making significant progress in lead optimization
• Team Expansion: progressing according to plan with 17 full time equivalents at end of 2018.

Upcoming Financial Reports

• 11 March 2019 - Full-year financial results and publication of the Annual Report
• 31 July 2019 – Half-year 2019 financial results