Addex raises CHF9.6 million
Addex Therapeutics Ltd. (SIX:ADXN) said late Friday that it raised CHF9.6 million ($10.3 million) through the sale of 918,025 shares at CHF10.50 per share in a private placement to institutional investors. Jefferies was placement agent.
Addex's most advanced products are dipraglurant-IR and ADX71149. Addex plans to start a Phase IIb trial in 1H13 of dipraglurant-IR 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. Data are expected this quarter. 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. ...