Addex Therapeutics First Half 2013 Financial Results

| Source: Addex Therapeutics

GENEVA, Switzerland, Sept. 17, 2013 (GLOBE NEWSWIRE) --

Addex  Therapeutics  (SIX: ADXN), a
leading  company  pioneering  allosteric  modulation-based  drug  discovery  and
development announced today its first half 2013 financial results.

 CHF' thousands                          H1 2013         H1 2012      Change
 Income                                         142             121      17%

 R&D expenses                               (9 315)        (11 667)    (20%)

 G&A expenses                               (4 760)         (3 336)      43%
 Total operating loss                      (13 933)        (14 882)     (6%)

 Finance result, net                            (4)             (9)        -
 Net loss for the period                   (13 937)        (14 891)     (6%)

 Basic and diluted net loss per share        (1.61)          (1.93)    (17%)

 Net cash used (cash burn)                 (10 778)        (15 829)    (32%)

 CHF' thousands                       Jun. 30, 2013   Dec. 31, 2012   Change
 Cash and cash equivalents                    4 479          15 257    (71%)

 Shareholders' equity                         2 883          16 698    (83%)

Income  was CHF0.1  million in  the first  half of  2013 and 2012 and relates to
grants  received from The Michael J.  Fox Foundation for Parkinson's Research to
partially  fund dipraglurant development in Parkinson's disease levodopa induced

Research  & Development expenses decreased by 20% to CHF9.3 million in the first
half  of 2013 compared to CHF11.6 million in  the first half of 2012, mainly due
to our reduced headcount and related activities.

General  and Administration  expenses increased  to CHF4.8  million in the first
half  of 2013, compared to CHF3.3 million in  the first half of 2012, mainly due
to  increased professional fees related to a number of strategic initiatives and
restructuring costs.

Net  Loss decreased to CHF13.9 million from CHF14.9 million, and included CHF4.7
million  of costs  related to  the restructuring  of the  organization that took
place in February and May 2013.

Cash  and cash equivalents amounted to  CHF4.5 million at 30 June 2013, compared
to  CHF15.3 million at the  end of 2012. Cash utilization  for the first half of
2013 of CHF10.8 million is mainly due to the cash used in operations.

Capital  increase subsequent to 30 June 2013 balance sheet date was completed on
8 August 2013 and resulted in CHF3.2 million of gross proceeds.

Outlook:  Based on current expectations, full  year cash utilization guidance is
CHF15 million and cash runway through end of 2014.

The  2013 half  year  condensed  consolidated  interim  financial statements are
available at

About Addex Therapeutics
Addex  Therapeutics (  is a  development stage company
focused  on  advancing  innovative  oral  small  molecules against rare diseases
utilizing  its pioneering  allosteric modulation-based  drug discovery platform.
The  Company's  two  lead  products  are  being investigated in Phase 2 clinical
testing:  dipraglurant (an mGlu5 negative allosteric  modulator or NAM) is being
developed by Addex to treat Parkinson's disease levodopa-induced dyskinesia (PD-
LID)  and  rare  forms  of  dystonia;  and  ADX71149  (mGlu2 positive allosteric
modulator   or   PAM)   is   being   developed  in  collaboration  with  Janssen
Pharmaceuticals,  Inc.,  to  treat  both  schizophrenia  and  anxiety as seen in
patients  suffering  from  major  depressive  disorder.  Addex  also has several
preclinical  programs including: GABA-BR positive allosteric modulator (PAM) for
Charcot-Marie-Tooth  (type  1a) disease,  spasticity  in  patients with multiple
sclerosis  (MS), pain, overactive bladder and other disorders; and mGlu4 PAM for
MS,  Parkinson's disease, anxiety and  other diseases. Allosteric modulators are
an  emerging class of small  molecule drugs which have  the potential to be more
specific   and  confer  significant  therapeutic  advantages  over  conventional
"orthosteric"   small  molecule  or  biological  drugs.  The  Company  uses  its
proprietary  discovery platform to target receptors  and other proteins that are
recognized  as essential  for the  therapeutic modulation  of important diseases
with unmet medical needs.

Tim Dyer
Chief Executive Officer
Addex Therapeutics
+41 22 884 1561

Disclaimer:  The foregoing  release may  contain forward-looking statements that
can be identified by terminology such as "seek", "not pursue", "not approvable",
"continue",   "believes",  "believe",  "will",  "remained  open  to  exploring",
"would",  "could", or similar expressions, or  by express or implied discussions
regarding  Addex  Therapeutics,  formerly  known  as, Addex Pharmaceuticals, its
business,  the potential approval of its  products by regulatory authorities, or
regarding  potential future  revenues from  such products.  Such forward-looking
statements  reflect  the  current  views  of Addex Therapeutics regarding future
events,  future economic  performance or  prospects, and,  by their very nature,
involve  inherent risks  and uncertainties,  both general  and specific, whether
known or unknown, or any other factor that may materially differ from the plans,
objectives,  expectations, estimates and intentions expressed or implied in such
forward-looking  statements. Such factors may in particular cause actual results
with  allosteric modulators of mGlu2, mGlu4, mGlu5, GABA-BR or other therapeutic
targets  to  be  materially  different  from  any future results, performance or
achievements  expressed or implied by such statements. There can be no guarantee
that  Addex Therapeutics  will complete  the restructuring  and reduction of its
liabilities  or any  financing nor  that allosteric  modulators of mGlu2, mGlu4,
mGlu5,  GABA-BR or other therapeutics  targets will be approved  for sale in any
market  or by  any regulatory  authority. Nor  can there  be any  guarantee that
allosteric  modulators  of  mGlu2,  mGlu4,  mGlu5,  GABA-BR or other therapeutic
targets will achieve any particular levels of revenue (if any) in the future. In
particular,  management's expectations regarding allosteric modulators of mGlu2,
mGlu4,  mGlu5, GABA-BR or other therapeutic  targets could be affected by, among
other  things, unexpected actions by our partners, unexpected regulatory actions
or delays or government regulation generally; unexpected clinical trial results,
including  unexpected new  clinical data  and unexpected  additional analysis of
existing clinical data; competition in general; government, industry and general
public  pricing pressures; the company's ability to obtain or maintain patent or
other  proprietary intellectual property protection. Should one or more of these
risks  or  uncertainties  materialize,  or  should  underlying assumptions prove
incorrect,  actual results may vary materially from those anticipated, believed,
estimated  or expected. Addex Therapeutics is  providing the information in this
press  release as of this  date and does not  undertake any obligation to update
any  forward-looking statements contained  in this press  release as a result of
new  information,  future  events  or  otherwise,  except  as may be required by
applicable laws.