Addex Therapeutics Reports First Half 2014 Financial Results

Addex Therapeutics / Addex Therapeutics Reports First Half 2014 Financial Results . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.

                                                                                                                                                    
Geneva, Switzerland, 30 September 2014 - Addex Therapeutics (SIX: ADXN), a leading company pioneering allosteric modulation-based drug discovery and development, announced today its first half 2014 financial results.

Financial & Operational Highlights

• Operating expenses reduced by 97% to CHF0.3 million for H1 2014
• Cash utilization reduced by 92% to CHF0.8 million for H1 2014
• Cash and cash equivalents of CHF2.1 million at 30 June 2014
• CHF0.4 million raised from the sale of treasury shares in July 2014
• NIDA collaboration reported positive results with ADX71441 in preclinical model of nicotine addiction

"We are pleased to have completed the half year with enough cash to sustain the company through 2015, while we continue to discuss the development of our portfolio of drug candidates with industrial partners and investors" said Tim Dyer, CEO of Addex. "In parallel, we continue to collaborate with academic institutions, patient advocacy groups and government organizations to access expertise and resources to advance our drug candidates."

CHF' thousands	H1 2014		H1 2013		Change
Income	-		142		(100%)
R&D expenses	(305)		(9 315)		(97%)
G&A expenses	(662)		(4 760)		(86%)
Total operating loss	(967)		(13 933)		(93%)
Finance result, net	(3)		(4)		(25%)
Net loss for the period	(970)		(13 937)		(93%)
Basic and diluted net loss per share	(0.10)		(1.61)		(94%)
Net cash used (cash burn)	(816)		(10 778)		(92%)
Cash and cash equivalents	2 094		2 913		(28%)
Shareholders' equity	2 050		14 317		(86%)

Research & Development expenses decreased by 97% to CHF0.3 million in the first half of 2014 compared to CHF9.3 million in the first half of 2013, mainly due to our reduced headcount and activity level.

General and Administration expenses decreased to CHF0.7 million in the first half of 2014, from CHF4.8 million in the first half of 2013, mainly due to our reduced headcount and activity level.

Net Loss decreased to CHF1.0 million in the first half of 2014 from CHF13.9 million in the first half of 2013.

Cash and cash equivalents amounted to CHF2.1 million at 30 June 2014, compared to CHF2.9 million at the end of 2013. Cash utilization for the first half of 2014 of CHF0.8 million is mainly due to the cash used in operations of CHF1.3 million off-set by cash from the sale of assets of CHF0.5 million.