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ARTICLE | Company News

Addex neurology news

June 3, 2013 7:00 AM UTC

Addex reduced headcount by 17 (89%) to 2 to conserve cash while pursuing a 2004 deal with the Janssen Pharmaceuticals Inc. subsidiary of Johnson & Johnson (NYSE:JNJ, New Brunswick, N.J.). Bharatt Chowrira has stepped down as CEO and a director. In the interim, an operational subcommittee of Addex's board, led by Chairman Andre Mueller, will supervise Addex. The company said it will continue to "monetize its pipeline and technology platform assets." At Dec. 31, 2012, Addex had CHF15.3 million in cash ($16.7 million) and a 12-month operating loss of CHF27 million ($29.5 million). ...