OREANDA-NEWS. Addex Therapeutics (SIX: ADXN), a leading company pioneering allosteric modulation-based drug discovery and development, announced today its first half 2015 financial results.

2015 First Half Financial & Operating Highlights

  • Increase in cash and cash equivalents to CHF3.6 million at 30 June 2015;

  • Dosing of first subject in dipraglurant receptor occupancy study at Johns Hopkins University with support of The Michael J. Fox Foundation for Parkinson's Research;

  • Entered collaboration with the National Institute on Alcohol Abuse and Alcoholism (NIAAA) to perform preclinical characterization of ADX71441 in alcohol use disorder;

  • Entered collaboration with Prof. Pisani to explore the therapeutic use of dipraglurant for the treatment of rare inherited forms of dystonia;

  • Entered collaboration with the Dystonia Medical Research Foundation to explore the therapeutic use of dipraglurant for the treatment of dystonia;

  • Performed preclinical characterization of ADX71441 in nicotine and cocaine addiction models in collaboration with the United States National Institute on Drug Abuse (NIDA);

CHF' thousands H1 2015   H1 2014   Change
Income 90     -   100%
R&D expenses (949)   (305)   211%
G&A expenses (1 948)   (622)   213%
Total operating loss (2 807)   (967)   190%
Finance result, net (26)   (3)   767%
Net loss for the period (2 833)   (970)   192%
           
Basic and diluted net loss per share (0.26)   (0.10)   160%
           
Net cash from / (used) 1 668   (816)   104%
           
Cash and cash equivalents 3 579   2 094   171%
Shareholders' equity 2 736   2 050   33%

Research & Development expenses increased to CHF0.9 million in the first half of 2015 compared to CHF0.3 million in the first half of 2014, mainly due to increased activities linked to the dipraglurant and ADX71441 development.

General and Administration expenses increased to CHF1.8 million in the first half of 2015, from CHF0.7 million in the first half of 2014, mainly due to the write a deposit held in escrow related to disputes with the French Tax authorities.

Net Loss increased to CHF2.7 million in the first half of 2015 from CHF1.0 million in the first half of 2014.

Cash and cash equivalents amounted to CHF3.6 million at 30 June 2015, compared to CHF2.1 million at the end of 2014.

2015 Condensed Consolidated Interim Financial Statements
The 2015 condensed consolidated interim financial statements can be found on the Company's website at the following link

About Addex Therapeutics
Addex Therapeutics (www.addextherapeutics.com) is a biopharmaceutical company focused on the development of novel, orally available, small molecule allosteric modulators for neurological disorders. Addex lead drug candidate, dipraglurant (mGluR5 negative allosteric modulator or NAM) has successfully completed a Phase IIa POC in Parkinson's disease levodopa-induced dyskinesia (PD-LID), and is being prepared to enter Phase IIb for PD-LID. In parallel, dipraglurant's therapeutic use in dystonia and treatment resistant depression is being investigated. Addex second clinical program, ADX71149 (mGluR2 positive allosteric modulator or PAM) is being developed in collaboration with Janssen Pharmaceuticals, Inc. Addex also has several preclinical programs including: ADX71441 (GABAB receptor PAM) which has received regulatory approval to start Phase I and is being investigated for therapeutic use in Charcot-Marie-Tooth (Type 1A) disease, alcohol use disorder and nicotine dependence; mGluR4PAM for drug abuse and dependence, Parkinson's disease, other neurodegenerative diseases and autoimmune disorders; mGluR2NAM for treatment resistant depression and cognitive deficits; mGluR7NAM for psychosomatic disorders, TrkBPAM for neurodegenerative disorders; and GLP1PAM for type 2 diabetes. Allosteric modulators are an emerging class of small molecule drugs which have the potential to be more specific and confer significant therapeutic advantages over conventional "orthosteric" small molecule or biological drugs. Addex allosteric modulator drug discovery platform targets receptors and other proteins that are recognized as essential for therapeutic intervention - the Addex pipeline was generated from this pioneering allosteric modulator drug discovery platform.