Addex Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
18 May 2023 - 3:00PM
Addex Receives Nasdaq Notification Regarding Minimum Bid Price
Deficiency
Ad Hoc Announcement Pursuant to
Art. 53
LR
Geneva, Switzerland,
May
18,
2022 - Addex
Therapeutics (SIX: ADXN and Nasdaq: ADXN), a clinical-stage
pharmaceutical company pioneering allosteric modulation-based drug
discovery and development (the Company), announced
today that it had received written notification from Nasdaq
indicating that, for the last thirty consecutive business days, the
bid price for the Company’s American Depositary Shares (ADSs) had
closed below the minimum US$1.00 per ADS requirement for continued
listing on Nasdaq under listing rule 5550(a)(2).
In accordance with Nasdaq Listing Rule
5810(c)(3)(A), Addex has been provided an initial period of 180
calendar days to regain compliance and will receive written
notification if the Company achieves compliance at any time during
this period. Compliance will be achieved if the bid price of the
ADSs closes at US$1.00 per ADS or more for a minimum of ten
consecutive business days.
Addex will monitor the bid price of its ADSs and
evaluate options to regain compliance with Nasdaq’s minimum bid
price rule within the compliance period. If compliance with Rule
5550(a)(2) is not regained by November 8, 2023, the Company may be
eligible for an additional 180 calendar day compliance period.
Addex’s operations are not affected by the
receipt of the notification letter and The Company fully intends to
resolve the deficiency and regain compliance with the Nasdaq
Listing Rules.
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 2 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.
Contacts:
Tim DyerChief
Executive OfficerTelephone: +41 22 884 15 55
PR@addextherapeutics.com |
Mike
SinclairPartner, Halsin Partners+44 (0)20 7318
2955msinclair@halsin.com |
Addex 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 statements about the intended use of proceeds of the
offering. 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, 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, 2022, as filed
with the SEC on March 30, 2023, the final 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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