Addex Creates Treasury Shares
December 14 2023 - 12:00AM
Addex Creates Treasury Shares
Ad Hoc Announcement Pursuant to Art. 53
LR
Geneva, Switzerland, December 14,
2023 - Addex Therapeutics (SIX: ADXN and
Nasdaq: ADXN), a clinical-stage pharmaceutical company pioneering
allosteric modulation-based drug discovery and development (“the
Company”), announced today that 15,300,000 new registered shares at
a nominal value of CHF 0.01 have been issued and fully subscribed
by Addex Pharma S.A, its 100% wholly-owned subsidiary. The new
shares, issued from the Company’s capital band, are listed on the
SIX Swiss Exchange. The transaction has been executed to provide
the Group with additional future financing flexibility. The issued
share capital increased to CHF 1,782,344.96 representing
178,234,496 issued shares at a nominal value of CHF 0.01 each,
whilst the number of outstanding shares remains unchanged.
“The strengthening of our treasury share pool is
an important part of our financing strategy to provide maximum
future financing flexibility as we advance our portfolio of drug
candidates,” said Tim Dyer CEO of Addex. “We expect data from the
ADX71149 Phase 2 epilepsy study in the second quarter of 2024 and
are currently focus on delivering drug candidates for our partner
Indivior from our GABAB PAM program as well as advancing our other
preclinical programs.”
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. The company’s second
clinical program, dipraglurant (mGlu5 negative allosteric modulator
or NAM), is under evaluation for future development in post-stroke
recovery. 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 PAM for chronic
cough, mGlu7 NAM for stress related disorders, M4 PAM for
schizophrenia and other forms of psychosis and mGlu2 NAM for mild
neurocognitive disorders and depression. 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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