Addex restructuring

Addex Therapeutics (SIX:ADXN) said late Friday it plans to restructure and reduce headcount by up to 28 (33%) from about 85 to reduce costs. Addex said it will disclose further details on the restructuring after a consultation period required by Swiss law, which the company said is typically 10 business days. At Dec. 31, 2011, Addex had CHF36.1 million ($39.3 million) in cash and a 12-month operating loss of CHF31 million ($33.7 million). Addex was unchanged at CHF9.30 on Friday.

Addex's most advanced products are dipraglurant-IR and ADX71149. Last month, Addex said dipraglurant-IR plus levodopa met the primary safety endpoint in a Phase IIa trial to treat Parkinson's disease levodopa-induced dyskinesia (PD-LID). ADX71149, which is partnered with Johnson & Johnson (NYSE:JNJ), is in Phase IIa testing to treat schizophrenia. Dipraglurant-IR is an immediate-release formulation of dipraglurant, a negative allosteric modulator of metabotropic glutamate receptor subtype 5 ( mGluR5), and ADX71149 is a positive allosteric modulator of mGluR2 (see BioCentury, March 26). ...