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Addex Announces Corporate Reorganization and Restructuring Initiative to Strengthen Its Leadership Position in Allosteric Modulation-Based Drug Discovery and Development
Addex Pharmaceuticals /
Addex Announces Corporate Reorganization and Restructuring Initiative to
Strengthen Its Leadership Position in Allosteric Modulation-Based Drug Discovery
and Development
. Verarbeitet und übermittelt durch Thomson Reuters ONE.
Für den Inhalt der Mitteilung ist der Emittent verantwortlich.
Focus on Core R&D Programs
Goals Include: Increased Operational Efficiency,
Strategic Partnerships with Industry Leaders
Geneva, Switzerland, 7 July 2011 - Allosteric modulation company Addex
Pharmaceuticals Ltd (SIX:ADXN) announced today that it is planning
organizational changes to strengthen its leadership position in the field of
allosteric modulation-based drug discovery and development and continue to
deliver shareholder value from a robust clinical and preclinical pipeline. Addex
will continue to position itself as a partner of choice for discovery and
development of allosteric modulators with leading large pharmaceutical and
biotechnology companies while building and advancing a robust pipeline of high-
value therapeutic programs.
Following a careful review of Addex operations, the Board of Directors has
decided that, in order to ensure the continued development of a robust pipeline
through efficient use of its strong balance sheet and capital resources, Addex
will strategically focus on changes that prioritize strong management, timely
decision-making and efficient use of resources. The company will continue to
focus on research and development in its core therapeutic areas - central
nervous system, metabolism and inflammation - and maintain its core
competencies, including those in preclinical and clinical development.
The company plans to pursue new strategic partnerships with industry leaders on
mGluRs, GLP-1 receptor, TNF receptor superfamily, interleukin receptor family
and receptor tyrosine kinase superfamily. The three existing drug discovery and
development partnerships are currently fully funded by Ortho-McNeil-Janssen
Pharmaceuticals Inc. and Merck & Co., Inc., which have assumed full
responsibility for further development following successful discovery
collaborations. Addex will use its platform technologies for drug discovery and
development to continue to build a robust pipeline as well as pursue
collaborations on targets specified by potential partners.
As part of the restructuring, the Addex Group's headcount is expected to be
reduced by about 25%. To this end, a consultation process, required under Swiss
law, has been initiated for the employees of the Swiss entity. During the
consultation period, the management will work to determine the specific details
of the restructuring. An announcement detailing the new organization and the
resulting cost savings will be made thereafter.
"The loss of people's jobs at Addex is something the Board regrets," said André
Mueller, executive chairman of Addex. "However, the future of the company is now
more secure. We believe Addex is a world class research and development
organization capable of delivering on the promise of this exciting technology."
"Our objective is to realize annual savings of approximately CHF8 million,
through improved operational effectiveness, extending the cash reach of the
company through end of 2013 and providing a stronger financial base for future
success" said Tim Dyer, CFO.
Addex is making excellent progress developing its proprietary pipeline. Two
Phase IIa clinical trials are ongoing for two lead products: dipraglurant
(ADX48621) and ADX71149. Dipraglurant is an mGluR5 negative allosteric modulator
(NAM), which is being tested in Parkinson's disease levodopa-induced dyskinesia
(PD-LID). ADX71149, an mGluR2 positive allosteric modulator (PAM), is being
tested for treatment of schizophrenia by partner Ortho-McNeil-Janssen
Pharmaceuticals Inc. In addition, Merck & Co., Inc., has licensed rights to two
preclinical programs: mGluR4 PAM for Parkinson's disease and mGluR5 PAM for
schizophrenia. Unpartnered preclinical programs available for out-licensing
include: follicle stimulating hormone receptor (FSHR) NAM, with potential for
endometriosis and benign prostatic hyperplasia; mGluR2 NAM for Alzheimer's
disease; and GABA-BR PAM with potential for chronic pain, Fragile X syndrome,
urinary incontinence and gastroesophageal reflux disease; and TrkB NAM for
neurodegenerative disorders. Preclinical diabetes and inflammation discovery
programs include GLP-1R PAM, IL-1R1 NAM, and TNFR1 NAM.
Addex Pharmaceuticals (www.addexpharma.com) discovers and develops allosteric
modulators for human health. The company uses its proprietary small molecule
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.
Chris Maggos
Business Development & Communication
Addex Pharmaceuticals
+41 22 884 15 11 Direct
+41 22 884 15 55 General
chris.maggos(at)addexpharma.com
Disclaimer: The foregoing release may contain forward-looking statements that
can be identified by terminology such as "not approvable", "continue",
"believes", "believe", "will", "remained open to exploring", "would", "could",
or similar expressions, or by express or implied discussions regarding Addex
Pharmaceuticals Ltd, its business, the potential approval of its products by
regulatory authorities, or regarding potential future revenues from such
products. Such forward-looking statements reflect the current views of Addex
Pharmaceuticals Ltd regarding future events, future economic performance or
prospects, and, by their very nature, involve inherent risks and uncertainties,
both general and specific, whether known or unknown, and/or any other factor
that may materially differ from the plans, objectives, expectations, estimates
and intentions expressed or implied in such forward-looking statements. Such may
in particular cause actual results with allosteric modulators of mGluR2, mGluR4,
mGluR5, mGluR7 or other therapeutic targets to be materially different from any
future results, performance or achievements expressed or implied by such
statements. There can be no guarantee that allosteric modulators of mGluR2,
mGluR4, mGluR5, mGluR7 will be approved for sale in any market or by any
regulatory authority. Nor can there be any guarantee that allosteric modulators
of mGluR2, mGluR4, mGluR5, mGluR7 or other therapeutic targets will achieve any
particular levels of revenue (if any) in the future. In particular, management's
expectations regarding allosteric modulators of mGluR2, mGluR4, mGluR5, mGluR7
or other therapeutic targets could be affected by, among other things,
unexpected actions by our partners, unexpected regulatory actions or delays or
government regulation generally; unexpected clinical trial results, including
unexpected new clinical data and unexpected additional analysis of existing
clinical data; competition in general; government, industry and general public
pricing pressures; the company's ability to obtain or maintain patent or other
proprietary intellectual property protection. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated, believed, estimated
or expected. Addex Pharmaceuticals Ltd is providing the information in this
press release as of this date and does not undertake any obligation to update
any forward-looking statements contained in this press release as a result of
new information, future events or otherwise, except as may be required by
applicable laws.
--- Ende der Mitteilung ---
Addex Pharmaceuticals
12, chemin des Aulx Plan-les-Ouates; Geneva Schweiz
ISIN: CH0029850754;
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Addex Pharmaceuticals via Thomson Reuters ONE
[HUG#1529089]
Addex Announces Corporate Reorganization and Restructuring Initiative to
Strengthen Its Leadership Position in Allosteric Modulation-Based Drug Discovery
and Development
. Verarbeitet und übermittelt durch Thomson Reuters ONE.
Für den Inhalt der Mitteilung ist der Emittent verantwortlich.
Focus on Core R&D Programs
Goals Include: Increased Operational Efficiency,
Strategic Partnerships with Industry Leaders
Geneva, Switzerland, 7 July 2011 - Allosteric modulation company Addex
Pharmaceuticals Ltd (SIX:ADXN) announced today that it is planning
organizational changes to strengthen its leadership position in the field of
allosteric modulation-based drug discovery and development and continue to
deliver shareholder value from a robust clinical and preclinical pipeline. Addex
will continue to position itself as a partner of choice for discovery and
development of allosteric modulators with leading large pharmaceutical and
biotechnology companies while building and advancing a robust pipeline of high-
value therapeutic programs.
Following a careful review of Addex operations, the Board of Directors has
decided that, in order to ensure the continued development of a robust pipeline
through efficient use of its strong balance sheet and capital resources, Addex
will strategically focus on changes that prioritize strong management, timely
decision-making and efficient use of resources. The company will continue to
focus on research and development in its core therapeutic areas - central
nervous system, metabolism and inflammation - and maintain its core
competencies, including those in preclinical and clinical development.
The company plans to pursue new strategic partnerships with industry leaders on
mGluRs, GLP-1 receptor, TNF receptor superfamily, interleukin receptor family
and receptor tyrosine kinase superfamily. The three existing drug discovery and
development partnerships are currently fully funded by Ortho-McNeil-Janssen
Pharmaceuticals Inc. and Merck & Co., Inc., which have assumed full
responsibility for further development following successful discovery
collaborations. Addex will use its platform technologies for drug discovery and
development to continue to build a robust pipeline as well as pursue
collaborations on targets specified by potential partners.
As part of the restructuring, the Addex Group's headcount is expected to be
reduced by about 25%. To this end, a consultation process, required under Swiss
law, has been initiated for the employees of the Swiss entity. During the
consultation period, the management will work to determine the specific details
of the restructuring. An announcement detailing the new organization and the
resulting cost savings will be made thereafter.
"The loss of people's jobs at Addex is something the Board regrets," said André
Mueller, executive chairman of Addex. "However, the future of the company is now
more secure. We believe Addex is a world class research and development
organization capable of delivering on the promise of this exciting technology."
"Our objective is to realize annual savings of approximately CHF8 million,
through improved operational effectiveness, extending the cash reach of the
company through end of 2013 and providing a stronger financial base for future
success" said Tim Dyer, CFO.
Addex is making excellent progress developing its proprietary pipeline. Two
Phase IIa clinical trials are ongoing for two lead products: dipraglurant
(ADX48621) and ADX71149. Dipraglurant is an mGluR5 negative allosteric modulator
(NAM), which is being tested in Parkinson's disease levodopa-induced dyskinesia
(PD-LID). ADX71149, an mGluR2 positive allosteric modulator (PAM), is being
tested for treatment of schizophrenia by partner Ortho-McNeil-Janssen
Pharmaceuticals Inc. In addition, Merck & Co., Inc., has licensed rights to two
preclinical programs: mGluR4 PAM for Parkinson's disease and mGluR5 PAM for
schizophrenia. Unpartnered preclinical programs available for out-licensing
include: follicle stimulating hormone receptor (FSHR) NAM, with potential for
endometriosis and benign prostatic hyperplasia; mGluR2 NAM for Alzheimer's
disease; and GABA-BR PAM with potential for chronic pain, Fragile X syndrome,
urinary incontinence and gastroesophageal reflux disease; and TrkB NAM for
neurodegenerative disorders. Preclinical diabetes and inflammation discovery
programs include GLP-1R PAM, IL-1R1 NAM, and TNFR1 NAM.
Addex Pharmaceuticals (www.addexpharma.com) discovers and develops allosteric
modulators for human health. The company uses its proprietary small molecule
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.
Chris Maggos
Business Development & Communication
Addex Pharmaceuticals
+41 22 884 15 11 Direct
+41 22 884 15 55 General
chris.maggos(at)addexpharma.com
Disclaimer: The foregoing release may contain forward-looking statements that
can be identified by terminology such as "not approvable", "continue",
"believes", "believe", "will", "remained open to exploring", "would", "could",
or similar expressions, or by express or implied discussions regarding Addex
Pharmaceuticals Ltd, its business, the potential approval of its products by
regulatory authorities, or regarding potential future revenues from such
products. Such forward-looking statements reflect the current views of Addex
Pharmaceuticals Ltd regarding future events, future economic performance or
prospects, and, by their very nature, involve inherent risks and uncertainties,
both general and specific, whether known or unknown, and/or any other factor
that may materially differ from the plans, objectives, expectations, estimates
and intentions expressed or implied in such forward-looking statements. Such may
in particular cause actual results with allosteric modulators of mGluR2, mGluR4,
mGluR5, mGluR7 or other therapeutic targets to be materially different from any
future results, performance or achievements expressed or implied by such
statements. There can be no guarantee that allosteric modulators of mGluR2,
mGluR4, mGluR5, mGluR7 will be approved for sale in any market or by any
regulatory authority. Nor can there be any guarantee that allosteric modulators
of mGluR2, mGluR4, mGluR5, mGluR7 or other therapeutic targets will achieve any
particular levels of revenue (if any) in the future. In particular, management's
expectations regarding allosteric modulators of mGluR2, mGluR4, mGluR5, mGluR7
or other therapeutic targets could be affected by, among other things,
unexpected actions by our partners, unexpected regulatory actions or delays or
government regulation generally; unexpected clinical trial results, including
unexpected new clinical data and unexpected additional analysis of existing
clinical data; competition in general; government, industry and general public
pricing pressures; the company's ability to obtain or maintain patent or other
proprietary intellectual property protection. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated, believed, estimated
or expected. Addex Pharmaceuticals Ltd is providing the information in this
press release as of this date and does not undertake any obligation to update
any forward-looking statements contained in this press release as a result of
new information, future events or otherwise, except as may be required by
applicable laws.
--- Ende der Mitteilung ---
Addex Pharmaceuticals
12, chemin des Aulx Plan-les-Ouates; Geneva Schweiz
ISIN: CH0029850754;
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Addex Pharmaceuticals via Thomson Reuters ONE
[HUG#1529089]
Relevante Links: Addex Therapeutics Ltd