Addex to Focus Resources on Clinical Pipeline - Seite 2

"The transformation of Addex into a development focused company is an important step in driving future success" said Bharatt Chowrira, CEO at Addex. "While both data and partnering discussions continue to support the advancement of dipraglurant in the treatment of Parkinson's disease Levodopa Induced Dyskinesia, we have decided to invest our own resources to advance dipraglurant into Phase 2 studies for rare dystonias.  We plan to apply for orphan drug designation while simultaneously seeking a partner to fund the larger non-orphan indications of dipraglurant such as PD-LID, anxiety and depression.  In addition, we expect to complete Phase 1 testing of our GABAB-R PAM while seeking orphan drug designation for CMT1a.  To maximize the resources that we can dedicate to these clinical opportunities, we will look broadly at reducing our overall cost structure including our discovery capability; however, we will continue to maintain the core competencies that have made us a leading allosteric modulator R&D Company.  We believe that these measures will position Addex for long-term success and build significant shareholder value."

Following a careful review of Addex operations over the past several months, the management and the Board of Directors decided that the Company should focus its capital and resources on significant pipeline opportunities in rare disease markets.  To that end, Addex will reduce the size of its operations in Geneva. Changes to organizational structure and operations will focus on advancing pipeline programs but will ensure that Addex maintains its core competencies and leadership position in oral small molecule allosteric modulator-based drug discovery.

"The Board of Directors fully supports the strategic direction taken by the Company," said André J. Mueller, Chairman of Addex. "The Board believes Addex is a world class research and development organization capable of delivering on the promise of its pipeline in rare and orphan diseases.  Our objective is to maximize our resources to recognize both near and mid-term key value drivers while providing a stronger financial basis for the future."

As part of the reorganization and as required under Swiss law, a consultation process has been initiated. During the consultation period, the Company will investigate a variety of options to determine the optimal organizational structure and resulting operations necessary to execute this strategy. An announcement detailing the changes to organization and operations will be made shortly thereafter.