Yahoo Finance

R&D expenses decreased by CHF 0.8 million to CHF 2.7 million in the first quarter 2021 compared to CHF 3.6 million in the first quarter 2020, primarily due to the postponement of the start of our dipraglurant phase 2b/3 PD dyskinesia clinical trial. Research and development expenses consist primarily of costs associated with research, preclinical and clinical testing, and related staff costs. They also include depreciation of laboratory equipment, costs of materials used in research, costs associated with renting and operating facilities and equipment, as well as fees paid to consultants, patent costs and other outside service fees and overhead costs. These expenses include costs for proprietary and third-party R&D.

G&A expenses decreased by CHF 0.4 million to CHF 1.3 million in the first quarter 2021 compared to CHF 1.7 million in the first quarter 2020, primarily due to professional fees that were abnormally high in the first quarter 2020 due to the company’s listing on the Nasdaq Stock Market on January 29, 2020.

The net loss decreased by CHF 1.7 million to CHF 2.6 million in the first quarter 2021 compared to CHF 4.3 million in the first quarter 2020 primarily due to reduced research and development costs. Basic and diluted loss per share decreased to CHF 0.08 for the first quarter 2021, compared to CHF 0.16 for the first quarter 2020.

Cash and cash equivalents amounted to CHF 25.2 million as of March 31, 2021 compared to CHF 27.1 million as of March 31, 2020. The decrease of CHF 1.9 million was primarily due to cash used in operating activities partially offset by the proceeds from the capital increase executed on January 8, 2021.

Q1 2021 Condensed Consolidated Interim Financial Statements:
The first quarter 2021 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, May 5, 2021, at 16:00 CEST (15:00 BST / 10:00 EDT / 07:00 PDT) to review the financial results. Tim Dyer, Chief Executive Officer, Roger Mills, Chief Medical Officer and Robert Lütjens, Head of Discovery Biology will deliver a brief presentation followed by a Q&A session.

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 +41 44 580 65 22

• UK +44 20 30 09 24 70

• U.S.A +1 87 74 23 08 30

• Other Countries
  

2: Provide the Operator with the Participation Pin Code: 64754025#

Link to live event online:
1: In the 10 minutes prior to the call start time, sign in online by following this Webex link.
2: Password: Welcome

About Addex Therapeutics:
Addex Therapeutics is a clinical-stage pharmaceutical company focused on the development and commercialization of an emerging class of novel orally available small molecule drugs known as allosteric modulators for neurological disorders. Allosteric modulators offer several potential advantages over conventional non-allosteric molecules and may offer an improved therapeutic approach to conventional "orthosteric" small molecule or biological drugs. Addex’s allosteric modulator drug discovery platform targets receptors and other proteins that are recognized as essential for therapeutic intervention. Addex’s lead product candidate, dipraglurant (mGlu5 negative allosteric modulator or NAM), is poised to start a pivotal registration clinical trial for Parkinson’s disease levodopa induced dyskinesia (PD-LID) in Q2 2021. Addex is also investigating dipraglurant's therapeutic use in blepharospasm (a type of dystonia), for which a clinical trial is expected to be initiated in Q2 2021. Addex's third clinical program, ADX71149 (mGlu2 positive allosteric modulator or PAM), developed in collaboration with Janssen Pharmaceuticals, Inc., is scheduled to enter a phase 2a proof of concept clinical trial for the treatment of epilepsy in Q2 2021. Addex’s GABAB PAM program has been licensed to Indivior PLC, which is focused on development for the treatment of addiction. Preclinical programs include GABAB PAM for CMT1A, mGlu7 NAM for PTSD, mGlu2 NAM for mild neurocognitive disorders, mGlu4 PAM for Parkinson’s disease and mGlu3 PAM for neurodegenerative disorders. Addex shares are listed on the SIX Swiss Exchange and American Depositary Shares representing its shares are listed on the NASDAQ Capital Market, and trade under the ticker symbol "ADXN" on each exchange.

Press Contacts:

Forward Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including in respect of the anticipated initiation and progress of clinical trials and preclinical studies, and its future financing activities. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release, are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, uncertainties related to market conditions. These and other risks and uncertainties are described in the Company’s Annual Report on Form 20-F filed with the SEC on March 11, 2021, as well as market conditions and regulatory review.

Any forward-looking statements contained in this press release represent Addex Therapeutics’ views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Addex Therapeutics explicitly disclaims any obligation to update any forward-looking statements, except as required by law.