Addex raises CHF3.2 million
Addex Therapeutics Ltd. (SIX:ADXN) raised CHF3.2 million ($3.5 million) through the sale of 1.2 million shares at CHF2.75 in a private placement to existing investors including BVF Partners and new investors Armistice Capital and EcoR1 Capital. Company management and directors also participated. As of June 30, Addex had CHF4.5 million ($4.8 million) in cash, which the company expects to last through the end of 2014.
In May, Addex said it was reducing headcount by 89% to conserve cash while pursuing a 2004 deal with Johnson & Johnson (NYSE:JNJ) to discover, develop and commercialize positive allosteric modulators (PAMs) of metabotropic glutamate receptor subtype 2 ( mGluR2). Phase II depression data for ADX71149, the lead compound in the program, are expected in 1H14. The compound also is in Phase II testing for schizophrenia. Addex Co-founder Tim Dyer is serving as CEO and CFO in a consulting role. ...