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ARTICLE | Company News

Addex refocusing pipeline, reducing Geneva operations

February 8, 2013 3:00 AM UTC

Addex Therapeutics Ltd. (SIX:ADXN) said it plans to reduce the size of its operations in Geneva and its early-stage discovery efforts to focus its resources on developing its pipeline for rare diseases. The company also said it will pursue a listing on a U.S. exchange to "improve the company's liquidity and long term outlook." Additionally, Addex said it will seek to increase its cash position through partnerships or licensing deals. The company, which could not be reached for details, said the moves will extend its cash runway through the end of the year. At Dec. 31, 2012, Addex had CHF15.3 million ($16.7 million) in cash. At June 30, the company had a six-month operating loss of CHF14.7 million ($15.4 million).

Addex's rare disease pipeline includes dipraglurant, a negative allosteric modulator of mGluR5 in Phase II testing to treat Parkinson's disease (PD), levodopa-induced dyskinesia, and dystonias. The company is also developing ADX71441 to treat Charcot-Marie-Tooth 1A (CMT1A) disease, with a Phase I trial of the positive allosteric modulator (PAM) of GABA B receptor slated to start in mid-2013; and a preclinical oral metabotropic glutamate receptor subtype 4 ( mGluR4) to treat multiple sclerosis (MS). ...