Geneva, Switzerland, 23 February 2011 – Allosteric modulation company Addex Pharmaceuticals (SIX:ADXN) announced today 2010 financial results and reviewed the status of its pipeline. The results will be presented to investors, analysts and media at 4pm CET (3pm GMT/10am ET) today via a webcast and teleconference.
Financial Highlights
• Gross cash burn of CHF32.8 million in line with guidance (CHF30-35 million)
• Cash and cash equivalents of CHF63.8 million at 31 December 2010
• CHF20.0 million proceeds from private placement and convertible note offering
• Income of CHF4.0 million
• Operating loss down by 22% to CHF33.6 million
Tim Dyer, CFO, said: “2010 has been a year of streamlining the organization and project prioritization resulting in a 22% reduction in our operating loss and a significant reduction in operating cash burn. An extra CHF20 million of new capital from Biotechnology Value Fund has strengthened our balance sheet giving us CHF63.8 million of cash which should see us well into 2013. Cash burn guidance for 2011 is CHF28-32 million.“
Vincent Mutel, CEO, commented: “Even as we re-focus on our core strengths in allosteric discovery and development, our two most advanced products are entering clinical proof of concept studies: ADX48621, now named dipraglurant, for Parkinson’s disease levodopa-induced dyskinesia; and ADX71149 for schizophrenia. Both drug candidates have clinically validated mechanisms and have earned external support. ADX71149 is being developed by our partner Ortho-McNeil-Janssen, a Johnson & Johnson subsidiary. The Michael J. Fox Foundation for Parkinson’s Research awarded Addex a grant for dipraglurant testing.”