Addex Therapeutics Enhances At-The-Market Offering Agreement
In an exciting development, Addex Therapeutics, a pioneering clinical-stage biopharmaceutical company, has announced notable changes to its At The Market Offering Agreement (ATM Agreement) with H.C. Wainwright & Co., LLC. This strategic move aligns with Addex's mission to advance innovative treatments in neurological disorders by providing significant funding opportunities through their stock sales.
About the ATM Agreement
The amended ATM Agreement permits Addex to sell American Depositary Shares (ADSs) worth up to $3.3 million, giving the company flexibility in managing its capital. This offering enables Addex to strategically raise funds at its discretion, allowing for efficient financial operations while pursuing novel drug development.
Under this agreement, H.C. Wainwright will act as a sales agent for Addex, utilizing various permitted methods to market and sell the ADSs. The methodology includes utilizing market opportunities via recognized trading platforms, allowing for sales to be executed effectively. With these funds, Addex can reinforce its commitment to developing therapies for neurological conditions, benefiting patients who need innovative solutions.
Sales Process and Commission Structure
Through the ATM Agreement, H.C. Wainwright will exercise commercially reasonable efforts to execute the selling of ADSs based on insights and instructions from Addex. This process is crucial, as it allows the company to set parameters around price and timing to optimize its sale strategy. A notable feature of this arrangement is that the company has agreed to a sales commission of three percent (3.0%) of the gross proceeds derived from these stock sales.
Addex retains the right to discontinue or pause the sales of ADSs in response to various market conditions, demonstrating a prudent approach to managing their financial resources. Such flexibility is vital in today's fluctuating economic environment, where adaptability can significantly impact a company's success.
Insights into Addex Therapeutics
Addex Therapeutics is not just focused on raising funds. The company is dedicated to developing a portfolio of unique small molecule allosteric modulators aimed at treating neurological disorders. At the forefront of their innovation is dipraglurant, which targets significant conditions such as recovery from brain injuries. This dedication is underscored by promising evaluations focused on enhancing recovery trajectories for those impacted by stroke or traumatic brain injuries.
Furthermore, Addex is collaborating with partner Indivior on a GABAB PAM drug candidate, addressing substance use disorders, which has shown progress through completed IND enabling studies. Their commitment doesn't stop there, as Addex is also pursuing an independent GABAB PAM program aimed at treating chronic cough—a condition that, while often overlooked, impacts many individuals' lives.
Investments for Expanding Horizons
In addition to their core product pipeline, Addex holds a 20% equity stake in Neurosterix US Holdings LLC, reflecting their dedication to advancing various allosteric modulator programs. These programs are particularly focused on critical areas such as schizophrenia, mood disorders, and others that affect large patient populations. Addex's investment strategy illustrates a forward-thinking approach to diversifying their capabilities and ensuring a robust pipeline.
Moreover, Addex's interest in Stalicla—a pioneer in precision medicine for neurodevelopmental disorders—highlights their commitment to collaborating with other innovative entities to enhance research and development outcomes.
Final Thoughts
Overall, the amendments made to the At The Market Offering Agreement serve as a significant step for Addex Therapeutics, further empowering the company to elevate its contributions to neurological research and treatment. With a proactive financial strategy supported by H.C. Wainwright, Addex is well-positioned to utilize these resources towards transformative advancements in healthcare. Their stock is actively traded under the ticker symbol “ADXN” on both the SIX Swiss Exchange and the NASDAQ Capital Market, ensuring that stakeholders stay informed and engaged with its progress.
Frequently Asked Questions
What is Addex Therapeutics focused on?
Addex Therapeutics is dedicated to developing innovative small molecule therapies targeting neurological disorders.
What changes were made to the ATM Agreement?
Addex amended its ATM Agreement with H.C. Wainwright to enable up to $3.3 million worth of shares to be sold over time.
How will the funds from the ATM Agreement be used?
The funds will be used to support the ongoing development of Addex's leading drug candidates and research initiatives.
What is dipraglurant?
Dipraglurant is Addex's lead drug candidate aimed at enhancing recovery from brain injuries.
On which exchanges are Addex shares listed?
Addex shares are traded on the SIX Swiss Exchange and the NASDAQ Capital Market under the ticker symbol “ADXN.”
