PLAN-LES-OUATES GENEVA, SWITZERLAND--(Marketwire - May 18, 2010) -
Addex Pharmaceuticals / Addex Executive Management Change processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Geneva, Switzerland, 18 May 2010 - Allosteric modulation company Addex Pharmaceuticals Ltd (SIX: ADXN) today announced the departure of Dr Emmanuel le Poul, Head of the CNS Business Unit. Having been at Addex for 7 years, Dr Le Poul intends to pursue other opportunities. Addex does not intend to replace him in the short term.
"Since he took over the CNS Business Unit in 2008, he built up this department, gave it stability and delivered remarkable scientific and development milestones, which are highly recognized by the industry," said Dr Vincent Mutel, CEO. ''Emmanuel has been a close collaborator and his creativity, commitment and energy have helped to make Addex what it is today. I and the entire team at Addex would like to thank him for his dedication and many contributions; we wish him well in his future endeavors."
Dr. Mutel will resume responsibility of the CNS Business Unit, a position he held prior to the promotion of Dr. Le Poul. As part of an ongoing streamlining of the company, the Metabolic Disorders and Inflammation Business Units will be combined under the management of Dr. Laurent Galibert, previously head of the Inflammation Business Unit.
"Dr. Galibert's competencies and early success, in collaboration with our Core Biology and Core Chemistry groups, in finding orally available small molecule allosteric modulator inhibitors of TNF and IL-1 receptors gives us confidence that the Metabolic Disorders Business Unit, which is optimizing orally available allosteric modulators that activate the GLP-1 receptor, will benefit from his leadership," Dr Mutel said.
Addex Pharmaceuticals (www.addexpharma.com) discovers and develops allosteric modulators for human health and is focused on validated therapeutic targets for diseases of the central nervous system, metabolic disorders and inflammation. Subject to the completion of Phase I testing and regulatory approvals, Phase II clinical trials are expected to start in 2010 in four indications for two lead products: ADX48621, an mGluR5 negative allosteric modulator (NAM), in dystonia and Parkinson's disease levodopa- induced dyskinesia (PD-LID); and ADX71149, an mGluR2 positive allosteric modulator (PAM), in schizophrenia and anxiety. ADX71149 is licensed to Ortho-McNeil-Janssen Pharmaceuticals, Inc. A third product, ADX71943, GABA- B receptor PAM with potential for chronic pain, is scheduled to enter Phase I testing around the end of 2010. In addition, Merck & Co., Inc. has licensed rights to two preclinical products: mGluR4 PAM for Parkinson's disease and mGluR5 PAM for schizophrenia. Additional preclinical discovery stage programs include: mGluR2 NAM, GLP1R PAM, IL1R1 NAM and TNFR1 NAM. Roche Venture Fund and SR-One, corporate venture arm of GlaxoSmithKline, are investors in Addex.
Chris Maggos
Investor Relations & Communications
Addex Pharmaceuticals
+41 22 884 15 11
chris.maggos@addexpharma.com
Disclaimer: The foregoing release may contain forward-looking statements
that
can be identified by terminology such as "not approvable",
"continue",
"believes", "believe", "will", "remained open to exploring", "would",
"could",
or similar expressions, or by express or implied discussions regarding
Addex
Pharmaceuticals Ltd, its business, the potential approval of its
products by
regulatory authorities, or regarding potential future revenues from
such
products. Such forward-looking statements reflect the current views of
Addex
Pharmaceuticals Ltd regarding future events, future economic
performance or
prospects, and, by their very nature, involve inherent risks and
uncertainties,
both general and specific, whether known or unknown, and/or any other
factor
that may materially differ from the plans, objectives, expectations,
estimates
and intentions expressed or implied in such forward-looking statements.
Such may
in particular cause actual results with allosteric modulators of mGluR2,
mGluR4,
mGluR5, mGluR7 or other therapeutic targets to be materially different
from any
future results, performance or achievements expressed or implied by
such
statements. There can be no guarantee that allosteric modulators of
mGluR2,
mGluR4, mGluR5, mGluR7 will be approved for sale in any market or
by any
regulatory authority. Nor can there be any guarantee that allosteric
modulators
of mGluR2, mGluR4, mGluR5, mGluR7 or other therapeutic targets will
achieve any
particular levels of revenue (if any) in the future. In particular,
management's
expectations regarding allosteric modulators of mGluR2, mGluR4, mGluR5,
mGluR7
or other therapeutic targets could be affected by, among other
things,
unexpected actions by our partners, unexpected regulatory actions or
delays or
government regulation generally; unexpected clinical trial results,
including
unexpected new clinical data and unexpected additional analysis of
existing
clinical data; competition in general; government, industry and general
public
pricing pressures; the company's ability to obtain or maintain patent or
other
proprietary intellectual property protection. Should one or more of these
risks
or uncertainties materialize, or should underlying assumptions prove
incorrect,
actual results may vary materially from those anticipated, believed,
estimated
or expected. Addex Pharmaceuticals Ltd is providing the information in
this
press release as of this date and does not undertake any obligation to
update
any forward-looking statements contained in this press release as a
result of
new information, future events or otherwise, except as may be
required by
applicable laws.
[HUG#1416913]
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Addex Pharmaceuticals 12, chemin des Aulx Plan-les-Ouates; Geneva Switzerland
ISIN: CH0029850754;
English (pdf): http://hugin.info/138017/R/1416913/367450.pdf
Deutsch (PDF) : http://hugin.info/138017/R/1416913/367452.pdf
Français (PDF) : http://hugin.info/138017/R/1416913/367451.pdf
