- Tuesday, April 30, 2019 @ 2:15 pm
Addex Therapeutics (SIX: ADXN), a leading company pioneering allosteric modulation-based drug discovery and development, today reported its full-year audited results for the year ended December 31, 2018 and provided a corporate update.
“Our solid financial position and strong operating performance has positioned Addex well for the future. We rebuilt the core structure of the company, including key hires, to fully prepare us to deliver on key product development milestones,” said Tim Dyer, CEO of Addex. “Before the end of 2019, we will begin a pivotal registration study with dipraglurant in Parkinson’s disease levodopa-induced dyskinesia (PD-LID), a significant milestone for Addex. We have also made significant progress in advancing our preclinical portfolio which we expect to feed our clinical pipeline in the coming years.”
2018 Operating Highlights
- Completed CHF40 million financing from leading US healthcare investors.
- Dipraglurant: solid progress made to start US registration study by end of year for PD-LID -manufacturing of drug product on track, CRO selected and US based development team hired.
- Signed partnership with Indivior: discovery activities on track to deliver novel gamma-aminobutyric acid subtype B receptor (GABAB) positive allosteric modulator (PAM) compounds for future development.
- ADX10061 received £1.2 million funding for manufacture and investigator led clinical studies as part of the Tools for Human Drug and Brain Research (THuNDR2) Initiative from the Wellcome Trust.
- Tyrosine kinase type B (TrKB) PAM program develivered drug candidates for in vivo profiling with support from The Michael J. Fox Foundation for Parkinson’s Research.
- Janssen partnership: ADX71149 highlighted in review of epilepsy drugs to watch.
- Strengthened team to 17 from 5 including Dr Rocher as Head of Discovery Chemistry.
Financial Summary
Revenue in 2018 was CHF6.0 million and relates to upfront fees and research funding recognized under our license and research agreement with Indivior PLC. Other income in 2018 was CHF0.7 million compared to CHF0.5 million in 2017, and comprises primarily grants from The Michael J. Fox Foundation for Parkinson’s Research related to dipraglurant development in PD-LID and TrKB PAM discovery activities.
R&D expenses increased by CHF2.3 million to CHF4.9 million in 2018 compared to CHF2.6 million in 2017, mainly due to manufacturing and consulting activities related to the preparation of dipraglurant PD-LID registration studies as well as research activities related to our GABAB PAM and TrKB PAM programs. R&D expenses consist primarily of costs associated with research, preclinical and clinical testing and related staff costs. They also include depreciation of laboratory equipment, costs of materials used in research, costs associated with renting and operating facilities and equipment, as well as fees paid to consultants, patent costs and other outside service fees and overhead costs. These expenses include costs for proprietary and third party R&D.
G&A expenses increased by CHF2.1 million to CHF3.2 million in 2018, compared to CHF1.1 million in 2017, mainly due to the recognition of the fair value of equity incentive units granted during the year of CHF1.4 million compared to CHF0.3 million in 2017. Other G&A expenses consist primarily of staff costs, professional fees for legal, tax and strategic purposes and overheads related to general management, human resources, finance, information technology, business development and communication functions.
The net loss for 2018 was CHF1.6 million compared to CHF3.2 million for 2017. Basic and diluted loss per share decreased to CHF0.07 for 2018, compared to CHF0.25 for 2017.
Cash and cash equivalents amounted to CHF41.7 at December 31, 2018 compared to CHF2.6 million in 2017. This increase is primarily due to the gross proceeds from the CHF40 million capital increase completed on 28 March 2018.
2018 Annual Report
The 2018 annual report can be found on Addex investor relations page
