Laurent Massuyeau, Head of Business Development, Resigns

Laurent Massuyeau, Head of Business Development, Resigns

Laurent Massuyeau, Head of Business Development, Resigns


Geneva, Switzerland, 17 September 2009 - Addex Pharmaceuticals announces the resignation of Laurent Massuyeau, head of business development and member of the executive management, effective today.
 
CEO Vincent Mutel said, "We thank Mr. Massuyeau for his efforts."
 
Addex Pharmaceuticals (www.addexpharma.com) discovers and develops allosteric modulators for human health. Allosteric modulators are a different kind of orally available small molecule therapeutic agent, which we believe will offer a competitive advantage over classical drugs. Our lead allosteric modulator product, ADX10059, has achieved clinical proof of concept and is in Phase IIb testing for the treatment of GERD and, separately, migraine headache.  ADX10059 is a first-in-class mGluR5 inhibitor, a therapeutic strategy that also is being pursued in multiple indications by large pharma competitors.

Our products and technology already have proven their value through our relationships with four of the top 10 pharmaceutical companies in the world. Specifically, under an agreement with Ortho-McNeil-Janssen Inc., a Johnson & Johnson company, ADX71149, a positive allosteric modulator (PAM) of mGluR2, is undergoing Phase I clinical testing and has potential for treatment of schizophrenia and anxiety. Under two separate agreements with Merck & Co., Inc., we are developing PAMs of mGluR4 and mGluR5 as drugs to treat Parkinson's disease and schizophrenia, respectively.  In addition, GlaxoSmithKline and Roche have made equity investments in Addex.

2009.09.17