Addex Therapeutics Posts Strong Financial Recovery
Addex Therapeutics (SIX/NASDAQ: ADXN), a clinical-stage biopharmaceutical firm focused on innovative allosteric modulators for treating neurological disorders, has reported an impressive recovery in its financial standing for 2024. After a tough previous year, the company has unveiled provisional half-year results that show a shift from a net loss to a net profit.
Notable Financial Gains
The latest provisional financials reveal that Addex achieved a net gain of CHF 9.8 million for the six-month period ending June 30, 2024. This represents a significant improvement compared to a net loss of CHF 5.1 million for the same timeframe in 2023. The positive shift indicates a net change of CHF 14.9 million, primarily driven by strategic business choices made earlier this year.
Strategic Business Moves
A turning point for Addex came with the sale of a portion of its business to Neurosterix Pharma Sàrl on April 2, 2024. This deal generated cash proceeds of CHF 5.0 million and included a fair value of CHF 9.4 million from a 20% equity stake in Neurosterix US Holdings LLC, which greatly contributed to the company’s improved financial results.
Overview of Cash Position
As of June 30, 2024, Addex's cash reserves totaled CHF 3.8 million. While these results are promising, the company cautioned that the financial figures are provisional and will be reviewed before the final report is published later this year.
Upcoming Financial Disclosure
Shareholders and other stakeholders can anticipate the official release of Addex's Half-Year 2024 Financial Results, set for September 30, 2024. Tim Dyer, the CEO, along with Mikhail Kalinichev, the Head of Translational Science, will elaborate on the business's future and present a detailed overview of the Addex product pipeline during this announcement. This interactive session will be accessible to investors, analysts, and the media, aiming to foster transparency and engagement.
Details for the Conference Call
Those interested in participating in the teleconference will need to register ahead of time. The conference call will coincide with the financial results release, starting at 16:00 CEST (15:00 BST / 10:00 EDT / 07:00 PDT) on the same day. Interested parties can register through the provided conference call registration link.
About Addex Therapeutics
Addex Therapeutics is dedicated to creating novel small molecule allosteric modulators targeted at treating neurological disorders. Their leading drug candidate, dipraglurant, is being evaluated for its potential in helping with brain injury recovery, including conditions like traumatic brain injury. Collaborating with Indivior, Addex is also progressing with a GABAB PAM candidate aimed at addressing substance use disorders, with plans to start IND enabling studies in 2025. Additionally, the company is engaged in independent GABAB PAM research to find treatments for chronic cough and holds a 20% equity interest in Neurosterix LLC, which is developing various allosteric modulator programs. Notably, Addex's shares trade under the ticker symbol 'ADXN' on both the SIX Swiss Exchange and NASDAQ Capital Market.
Contact Information
The key contacts for Addex include Tim Dyer, Chief Executive Officer, who can be reached at +41 22 884 15 55 or via email at PR@addextherapeutics.com. Also, Mike Sinclair from Halsin Partners is available 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.
