Addex Reports 2019 Full Year Audited Results and Provides Corporate Update

• Robust cash position at December 31, 2019 of CHF 31.5 million providing runway through 2021
• Awarded Eurostars / Innosuisse grant of €4.85 million supporting mGlu7 NAM PTSD program
• Additional funding of $1.6 million in 2019 from Indivior to support GABAB PAM addiction program
• Dipraglurant pivotal registration study in PD-LID ready to start dosing patients subject to lifting of restrictions in US associated with the global Covid-19 crisis

Geneva, Switzerland, April 8, 2020 – Addex Therapeutics (SIX: ADXN and Nasdaq: ADXN), a clinical-stage pharmaceutical company pioneering allosteric modulation-based drug discovery and development, today reported its full-year audited results for the year ended December 31, 2019 and provided a corporate update.

“We made significant progress in 2019 in advancing our pipeline of innovative in-house discovered allosteric modulators, including our priority dipraglurant levodopa-induced dyskinesia program, which is ready to start dosing patients in a pivotal registration clinical trial as soon as the Covid-19 crisis is over,” said Tim Dyer, CEO of Addex. “We also achieved important milestones in our GABA_B PAM collaboration with Indivior and secured funding from Eurostars/Innosuisse to advance our mGlu7NAM program for PTSD as well as completing the listing of American Depositary Shares (ADSs) on the Nasdaq Stock Market.”

2019 Operating Highlights:

• Dipraglurant pivotal phase 2b/3 clinical trial expected to dose first patient in H2 2020 and readout topline results in Q2 2022
• Indivior funded GABA_B PAM research program on track to deliver drug candidates by end of 2020
• Addex led consortium awarded Eurostars grant of €4.85 million to fund discovery of mGlu7 NAM drug candidates for post-traumatic stress disorder
• Completed 2019 with a strong liquidity position of CHF31.5 million of cash and cash equivalents
• Listed American Depositary Shares (ADS) representing our ordinary shares on the Nasdaq Stock Market on January 29, 2020

Key 2019 Financial Data:

CHF’ thousands	2019	2018	Change
Revenue	2,763	6,044	(3,281)
Other income	71	659	(588)
R&D expenses	(12,454)	(4,919)	(7,535)
G&A expenses	(4,984)	(3,209)	(1,775)
Total operating loss	(14,604)	(1,425)	(13,179)
Finance result, net	(177)	(220)	43
Net loss for the period	(14,781)	(1,645)	(13,136)
Basic and diluted net loss per share	0.56	0.07	0.49
Net cash increase/(decrease)	(10,134)	39,080	(49,214)
Cash and cash equivalents	31,536	41,670	(10,134)
Shareholders’ equity	25,524	39,240	(13,716)

Financial Summary: