Addex Reports Q1 2020 Financial Results and Provides Corporate Update

Geneva, Switzerland, May 20, 2020 – Addex Therapeutics (SIX: ADXN and Nasdaq: ADXN), a clinical-stage pharmaceutical company pioneering allosteric modulation-based drug discovery and development, today reported its first quarter results for the period ended March 31, 2020 and provided a corporate update.

Q1 2020 Operating Highlights:

• Completed Q1 2020 with a strong liquidity position of CHF 27.1 million of cash and cash equivalents
• Appointed Darryle D. Schoepp PhD, one of the world’s leading and most successful neuroscience drug developers as Chairman newly formed scientific advisory board
• Dipraglurant pivotal registration study in levodopa induced dyskinesia associated with Parkinson’s disease (PD-LID) ready to start dosing patients subject to lifting of restrictions in US healthcare system associated with the global Covid-19 crisis
• Advanced Indivior funded GABA_B positive allosteric modulator (PAM) research program for addiction
• Advanced Eurostars / Innosuisse funded mGlu7 negative allosteric modulator research program for post traumatic stress disorder
• Listed American Depositary Shares (ADS) representing our ordinary shares on the Nasdaq Stock Market on January 29, 2020

“We continue to execute our registration program with dipraglurant for the treatment of PD-LID and look forward to treating patients once it is safe for centers to begin enrolling,” said Tim Dyer, CEO of Addex. “We are also making significant progress with our preclinical portfolio with the financial support from Indivior and the Eurostars / Innosuisse, and are extremely happy to welcome our recently established SAB members to the Addex team.”

Key Q1 2020 Financial Data:

CHF’ thousands	Q1 20	Q1 19	Change
Income	952	701	251
R&D expenses	(3,553)	(2,482)	(1,071)
G&A expenses	(1,672)	(1,342)	(330)
Total operating loss	(4,273)	(3,123)	(1,150)
Finance result, net	(33)	82	(115)
Net loss for the period	(4,306)	(3,041)	(1,265)
Basic and diluted net loss per share	(0.16)	(0.12)	(0.04)
Net cash decrease	(4,379)	(2,679)	(1,700)
Cash and cash equivalents	27,126	38,859	(11,733)
Shareholders’ equity	21,781	36,416	(14,635)

Financial Summary