| Addex Converts Mandatory Convertible Notes and Issues Ordinary Shares |
| 14.03.11 08:05 | |
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Geneva, Switzerland, 14 March, 2011 - Allosteric modulation company Addex Pharmaceuticals (SIX:ADXN) announced today that further to the Company's press release dated 14 September 2010, the zero-coupon mandatory convertible notes (MCN) automatically converted into ordinary shares. The MCN held by Biotechnology Value Fund, L.P. and its affiliates (BVF) were converted into 1,371,069 new ordinary shares issued from Addex's conditional capital at a fixed conversion price of CHF10.18 per share representing 17% of the outstanding share capital after conversion. Following the conversion of the MCN, the BVF holds approximately 30% of Addex's outstanding shares. Addex Pharmaceuticals (www.addexpharma.com) discovers and develops allosteric modulators for human health. The company uses its proprietary discovery platform to target cell surface receptors that are recognized as having therapeutic potential for treating diseases of the central nervous system, metabolic disorders or inflammation. Several Phase II clinical trials are expected to start soon for two lead products: dipraglurant (ADX48621) and ADX71149. Dipraglurant is an mGluR5 negative allosteric modulator (NAM), which will be tested in Parkinson's disease levodopa-induced dyskinesia (PD-LID) and, separately, non-Parkinsonian patients suffering from dystonia, a movement disorder also observed in PD. The PD-LID clinical trial is supported by a grant from The Michael J. Fox Foundation for Parkinson's Research. ADX71149 is an mGluR2 positive allosteric modulator (PAM), which has potential for treatment of schizophrenia, anxiety and other indications. ADX71149 is licensed to Ortho-McNeil-Janssen Pharmaceuticals Inc., a subsidiary of Johnson & Johnson. In addition, Merck & Co., Inc. has licensed rights to two preclinical programs: mGluR4 PAM for Parkinson's disease and mGluR5 PAM for schizophrenia. Unpartnered products in preclinical testing include: follicle stimulating hormone receptor (FSHR) NAM, with potential for endometriosis and benign prostatic hyperplasia; mGluR2 NAM for Alzheimer's disease; and GABA-B receptor PAM with potential for chronic pain, Fragile X syndrome, urinary incontinence and GERD. Preclinical diabetes and inflammation discovery programs include GLP1R PAM, IL1R1 NAM, and TNFR1 NAM. |
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