Addex Increases Issued Share Capital to Create Treasury Shares
15 June 2023 - 3:00PM
Addex Increases Issued Share Capital to Create Treasury Shares
Ad Hoc Announcement Pursuant to
Art. 53
LR
Geneva, Switzerland,
June
15,
2023 - 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
has increased its share capital from CHF 1,153,483.11 to CHF
1,329,483.11 through the issue of 17,600,000 new registered shares
at a nominal value of CHF 0.01 each to Addex Pharma S.A, its 100%
wholly-owned subsidiary. The new shares, issued from the Company’s
capital band, are listed on the SIX Swiss Exchange. The transaction
has been executed to provide the Group with additional future
financing flexibility. The total number of issued shares increased
to 132,948,311 at a nominal value of CHF 0.01 each, whilst the
number of outstanding shares remains unchanged.
“The strengthening of our treasury share pool is
an important part of our financing strategy to provide maximum
future financing flexibility as we advance our portfolio of drug
candidates,” said Tim Dyer CEO of Addex. “Our partner Janssen
continues to make excellent progress in recruiting patients in
Cohort 2 of the epilepsy Phase 2 clinical study while we focus on
delivery drug candidates for our partner Indivior from our GABAB
PAM program and advancing our other preclinical programs.”
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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