Addex Therapeutics Celebrates Remarkable Fiscal Turnaround

Addex Therapeutics Shows Impressive Financial Improvement

Addex Therapeutics (SIX/NASDAQ: ADXN), a clinical-stage biopharmaceutical company concentrating on innovative allosteric modulators for neurological disorders, has reported a remarkable turnaround in its financial performance for 2024. Following a challenging previous year, the company announced an impressive provisional half-year performance, shifting from a net loss in the same period last year to a net profit.

Significant Financial Gains

The company's provisional financial results indicate a net gain of CHF 9.8 million for the six-month period ending June 30, 2024. This is a considerable improvement compared to a net loss of CHF 5.1 million from the same period in 2023. The turnaround represents a net positive change of CHF 14.9 million, largely attributable to strategic business decisions made earlier in the year.

Business Strategic Moves

A pivotal moment for Addex was the sale of a portion of its business to Neurosterix Pharma Sàrl on April 2, 2024. This transaction generated gross proceeds of CHF 5.0 million in cash, along with a fair value of CHF 9.4 million from a 20% equity interest in Neurosterix US Holdings LLC, contributing significantly to the company’s enhanced financial results.

Cash Position Overview

As of June 30, 2024, Addex's cash reserves stood at CHF 3.8 million. Despite the positive results, the company noted that these financial numbers are provisional and will undergo review before their final publication later in the year.

Future Financial Disclosure

Shareholders and stakeholders can look forward to the official release of Addex's Half-Year 2024 Financial Results, scheduled for September 30, 2024. During this announcement, Tim Dyer, the CEO, alongside Mikhail Kalinichev, the Head of Translational Science, will provide insights into the business and a detailed review of the Addex product pipeline. This interactive session will be available for investors, analysts, and the media, promoting transparency and engagement.

Conference Call Details

Participants wishing to join the teleconference will need to register in advance. The conference call will correspond to the release of financial results, commencing at 16:00 CEST (15:00 BST / 10:00 EDT / 07:00 PDT) on the same day. Interested individuals can use the provided conference call registration link.

About Addex Therapeutics

Addex Therapeutics specializes in the development of novel small molecule allosteric modulators aimed at treating neurological disorders. The lead drug candidate, dipraglurant, is currently being assessed for its potential in brain injury recovery, including conditions such as traumatic brain injury. In collaboration with Indivior, Addex is working on a GABAB PAM candidate intended for substance use disorders, with expectations to initiate IND enabling studies in 2025. Furthermore, the company is pursuing independent GABAB PAM research for chronic cough treatment, alongside holding a 20% equity interest in Neurosterix LLC, which focuses on advancing a range of allosteric modulator programs. Notably, Addex’s shares are actively traded under the ticker symbol 'ADXN' within both the SIX Swiss Exchange and NASDAQ Capital Market.

Contact Information

Key contacts for Addex include Tim Dyer, Chief Executive Officer, reachable at +41 22 884 15 55 or via email at PR@addextherapeutics.com. Additionally, Mike Sinclair from Halsin Partners can be contacted at +44 (0)20 7318 2955 or at msinclair@halsin.com.

Frequently Asked Questions

What recent results did Addex Therapeutics report?

Addex reported a net gain of CHF 9.8 million for the six months ending June 30, 2024, a significant improvement from a net loss in 2023.

What contributed to Addex's financial turnaround?

The sale of part of its business to Neurosterix Pharma Sàrl played a crucial role in enhancing Addex's financial results.

When will Addex release its official financial results?

The official Half-Year 2024 Financial Results will be published on September 30, 2024.

Who will present during the financial results announcement?

Tim Dyer, the CEO, and Mikhail Kalinichev, Head of Translational Science, will provide an update during the announcement.

How can stakeholders participate in the conference call?

Participants must register in advance to receive access details for the conference call related to the financial results presentation.

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