Geneva, Switzerland, 19 March 2018 – Addex Therapeutics (SIX: ADXN), the leading developer of oral allosteric modulators for neurological disorders, announced today that its shareholders approved all the proposals of the board of directors at its extraordinary general meeting held on 16 March 2018.
Shareholders approved an ordinary share capital increase of up to CHF13,037,577 new shares, increasing the issued share capital from CHF15,526,454 up to CHF28,564,031 through the issuance of up to 13,037,577 fully paid-in registered shares with a nominal value of CHF1 each at an issue price of CHF3.13 per share.
Shareholders approved (i) amending, without increasing, the existing allocation of the conditional share capital between the equity incentive plan conditional share capital and the conditional share capital available for shareholders, holders of bonds, warrants, similar obligations or other financial instruments who exercise their option and/or conversion rights, resulting in an equity incentive plan conditional share capital of CHF1,684,130 and a conditional share capital of CHF5,866,898 available for shareholders, holders of bonds, warrants, similar obligations or other financial instruments who exercise their option and/or conversion rights, and (ii) adopted a new article 3c of the Articles of Association.
Shareholders approved introducing a selective opting-out clause limited to a 5 year period as new article 39 into the Articles of Association, under which Growth Equity Opportunities Fund IV, LLC, c/o New Enterprise Associates, 1954 Greensrping Drive, Suite 600, Timonimu, MD 21093, and New Leaf Biopharma Opportunities I, L.P., 7 Times Square, Suite 3502, New York, NY 10036, United States, in each case including their direct or indirect partners or shareholders as well as any other entity or person (whether incorporated or not) that alone or together with others controls or otherwise holds any relevant interest in them, are, when acting alone or in concert, pursuant to art. 135 of the Swiss Federal Act on Financial Markets Infrastructures (FMIA) exempted from the duty pursuant to art. 135 FMIA (Opting-out within the meaning of art. 125 para. 3 FMIA). The foregoing opting-out provision will expire on March 16, 2023 with effect for any crossing of the threshold pursuant to art. 135 FMIA which occurs thereafter.
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 neurological disorders. 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's 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. Addex's 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 registration trials for PD-LID. In parallel, dipraglurant's therapeutic use in dystonia is being investigated. Addex's second clinical program, ADX71149 (mGluR2 positive allosteric modulator or PAM) is being developed in collaboration with Janssen Pharmaceuticals, Inc for epilepsy. In addition, ADX71441 (GABAB receptor PAM) program was awarded a $5.3 million grant by the US National Institute on Drug Abuse (NIDA, a division of National Institutes of Health, NIH) to support human studies in cocaine addiction and has been licensed to Indivior PLC. Discovery programs include GABAB PAM for CMT1A neuropathy, mGluR4PAM, mGluR7NAM, TrkBPAM and mGluR3NAM & PAM.
Chief Executive Officer
Telephone: +41 22 884 15 61
Partner, Halsin Partners
+44 (0)20 7318 2955
Disclaimer / Forward-looking statements: This communication does not constitute an offer or invitation to subscribe for or purchase any securities of Addex Therapeutics Ltd. This publication may contain certain forward-looking statements concerning the Company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. The Company disclaims any obligation to update these forward-looking statements.