2014 Financial Highlights
• Increased income to CHF0.7 million in 2014 compared to CHF0.1 million in 2013
• Reduced operating loss to CHF1.8 million in 2014 compared to CHF14.5 million in 2013
• Significant reduction in 2014 cash burn to CHF0.9 million compared to CHF12.3 million
• Cash and cash equivalents of CHF2.0 million at 31 December 2014
2014 Operating Highlights
• Prepared dipraglurant receptor occupancy study in healthy subjects at Johns Hopkins University with support of The Michael J. Fox Foundation for Parkinson’s Research;
• Preparation of pilot study of dipraglurant in patients with cervical dystonia in collaboration with Professor Dressler of The Hannover Medical School;
• Entered a collaboration with the Charcot-Marie-Tooth Association to complete preclinical characterization in Charcot-Marie-Tooth type 1A neuropathy
• Performed preclinical characterization of ADX71441 in nicotine and cocaine addiction models in collaboration with the United States National Institute on Drug Abuse (NIDA);
Geneva, Switzerland, 30 April 2015 - Addex Therapeutics (SIX: ADXN) announced today 2014 financial results.
Key 2014 Financial Data
| CHF` millions | 2014 | 2013 | 2H14 | 2H13 | |||
| Income | 0.7 | 0.1 | 0.7 | - | |||
| R&D expenses | (0.9) | (10.9) | (0.5) | (1.6) | |||
| G&A expenses | (1.6) | (5.8) | (1.0) | (1.0) | |||
| Impact of IAS19 revised | - | 2.1 | - | 2.1 | |||
| Total operating loss | (1.8) | (14.5) | (0.8) | (0.5) | |||
| Net loss for the period | (1.8) | (14.5) | (0.8) | (0.5) | |||
| Basic and diluted net loss per share | (0.18) | (1.60) | (0.18) | (0.06) | |||
| Net cash used (cash burn) | (0.9) | (12.3) | - | (1.6) | |||
| Cash and cash equivalents | 2.0 | 2.9 | 2.0 | 2.9 | |||
| Shareholders` equity | 2.3 | 3.0 | 2.3 | 3.0 |
2014 Financial Summary
Income was CHF0.7 million in 2014 compared to CHF0.1 million in 2013, and relates to an amount received from our strategic partner Janssen Pharmaceuticals Inc., (JPI) following amendment of our collaboration and license agreement.
Research & Development expenses decreased by 92% to CHF0.9 million in 2014 compared to CHF10.9 million in 2013, primarily due to a significant reduction in our headcount and development activities.
General & Administration expenses decreased by 72% to CHF1.6 million in 2014 compared to CHF5.8 million in 2013 mainly due to our reduced headcount.
Net Loss decreased by 88% to CHF1.8 million for 2014 compared to CHF14.5 million for 2013, mainly due to the decrease in our operating expenses and increased income.
Cash and Cash Equivalents amounted to CHF2.0 million at 31 December 2014, compared to CHF2.9 million at the end of 2013. 2014 cash burn of CHF0.9 million is mainly due to the cash used in operations of CHF1.8 million, off-set by cash inflows of CHF0.4 million from the sale of property, plant and equipment and CHF0.5 million from the sale of treasury shares.
Post balance Sheet Event
On March 9, 2015, the Group issued 1,526,036 new shares from authorized capital in a private placement of which 921,667 were placed at CHF3 with investors, raising CHF2.8 million and 604,369 were placed at CHF1 with Addex Pharma SA, a subsidiary of the Company. These shares are recorded as treasury shares and will be used to both raise additional funds and purchase services under the share purchase plan.
Outlook: Based on current expectations, full year 2014 cash utilization guidance is CHF2.0 million and cash runway into 2017.
Organization and Strategy
Following a strategic review of our portfolio in 2014, we took the decision to restart clinical development of dipraglurant with the support of The Michael J. Fox Foundation for Parkinson’s Research and prepare ADX71441 for the start of phase I. We also continue to pursue collaborations with industry, patient advocacy groups, academic institutions and governmental organizations to drive forward our portfolio of exciting allosteric modulator drug candidates. In parallel, we will execute our strategy to secure the resources necessary to advance the pipeline for the benefit of patient while maximizing value for our shareholders.
2014 Annual Report
The 2014 annual report can be found on our website at Report
About Addex Therapeutics
Addex Therapeutics (www.addextherapeutics.com) is a biopharmaceutical company focused on the development of novel, orally available, small molecule allosteric modulators for central nervous system disorders. Addex lead drug candidate, dipraglurant (mGluR5 negative allosteric modulator or NAM) has successfully completed a Phase 2A POC in Parkinson’s disease levodopa-induced dyskinesia (PD-LID), and is being prepared to enter Phase 2B for PD-LID. In parallel, dipraglurant’s therapeutic use in dystonia and treatment resistant depression is being investigated. Addex second clinical program, ADX71149 (mGluR2 positive allosteric modulator or PAM) is being developed in collaboration with Janssen Pharmaceuticals, Inc. Addex also has several preclinical programs including: ADX71441 (GABAB receptor PAM) which has received regulatory approval to start Phase 1 and is being investigated for therapeutic use in Charcot-Marie-Tooth (type 1a) disease, alcohol use disorder and nicotine dependence; mGluR4PAM for drug abuse and dependence, Parkinson’s disease and other neurodegenerative diseases; mGluR2NAM for treatment resistant depression and cognitive deficits; mGluR7NAM for psychosomatic disorders, TrkBPAM for neurodegenerative disorders; and GLP1PAM for type 2 diabetes. Allosteric modulators are an emerging class of small molecule drugs which have the potential to be more specific and confer significant therapeutic advantages over conventional “orthosteric” small molecule or biological drugs. Addex allosteric modulator drug discovery platform targets receptors and other proteins that are recognized as essential for therapeutic intervention - the Addex pipeline was generated from this pioneering allosteric modulator drug discovery platform.
Tim Dyer
Chief Executive Officer
Addex Therapeutics
+41 22 884 15 61
PR@addextherapeutics.com
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