Addex Therapeutics Ltd, a clinical-stage pharmaceutical company pioneering allosteric modulation-based drug discovery and development, today provided a comprehensive corporate update from its headquarters in Geneva, Switzerland. The update included an in-depth review of its pipeline as well as financial guidance for the upcoming year. With cutting-edge technology and research, Addex is continuing to make strides towards revolutionizing the pharmaceutical industry.
Addex achieved impressive financial results at the end of 2022 with a cash balance of CHF7.0 million and the capacity to finance operations until Q3 2023. With a focus on partnerships, the company is pushing forward the development of their pipeline and strengthening their balance sheet. Moreover, they look forward to their partner Janssen’s completion of Part 1 of the Phase 2 epilepsy study this quarter, and progress under their collaboration with Indivior.
Corporate Update:
At the end of 2022, CHF7.0 million in cash and cash equivalents was held in reserve, providing a solid foundation for future investments and growth.
Our mGlu2 PAM, licensed to Janssen Pharmaceuticals Inc., a Johnson and Johnson company, is making great strides. Currently, it is in a Phase 2 study with epilepsy patients and part 1 of the study is expected to be completed by Q1 2023. Our agreement with Janssen has the potential to earn us up to €109 million in success-based development and regulatory milestone payments, as well as low double-digit royalties on net sales. It is truly an exciting time for us!
We are continuing conversations with potential partners to restart the Phase 2 development of Dipraglurant, our mGlu5 NAM, for Parkinson’s-LID or alternative indications such as pain, substance use disorders (SUD) and stroke recovery. Our aim is to make a meaningful difference in the lives of patients suffering from these conditions.
We are proud to announce the extension of our strategic partnership with Indivior until March 2023, which has secured an additional CHF 850,000 (approx. US $900,000) in research funding. With IND enabling studies expected to be initiated later this year, we are thrilled to have the opportunity to develop our selected drug candidate for exclusive indications such as chronic cough, pain, and CMT1A. On top of research funding, we are eligible to receive $330 million in development, regulatory, and sales milestones. We look forward to the potential of this partnership.
NAM is a revolutionary new drug poised to revolutionize the treatment of stress-related disorders, such as PTSD. Its lead drug candidate is ready to begin IND-enabling studies, promising a potential breakthrough in the way we address these debilitating conditions.
NAM, a potential new treatment for mild neurocognitive disorders and depression, is currently in the clinical candidate selection phase. With promising results, NAM is showing great potential in providing relief for those suffering from these conditions and could soon become a viable option for those in need of treatment.
We are excited to announce that a novel series of compounds for the treatment of schizophrenia and other psychotic disorders is rapidly progressing into lead optimization, with plans to enter clinical candidate selection phase in H2 2023. This promising new PAM4 treatment is set to revolutionize mental health care.
About Addex Therapeutics:
Addex Therapeutics is driving the development of an innovative class of drugs—allosteric modulators—to revolutionize the treatment of neurological disorders. Their lead drug candidate, ADX71149, is in a Phase 2a trial as a potential treatment for epilepsy, while their second clinical program, dipraglurant, is under evaluation for various indications. In addition, Addex has licensed their GABAB PAM program to Indivior PLC for the development of drug candidates to treat substance use disorder. Their expansive preclinical pipeline includes targeted allosteric modulators for chronic cough, pain, CMT1A, mild neurocognitive disorders, depression, schizophrenia, and other forms of psychosis. Addex shares are listed on both the SIX Swiss Exchange and the NASDAQ Capital Market, trading under the ticker symbol “ADXN”.