Addex Regains Nasdaq Listing Compliance
09 February 2023 - 5:00PM
Ad Hoc Announcement Pursuant to Art. 53
LR
Geneva, Switzerland,
February 9,
2023 - Addex
Therapeutics (SIX and Nasdaq: ADXN), a clinical-stage
pharmaceutical company pioneering allosteric modulation-based drug
discovery and development, today announced notification from The
Nasdaq Stock Market LLC (Nasdaq) that it has regained compliance
with the minimum bid price requirement of $1.00 per ADS share under
Nasdaq Listing Rule 5550(a)(2) and currently meets all other
applicable criteria for continued listing.
Addex announced on November 3, 2022 that it had
been notified by Nasdaq that its ADSs were not in compliance with
the minimum bid price rule. To regain compliance, Addex was
required to maintain a minimum closing bid price of $1.00 for at
least 10 consecutive business days. This requirement was met on
February 7, 2023.
About Addex
Therapeutics:Addex Therapeutics is a
clinical-stage pharmaceutical company focused on the development
and commercialization of an emerging class of novel orally
available, small molecule drugs known as allosteric modulators for
neurological disorders. Allosteric modulators offer several
potential advantages over conventional, non-allosteric molecules
and may offer an improved therapeutic approach to conventional
"orthosteric" small molecule or biological drugs. Addex's
allosteric modulator drug discovery platform targets receptors and
other proteins that are recognized as essential for therapeutic
intervention. Addex's lead drug candidate, ADX71149 (mGlu2 positive
allosteric modulator or PAM), developed in collaboration with
Janssen Pharmaceuticals, Inc., is in a Phase 2a proof of concept
clinical trial for the treatment of epilepsy. Addex's second
clinical program, dipraglurant (mGlu5 negative allosteric modulator
or NAM), is under evaluation for future development in a range of
indications. Indivior PLC has licensed Addex’s GABAB PAM program
for the development of drug candidates, with a focus on substance
use disorder. Addex is also advancing a broad preclinical pipeline,
which includes development of a range of GABAB PAMs for CMT1A,
chronic cough and several types of pain, mGlu7 NAM for stress
related disorders, mGlu2 NAM for mild neurocognitive disorders and
depression, M4 PAM for schizophrenia and other forms of
psychosis, as well as mGlu4 PAM and mGlu3 PAM. Addex shares are
listed on the SIX Swiss Exchange and American Depositary Shares
representing its shares are listed on the NASDAQ Capital Market,
and trade under the ticker symbol "ADXN" on each exchange.
Press Contacts:
Tim DyerChief Executive OfficerTelephone: +41 22 884 15
55PR@addextherapeutics.com |
Mike SinclairPartner, Halsin Partners+44 (0)7968
022075msinclair@halsin.com |
Forward Looking Statements:This
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended, including the ability to discover molecules as part of the
Indivior collaboration, the progress of clinical trials and
preclinical studies, including the timing of data read-outs from
the ADX71149 epilepsy study, and our intended strategic direction.
The words “may,” “will,” “could,” “would,” “should,” “expect,”
“plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,”
“project,” “potential,” “continue,” “target” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Any forward-looking statements in this press
release, such as receipt of ongoing research payments and timing of
the collaboration conclusion, are based on management's current
expectations and beliefs and are subject to a number of risks,
uncertainties and important factors that may cause actual events or
results to differ materially from those expressed or implied by any
forward-looking statements contained in this press release,
including, without limitation, uncertainties related to market
conditions. These and other risks and uncertainties are described
in greater detail in the section entitled “Risk Factors” in Addex
Therapeutics’ Annual Report on Form 20-F for the year ended
December 31, 2021, as filed with the SEC on March 10, 2022, the
prospectus supplement and accompanying prospectus and other filings
that Addex Therapeutics may make with the SEC in the future. Any
forward-looking statements contained in this press release
represent Addex Therapeutics’ views only as of the date hereof and
should not be relied upon as representing its views as of any
subsequent date. Addex Therapeutics explicitly disclaims any
obligation to update any forward-looking statements.
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