GENEVA, June 30, 2014 (GLOBE NEWSWIRE) -- Addex Therapeutics (SIX: ADXN), a leading company pioneering allosteric modulation-based drug discovery and development, announced today that its shareholders approved all the proposals of the Board of Directors at its 2014 annual general meeting.
"Since June 2013, we executed our strategy to preserve our key assets and have entered into a number of discussions with industry partners to license our portfolio of drug candidates", said Tim Dyer, CEO of Addex. "We have also implemented a number of collaborations with academic, patient and government organizations to continue their development, and looking forward, we expect to finance the Group's operations from licensing opportunities and appropriate use of authorized and conditional capital."
"I am delighted to succeed André J. Mueller as Chairman of Addex", said newly appointed Vincent Lawton. "We sincerely thank André for his 12 years of service and leadership as Chairman of the Board of Directors. André's long and highly successful career in the healthcare industry has supported many advances made in Addex' discovery programs. As an investor in Addex, André's broad expertise and passion for the science remains a major driver. I am also passionate about Addex and its science, and look forward to helping to rebuild the company into a sustainable pharmaceutical business."
Shareholders of Addex Therapeutics Ltd approved: the annual report, financial statements and consolidated financial statements for the business year 2013; appropriation of the results, namely that Addex Therapeutics Ltd will carry forward the loss of CHF16,811,844 for the business year 2013; release of CHF51,816 from the treasury share reserve to the general reserve; and offset CHF10,176,933 of the accumulated loss with the general reserve from capital contribution; full discharge to the members of the Board of Directors and the executive management for their activities during the business year 2013; re-election of Vincent Lawton as member of the Board of Directors, and election as Chairman of the Board of Directors and member of the remuneration committee; re-election of PricewaterhouseCoopers SA, Geneva, as the auditors for the 2014 business year; election of Robert P. Briner, attorney-at-law as the independent voting rights representative; and the following amendments to the Articles of Association: extension and increase of the authorized share capital authorizing the Board of Directors, at any time until 27 June 2016, to increase the share capital in an amount of CHF5,086,788 through the issuance of 5,086,788 fully paid registered shares with a nominal value of CHF1 each; increase of the conditional share capital reserved for the exercise of option and/or conversion rights that are granted in connection with the issue of bonds, similar obligations or other financial instruments in the amount of CHF 600,867 thereby raising the conditional share capital reserved from CHF 4,485,921 to CHF 5,086,788; and the reduction of the minimum number of members of the Board of Directors from 5 to 1.
About Addex Therapeutics
Addex Therapeutics (www.addextherapeutics.com) is a discovery and development stage company focused on advancing innovative oral small molecules 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. Addex also has several preclinical programs including: GABAB receptor positive allosteric modulator (PAM) for addiction, Charcot-Marie-Tooth (type 1a) disease, spasticity in patients with multiple sclerosis (MS), pain, overactive bladder, autism and other disorders; mGlu4 PAM for MS, Parkinson's disease, anxiety and other diseases; mGlu2 NAM for treatment resistant depression and cognitive deficits; and mGlu7 NAM for psychosomatic disorders. 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. The Company is currently focused on preserving the value of its assets, including the intellectual property surrounding its portfolio of allosteric modulator drug candidates and its proprietary allosteric modulator technology platform, while pursuing a strategy to secure the resources necessary to advance the pipeline and maximize value for shareholders. In parallel the Company continues to enter collaborations with academic institutions, government organizations and patient groups to advance its portfolio of drug candidates for the benefit of patients.
Tim Dyer, Chief Executive Officer
Telephone: +41 22 884 15 61
Disclaimer / Forward-looking statements
This communication does not constitute an offer or invitation to subscribe for or purchase any securities of Addex Therapeutics Ltd. This publication may contain certain forward-looking statements concerning the Company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. The Company disclaims any obligation to update these forward-looking statements.