Addex Reports Q1 2023 Financial Results and Provides Corporate Update
May 11 2023 - 12:00AM
Addex Reports Q1 2023 Financial Results and Provides Corporate
Update
- ADX71149 Phase 2
epilepsy
clinical
study’s
independent
interim
review
committee
(“IRC”)
recommends
continuing
study
- CHF
5.6M ($
6.1M) of cash and cash
equivalents at March 31,
2023
Ad Hoc Announcement Pursuant to Art. 53
LR
Geneva, Switzerland,
May 11,
2023 - Addex
Therapeutics (SIX: ADXN and Nasdaq: ADXN), a clinical-stage
pharmaceutical company pioneering allosteric modulation-based drug
discovery and development, today reported financial results for the
first quarter ended March 31, 2023, and provided a corporate
update.
“ADX71149 Phase 2 epilepsy study patient Cohort
1 completed Part 1 and following the review of unblinded data, an
IRC recommended to continue the study. We are very encouraged by
this progress and look forward to reporting progress in the study
in the second half of 2023,” said Tim Dyer CEO of Addex. “We also
continue to make solid progress across our preclinical portfolio
and advance business discussions.”
Q1 2023
Operating Highlights:
- ADX71149 epilepsy Phase 2 study –
Cohort 1 completed Part 1, IRC recommended continuing the study
& Cohort 2 recruiting patients
- Dipraglurant is Phase 2 ready –
future development in post-stroke recovery and PD-LID under
evaluation
- GABAB PAM Indivior strategic
partnership for substance use disorders - multiple drug candidates
in clinical candidate selection phase
- GABAB PAM for chronic cough -
multiple drug candidates in clinical candidate selection
- mGlu7 NAM for stress related
disorders, including PTSD - CMC initiated in preparation for IND
enabling studies M4 PAM schizophrenia program - progressing through
late lead optimization
- Partnering discussions across the
portfolio ongoing
- CHF 5.7 million in equity financing
year to date
Key Q1
2023 Financial
Data:
CHF’
thousands |
Q1 2023 |
Q1
2022 |
Change |
Income |
502 |
244 |
258 |
R&D
expenses |
(1,704) |
(3,766) |
2,062 |
G&A
expenses |
(1,198) |
(2,241) |
1,043 |
Total
operating loss |
(2,400) |
(5,763) |
3,363 |
Finance
result, net |
(7) |
(61) |
54 |
Net loss for
the period |
(2,407) |
(5,824) |
3,417 |
Basic and
diluted net loss per share |
(0.04) |
(0.15) |
0.11 |
Net decrease
in cash and cash equivalents |
(1,362) |
(5,597) |
4,235 |
Cash and cash
equivalents |
5,595 |
14,888 |
(9,293) |
Shareholders’
equity |
4,071 |
12,955 |
(8,884) |
Financial Summary:Income
increased by CHF 0.3 million to CHF 0.5 million in the first
quarter 2023 compared to CHF 0.2 million in the first quarter 2022,
primarily driven by amounts received under our funded research
collaboration with Indivior, recognized as related costs are
incurred.
R&D expenses decreased by CHF 2.1 million to
CHF 1.7 million in the first quarter 2023 compared to CHF 3.8
million in the first quarter 2022, primarily due to decreased
dipraglurant related external research and development activities
of CHF 1.8 million.
G&A expenses decreased by CHF 1.0 million to
CHF 1.2 million in the first quarter 2023 compared to CHF 2.2
million in the first quarter 2022, primarily due to decreased staff
costs of CHF 0.7 million driven by reduced share-based service
costs.
The net loss was CHF 2.4 million in the first
quarter 2023 compared to CHF 5.8 million in the first quarter 2022.
Decrease in net loss of CHF 3.4 million is primarily due to
decreased outsourced R&D and share-based service costs. Basic
and diluted loss per share decreased to CHF 0.04 for the first
quarter 2023, compared to CHF 0.15 for the first quarter 2022.
Cash and cash equivalents decreased to CHF 5.6
million at March 31, 2023, compared to CHF 14.9 million at March
31, 2022. The decrease of CHF 9.3 million is primarily due to the
cash used in operating activities partially offset by the proceeds
from equity offerings and to a lesser extent research funding from
Indivior.
Q1
2023 Consolidated
Financial Statements:The first quarter
2023 financial report can be found on the Company’s website in the
investor/download section here.
Conference Call Details:A
conference call will be held today, May 11, 2023, at 16:00
CEST (15:00 BST / 10:00 EDT / 07:00 PDT) to review the financial
results. Tim Dyer, Chief Executive Officer and Robert Lütjens, Head
of Discovery - Biology will deliver a brief presentation followed
by a Q&A session.
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.
Online Registration:
Webcast URL:
https://edge.media-server.com/mmc/p/ye5tf773
About Addex
Therapeutics:Addex Therapeutics is a
clinical-stage pharmaceutical company focused on the development
and commercialization of an emerging class of novel orally
available, small molecule drugs known as allosteric modulators for
neurological disorders. Allosteric modulators offer several
potential advantages over conventional, non-allosteric molecules
and may offer an improved therapeutic approach to conventional
"orthosteric" small molecule or biological drugs. Addex's
allosteric modulator drug discovery platform targets receptors and
other proteins that are recognized as essential for therapeutic
intervention. Addex's lead drug candidate, ADX71149 (mGlu2 positive
allosteric modulator or PAM), developed in collaboration with
Janssen Pharmaceuticals, Inc., is in a Phase 2 clinical trial for
the treatment of epilepsy. Addex's second clinical program,
dipraglurant (mGlu5 negative allosteric modulator or NAM), is under
evaluation for future development in a range of indications.
Indivior PLC has licensed Addex’s GABAB PAM program for the
development of drug candidates, with a focus on substance use
disorder. Addex is also advancing a broad preclinical pipeline,
which includes development of a range of GABAB PAMs for CMT1A,
chronic cough and several types of pain, mGlu7 NAM for stress
related disorders, mGlu2 NAM for mild neurocognitive disorders and
depression, M4 PAM for schizophrenia and other forms of
psychosis, as well as mGlu4 PAM and mGlu3 PAM. 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.
Contacts:
Tim DyerChief
Executive OfficerTelephone: +41 22 884 15 55
PR@addextherapeutics.com |
Mike
SinclairPartner, Halsin Partners+44 (0)20 7318
2955msinclair@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, 2022, as filed with the SEC on March 30, 2023,
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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