Our partnership with JPI, a Johnson & Johnson subsidiary has demonstrated the strength and success of our platform. The project started in 2005 as a platformbased discovery collaboration around metabotropic glutamate receptor 2 (mGluR2) positive allosteric modulators (PAM).

Activation of mGluR2 is an approach that was validated in Phase II clinical trials (data were published in 2007 in Nature Medicine), which showed improved symptoms of schizophrenia with efficacy similar to leading marketed drugs. At the same time, the mGluR2 agonist was differentiated compared to marketed drugs because it did not cause weight gain, extrapyramidal symptoms or lactation, all side effects that can be associated with currently marketed schizophrenia drugs. ADX71149 is well differentiated compared to other mGluR2 activators in development because of its allosteric mechanism.

From 2005 to 2007 Addex and JPI scientists collaborated on optimizing the leads that Addex brought to the partnership. Addex utilized its platform and JPI contributed medicinal chemistry and preclinical testing.

From 2007 to mid-2009 JPI advanced ADX71149 and backup molecules through preclinical development. In June 2009, an important milestone was reached when JPI began clinical testing of ADX71149. The event was ground-breaking because it was the first PAM of any mGluR subtype to enter clinical trials. ADX71149 has potential to treat schizophrenia, anxiety and other disorders.

JPI will fund and perform future development and commercialization of ADX71149, which is nearing the end of Phase I clinical testing. Under the terms, Addex has received €3 million up front, €4.3 million in research funding and a €1 million milestone payment when ADX71149 entered Phase I testing in June 2009. Addex is eligible for development and regulatory milestones of up to a total of EUR112 million plus low double-digit royalties on mGluR2 PAM for schizophrenia, anxiety and undisclosed indications.