Addex and Perceptive Launch Neurosterix with $63 Million to Accelerate Development of Allosteric Modulator Therapeutics for Neurological Disorders

Addex receives CHF5M and 20% share of Neurosterix

 Perceptive Advisors leads $63M investment into Neurosterix 

Addex contributes portfolio of preclinical neuroscience assets and allosteric modulator small molecule discovery technology platform to Neurosterix

Ad Hoc Announcement Pursuant to Art. 53 LR

Geneva, Switzerland and New York, USA, April 3, 2024 - Addex Therapeutics (SIX and Nasdaq: ADXN), a clinical-stage biopharmaceutical company pioneering allosteric modulation-based drug development, and funds affiliated with Perceptive Advisors, an investment management firm focused on the life sciences sector, today announced the launch of Neurosterix, a company focused on developing allosteric modulators for the treatment of underserved neurological disorders.

With initial funding of $63 million from Perceptive Xontogeny Venture Fund II, with participation from Perceptive Life Sciences Fund and Acorn Bioventures, Neurosterix will acquire a portfolio of preclinical assets and the allosteric modulator drug discovery technology platform from Addex and accelerate their development. In return, Addex will receive CHF5 million and a 20% equity interest in Neurosterix. Addex will retain its partnerships with Janssen Pharmaceuticals, Inc. and Indivior PLC, as well as unpartnered clinical stage assets including dipraglurant for Parkinson’s disease and post-stroke/TBI recovery as well as its preclinical GABAB positive allosteric modulator (PAM) program for chronic cough.

“The launch of Neurosterix in partnership with Perceptive is an important validation of the Addex allosteric modulator drug discovery technology platform and provides the resources to accelerate development of important preclinical assets, including the M4 PAM and mGlu7 negative allosteric modulator (NAM) programs, into the clinic,” said Tim Dyer, CEO of Addex. “This transaction significantly reduces Addex operating costs and provides CHF5 million of cash thereby extending our cash runway beyond 2026. This allows us to reach important milestones from our partnered programs, including the Phase 2 epilepsy data from our Janssen partnership in the second quarter of 2024 as well as retaining an important upside in the future of Neurosterix through our 20% equity interest.”