Addex Provisional 2024 Third Quarter Results Showed Net Loss Compared to Second Quarter 2024
November 11 2024 - 12:00AM
Nine-month Results Remain On Track for
Net Profit
Ad Hoc Announcement Pursuant to Art. 53 LR
Geneva, Switzerland, November 11,
2024 - Addex Therapeutics (SIX/NASDAQ:
ADXN), a clinical-stage biopharmaceutical company focused on
developing a portfolio of novel small molecule allosteric
modulators for neurological disorders, announced today that its
provisional third quarter net results decreased significantly
compared to the second quarter 2024.
The provisional result for the third quarter of
2024 show a net loss of CHF 1.5 million compared to a net profit of
CHF 12.9 million for the second quarter of 2024. The decrease of
CHF 14.4 million is primarily due to the sale of part of the Addex
business to Neurosterix during the second quarter of 2024, which
generated a non-recurring net gain of CHF 14.0 million. Addex
expects to generate quarterly losses in future.
The provisional result for the nine-month period
ended September 30, 2024, remains positive and amounts to a net
profit of CHF 8.3 million compared to a net profit of CHF 9.8 for
the six-month period ended June 30, 2024.
The Addex cash position amounted to CHF 3.3
million as of September 30, 2024.
The third quarter and nine-month results are
still under review and could be subject to change before their
final publication.
Addex will issue its third quarter 2024
Financial Results on November 22, 2024. Tim Dyer, CEO and Mikhail
Kalinichev, Head of Translational Science, will provide a business
update during a teleconference and webcast for investors, analysts
and media at 16:00 CET (15:00 GMT / 10:00 EST / 07:00 PST) the same
day.
Title: Addex Therapeutics Q3 2024 financial
results and corporate update Date: November 22,
2024Time: 16:00 CET (15:00 GMT / 10:00 EST / 07:00 PST)
Joining the Conference Call:
- Participants are required to register in advance of the
conference using the link provided below. Upon registering, each
participant will be provided with Participant Dial-in numbers, and
a unique Personal PIN.
- In the 10 minutes prior to the call’s start time, participants
will need to use the conference access information provided in the
e-mail received at the point of registering. Participants may also
use the call me feature instead of dialing the nearest dial in
number.
Webcast registration
URL: https://edge.media-server.com/mmc/p/gttu5dw9
Conference call registration URL:
https://register.vevent.com/register/BIb069acb5b9074ca781bc6e22b5426dc2
About Addex: Addex
Therapeutics is a clinical-stage biopharmaceutical company
focused on developing a portfolio of novel small molecule
allosteric modulators for neurological disorders. Addex’s lead drug
candidate, dipraglurant (mGlu5 negative allosteric modulator or
NAM), is under evaluation for future development in brain injury
recovery, including post-stroke and traumatic brain injury
recovery. Addex’s partner, Indivior, has selected a GABAB PAM drug
candidate for development in substance use disorders and expects to
start IND enabling studies in H1 2025. Addex is advancing an
independent GABAB PAM program for chronic cough and expects to
start IND enabling studies in 2025. Addex also holds a 20% equity
interest in a private company, Neurosterix LLC, which is advancing
a portfolio of allosteric modulator programs, including M4 PAM for
schizophrenia, mGlu7 NAM for mood disorders and mGlu2 NAM for mild
neurocognitive disorders. Addex shares are listed on the SIX Swiss
Exchange and American Depositary Shares representing its shares are
listed on the NASDAQ Capital Market, and trade under the ticker
symbol “ADXN” on each exchange. For more information,
visit www.addextherapeutics.com
Contacts:
Tim DyerChief
Executive OfficerTelephone: +41 22 884 15
55PR@addextherapeutics.com |
Mike
SinclairPartner, Halsin PartnersTelephone: +44 7968
022075msinclair@halsin.com |
Addex Forward Looking
Statements:This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended, including statements about the
intended use of proceeds of the offering. The words “may,” “will,”
“could,” “would,” “should,” “expect,” “plan,” “anticipate,”
“intend,” “believe,” “estimate,” “predict,” “project,” “potential,”
“continue,” “target” and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Any
forward-looking statements in this press release, are based on
management's current expectations and beliefs and are subject to a
number of risks, uncertainties and important factors that may cause
actual events or results to differ materially from those expressed
or implied by any forward-looking statements contained in this
press release, including, without limitation, uncertainties related
to market conditions. These and other risks and uncertainties are
described in greater detail in the section entitled “Risk Factors”
in Addex Therapeutics’ Annual Report on Form 20-F for the year
ended December 31, 2023, as filed with the SEC on April 18, 2024,
the final prospectus supplement and accompanying prospectus and
other filings that Addex Therapeutics may make with the SEC in the
future. Any forward-looking statements contained in this press
release represent Addex Therapeutics’ views only as of the date
hereof and should not be relied upon as representing its views as
of any subsequent date. Addex Therapeutics explicitly disclaims any
obligation to update any forward-looking statements.
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