Thursday, March 29, 2018 @ 12:00 am
Geneva, Switzerland, 29 March 2018 - Addex Therapeutics (SIX: ADXN), the leading developer of oral allosteric modulators for neurological disorders, announced today that the company has successfully completed its capital increase, raising CHF40 million. A total of CHF13,037,577 new shares, with a nominal value of CHF1 each at an issue price of CHF3.13 per share, will begin trading today, 29 March 2018. The gross proceeds will be used to advance Addex's portfolio of drug candidates, including registration studies for lead program, dipraglurant, for levodopa-induced dyskinesia associated with Parkinson's disease (PD-LID).
"This is a transformational event for Addex which will enable us to advance our portfolio of allosteric modulator drug candidates through important value inflection points, including completing Phase 3 registration studies for dipraglurant," said Tim Dyer, CEO of Addex. "We expect this financing to allow us to unlock significant value from our portfolio as we pursue broadly a collaboration strategy with industry partners to leverage our world leading allosteric modulator discovery platform."