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Addex Pharmaceuticals Raises CHF20 Million from Biotechnology Value Fund
Addex Pharmaceuticals / Addex Pharmaceuticals Raises CHF20 Million from Biotechnology Value Fund verarbeitet und übermittelt durch Hugin. Für den Inhalt der Mitteilung ist der Emittent verantwortlich.
Geneva, Switzerland, 15 September 2010 - Allosteric modulation company Addex
Pharmaceuticals Ltd (SIX:ADXN) announced today that it raised CHF6 million (US$6
million) through the issuance of 593,567 new registered shares and CHF14 million
(US$14 million) through the issuance of zero coupon six-month mandatory
convertible notes (MCN) to Biotechnology Value Fund, L.P. and its affiliates
(BVF).
"We are proud that such a high caliber life science investor has decided to back
our proprietary allosteric modulator platform," said Vincent Mutel, CEO of
Addex. "This fund raising affords us the means to advance the high value
programs in our pipeline, including products for osteoarthritis pain,
endometriosis, Alzheimer's disease, diabetes and inflammatory diseases, in
addition to our lead product, ADX48621, for Parkinson's dyskinesia"
Mark Lampert, the founder of BVF, said, "We feel privileged to become a major
shareholder of Addex. The company has built an outstanding research engine that
can sustainably generate novel, high value drug candidates. Addex represents a
classic value investment and BVF's first major Swiss holding. We look forward to
helping Addex realize its potential."
"The capital from BVF and the recent award from The Michael J. Fox Foundation
for Parkinson's Research significantly strengthen our financial position,
providing us with the means to deliver a number of significant value inflection
points through early 2013, while simultaneously enhancing our proprietary
platform," said Tim Dyer, CFO of Addex.
The transaction was executed on September 14, 2010, after the close of trading
on the SIX Swiss Exchange. The transaction was priced at a 12% premium to the
volume weighted average price (VWAP) during the five trading days prior to the
announcement, corresponding to a price of CHF10.18 per share. The new issued
registered common shares will be listed on the SIX Swiss Exchange and their
first day of trading will be September 17, 2010. The new shares, with a par
value of CHF 1 each, will be issued from the Company's authorized share capital
and will represent 9% of the outstanding share capital after the transaction.
The terms of the zero coupon six-month mandatory convertible notes (MCN)
comprise a fixed conversion price of CHF 10.18 and will convert into 1,371,069
new shares issued from the Company's conditional capital on 14 March 2011,
representing 17% of the outstanding share capital after conversion. The MCN
shall bear no interest and will not be listed. The subscription rights of
existing shareholders were excluded in accordance with the Addex Articles of
Incorporation.
Addex announced last week that The Michael J. Fox Foundation for Parkinson's
Research awarded Addex $900,000 to support a Phase II clinical trial of ADX48621
to treat levodopa-induced dyskinesia in Parkinson's disease patients (PD-LID),
which is scheduled to start in the fourth quarter of 2010.
Addex Pharmaceuticals (www.addexpharma.com) discovers and develops allosteric
modulators for human health and is focused on validated therapeutic targets for
diseases of the central nervous system, metabolic disorders and inflammation.
Subject to regulatory approvals, several Phase II clinical trials are expected
to start soon for two lead products: ADX48621 and ADX71149. ADX48621 is an
mGluR5 negative allosteric modulator (NAM), which will be tested in Parkinson's
disease levodopa-induced dyskinesia (PD-LID) and, separately, non-Parkinson's
dystonia patients. 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. Two more products may enter Phase I testing
in 2011: ADX71943, a GABA-B receptor PAM with potential for chronic pain; and
ADX68692, a follicle stimulating hormone receptor (FSHR) NAM, with potential for
endometriosis and benign prostatic hyperplasia. In addition, Merck & Co., Inc.
has licensed rights to two preclinical programs: mGluR4 PAM for Parkinson's
disease and mGluR5 PAM for schizophrenia. Additional preclinical discovery stage
programs include: mGluR2 NAM; GLP1R PAM; IL1R1 NAM; and TNFR1 NAM. Roche Venture
Fund and SR-One, corporate venture arm of GlaxoSmithKline, are investors in
Addex.
Chris Maggos
Investor Relations & Communications
Addex Pharmaceuticals
+41 22 884 15 11
chris.maggos@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.
[HUG#1444469]
--- 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
Geneva, Switzerland, 15 September 2010 - Allosteric modulation company Addex
Pharmaceuticals Ltd (SIX:ADXN) announced today that it raised CHF6 million (US$6
million) through the issuance of 593,567 new registered shares and CHF14 million
(US$14 million) through the issuance of zero coupon six-month mandatory
convertible notes (MCN) to Biotechnology Value Fund, L.P. and its affiliates
(BVF).
"We are proud that such a high caliber life science investor has decided to back
our proprietary allosteric modulator platform," said Vincent Mutel, CEO of
Addex. "This fund raising affords us the means to advance the high value
programs in our pipeline, including products for osteoarthritis pain,
endometriosis, Alzheimer's disease, diabetes and inflammatory diseases, in
addition to our lead product, ADX48621, for Parkinson's dyskinesia"
Mark Lampert, the founder of BVF, said, "We feel privileged to become a major
shareholder of Addex. The company has built an outstanding research engine that
can sustainably generate novel, high value drug candidates. Addex represents a
classic value investment and BVF's first major Swiss holding. We look forward to
helping Addex realize its potential."
"The capital from BVF and the recent award from The Michael J. Fox Foundation
for Parkinson's Research significantly strengthen our financial position,
providing us with the means to deliver a number of significant value inflection
points through early 2013, while simultaneously enhancing our proprietary
platform," said Tim Dyer, CFO of Addex.
The transaction was executed on September 14, 2010, after the close of trading
on the SIX Swiss Exchange. The transaction was priced at a 12% premium to the
volume weighted average price (VWAP) during the five trading days prior to the
announcement, corresponding to a price of CHF10.18 per share. The new issued
registered common shares will be listed on the SIX Swiss Exchange and their
first day of trading will be September 17, 2010. The new shares, with a par
value of CHF 1 each, will be issued from the Company's authorized share capital
and will represent 9% of the outstanding share capital after the transaction.
The terms of the zero coupon six-month mandatory convertible notes (MCN)
comprise a fixed conversion price of CHF 10.18 and will convert into 1,371,069
new shares issued from the Company's conditional capital on 14 March 2011,
representing 17% of the outstanding share capital after conversion. The MCN
shall bear no interest and will not be listed. The subscription rights of
existing shareholders were excluded in accordance with the Addex Articles of
Incorporation.
Addex announced last week that The Michael J. Fox Foundation for Parkinson's
Research awarded Addex $900,000 to support a Phase II clinical trial of ADX48621
to treat levodopa-induced dyskinesia in Parkinson's disease patients (PD-LID),
which is scheduled to start in the fourth quarter of 2010.
Addex Pharmaceuticals (www.addexpharma.com) discovers and develops allosteric
modulators for human health and is focused on validated therapeutic targets for
diseases of the central nervous system, metabolic disorders and inflammation.
Subject to regulatory approvals, several Phase II clinical trials are expected
to start soon for two lead products: ADX48621 and ADX71149. ADX48621 is an
mGluR5 negative allosteric modulator (NAM), which will be tested in Parkinson's
disease levodopa-induced dyskinesia (PD-LID) and, separately, non-Parkinson's
dystonia patients. 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. Two more products may enter Phase I testing
in 2011: ADX71943, a GABA-B receptor PAM with potential for chronic pain; and
ADX68692, a follicle stimulating hormone receptor (FSHR) NAM, with potential for
endometriosis and benign prostatic hyperplasia. In addition, Merck & Co., Inc.
has licensed rights to two preclinical programs: mGluR4 PAM for Parkinson's
disease and mGluR5 PAM for schizophrenia. Additional preclinical discovery stage
programs include: mGluR2 NAM; GLP1R PAM; IL1R1 NAM; and TNFR1 NAM. Roche Venture
Fund and SR-One, corporate venture arm of GlaxoSmithKline, are investors in
Addex.
Chris Maggos
Investor Relations & Communications
Addex Pharmaceuticals
+41 22 884 15 11
chris.maggos@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.
[HUG#1444469]
--- 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
Relevante Links: Addex Therapeutics Ltd