Monday, February 5, 2018 @ 12:00 am
Cash position of CHF6.5 million as of 31 January 2018
Geneva, Switzerland, 5 February 2018 - Addex Therapeutics (SIX: ADXN), a leading company pioneering allosteric modulation-based drug discovery and development, announced today key financial indicators and cash position at 31 January 2018 of CHF 6.5 million.
Addex completed 2017 with a cash postion of CHF2.6 million (2016: CHF1.4 million). During 2017, the company received cash inflows from financing activities of CHF3.0 million and consumed CHF1.8 million cash for operations. In January 2018, the Company received an upfront payment of USD5.0 million from Indivior PLC following the signing of a strategic partnership focused on ADX71441 for addiction.
"We have made significant progress in advancing our portfolio of proprietary drug candidates and our strengthened cash position provides us with a cash runway through 2020," commented Tim Dyer, CEO of Addex. "We look forward to delivering on our key strategic objectives through 2018, including securing the resources to advance dipraglurant into registration studies for PD-LID, executing on our funded GABAB PAM research program under our strategic partnership with Indivior PLC and delivering important milestones in our TrkB PAM program, which is funded by The Michael J. Fox Foundation for Parkinson's Research."
Full-year 2017 results will be issued in March 2018.