H1 2020 Operating Highlights:
- Completed first half 2020 with a liquidity position of
CHF 20.7 million of cash and cash equivalents - Announced ADX71149 (JNJ-40411813) to start Phase 2a study in epilepsy in early 2021
- Constituted scientific advisory board and appointed
Darryle D. Schoepp PhD, one of the world’s leading and most successful neuroscience drug developers, as Chairman - Dipraglurant ready to start dosing patients in pivotal registration study in levodopa induced dyskinesia associated with Parkinson’s disease (PD-LID) once restrictions in US healthcare system associated with the global Covid-19 crisis are lifted
- Advanced GABAB positive allosteric modulator (PAM) research program towards clinical candidate selection
- Advanced mGlu7 negative allosteric modulator (NAM) research program towards clinical candidate selection
- Listed American Depositary Shares (ADS) representing our ordinary shares on the
Nasdaq Stock Market onJanuary 29, 2020
“During the first half, we have continued to execute on our strategy and add value to Addex. The decision by Janssen to advance ADX71149 (JNJ-40411813) into Phase 2 in 2021 is especially important as we now have two active clinical programs and a pipeline of earlier stage compounds advancing towards the clinic,” said
Key Financial Data of the second quarter and the first half 2020:
CHF’ thousands | Q2 20 | Q2 19 | Change | H1 20 | H1 19 | Change |
Income | 933 | 525 | 408 | 1,885 | 1,227 | 658 |
R&D expenses | (2,319) | (3,411) | 1,092 | (5,872) | (5,894) | 22 |
G&A expenses | (1,588) | (1,478) | (110) | (3,260) | (2,821) | (439) |
Total operating loss | (2,974) | (4,364) | 1,390 | (7,247) | (7,488) | 241 |
Finance result, net | (141) | (136) | (5) | (174) | (53) | (121) |
Net loss for the period | (3,115) | (4,500) | 1,385 | (7,421) | (7,541) | 120 |
Basic and diluted net loss per share | (0.12) | (0.17) | 0.05 | (0.28) | (0.29) | 0.01 |
Net decrease in cash and cash equivalents | (6,455) | (2,111) | (4,344) | (10,506) | (4,924) | (5,582) |
Cash and cash equivalents as of | 20,671 | 36,748 | (16,077) | 20,671 | 36,748 | (16,077) |
Shareholders’ equity as of | 18,801 | 32,273 | (13,472) | 18,801 | 32,273 | (13,472) |
Financial Summary
Income increased by
Research and development expenses remained stable at
G&A expenses increased by
The net loss for the first half 2020 was
Basic and diluted loss per share decreased to
Cash and cash equivalents amounted to
2020 Condensed Consolidated Interim Financial Statements:
The half year 2020 financial report can be found on the Company’s website in the investor/download section here.
Conference Call Details:
A conference call will be held today, Wednesday, August 12, 2020 at
Joining the Conference Call:
1. In the 10 minutes prior to the call start time, call the appropriate participant dial-in number.
Dial-In Numbers:
- Switzerland + 41445806522
- UK + 442030092470
- USA + 18774230830
- Other countries’ numbers
- Provide the operator with the Participant PIN Code: 22285484#
Joining the Live Event Online:
- In the 10 minutes prior to the call start time, sign in online by following this Webex Link.
- Password : Welcome
About
Press Contacts:
Chief Executive Officer Telephone: +41 22 884 15 55 Email: PR@addextherapeutics.com | Partner, +44 (0)20 7318 2955 msinclair@halsin.com |
Forward Looking Statements:
Certain statements made in this announcement are forward-looking statements including with respect to the anticipated timing of the Company’s clinical trials and the reporting of data therefrom. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including relays resulting from the COVID-19 pandemic and healthcare regulatory considerations. The Company cautions securityholders and prospective securityholders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
Source:
2020 GlobeNewswire, Inc., source