Geneva, Switzerland, 3 June 2011 – Allosteric modulation company Addex Pharmaceuticals Ltd (SIX:ADXN) announced today that Vincent Mutel, PhD, has stepped down from his position as CEO of the Addex group. Mr. André J. Mueller, chairman of the board of Addex, will act as executive chairman and lead an operational subcommittee of directors to manage the transition until a new CEO is appointed.
Under Mr. Mutel’s leadership, Addex has become a world leader in the field of allosteric modulator drug discovery and formed significant drug development partnerships with leading pharmaceutical companies. During this time, the company successfully completed several financing transactions, while also receiving grants and awards from non-profit and industry organizations.
Mr. Mueller said: “On behalf of the Board, I would like to thank Vincent Mutel for his commitment and drive in building this exceptional company. During his nine year tenure, Vincent played a pivotal role in founding Addex and growing it into the world’s leading allosteric drug discovery platform. We wish him success in his future endeavors. The company, which retains key intellectual property and a core group of highly talented experts in allosteric drug discovery, is in an excellent position to successfully leverage its emerging platform in a manner that maintains alignment with its strategic goals and the interests of its shareholders.”
The Board of Directors will be working closely with Mr. Mueller in order to consider Mr. Mutel’s replacement. The Board also has invited Mr. Mutel to consider a possible future advisory role at Addex.
“It’s been an exciting venture and a privilege to lead this group of high caliber researchers and staff in adapting allosteric modulation science to drug development,” Mr. Mutel said. “I wish my colleagues at Addex continued success.”