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2014-04-30

Addex Therapeutics: Addex Therapeutics Reports 2013 Financial Results

Addex Therapeutics / Addex Therapeutics Reports 2013 Financial Results.
Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is
solely responsible for the content of this announcement.

2013 Financial Highlights

* Significant reduction in 2013 cash utilization of CHF12.3 million,
significantly below guidance of CHF15 million, CHF1.6 million used in
second half of 2013
* Cash and cash equivalents of CHF2.9 million at 31 December 2013
* Capital increase of CHF3.2 million completed in August 2013
* CHF0.1 million of grant income recognized in 2013

2013 Operating Highlights

* Received regulatory approval to initiate Phase 1, first-in-man, clinical
study for ADX71441
* Entered collaboration with NIDA to evaluate ADX71441 (GABA-BR PAM) and
ADX88178 (mGlu4 PAM) compounds in preclinical models of drug abuse and
addiction
* ADX71149 Phase 2 anxious depression trial completed enrolment of 120
patients
* Completed characterization of dipraglurant in preclinical models of
dystonia and receptor occupancy studies in non-human primates
* Completed characterization of ADX71441 in preclinical models of
Charcot-Marie-Tooth 1A disease and alcohol addiction
* Secured USD1M grant from the Michael J. Fox Foundation for Parkinson's
Research to further characterize dipraglurant for Parkinson's disease
levodopa-induced dyskinesia
* Competed restructuring, reducing headcount to 5 full time equivalents and
significantly reducing facilities

Geneva, Switzerland, 30 April 2014
- Addex Therapeutics (SIX: ADXN) announced today 2013 financial results.

Key 2013 Financial Data

----------------------------------------------------------------------------------------
|CHF' thousands 2013 2012 Change 2H13 2H12 Change |
| |
|Income 142 121 17% - - 0% |
|R&D expenses (10 940) (20 650) (47%) (1 625) (9 088) (82%) |
|G&A expenses (5 781) (6 481) (11%) (1 021) (3 173) (68%) |
|Impact of IAS19 revised 2 121 - 100% 2 121 - 100% |
|Total operating loss (14 458) (27 010) (46%) (525) (12 261) (96%) |
|Finance result, net (3) (8) (62%) 1 1 0% |
|Net loss for the period (14 461) (27 018) (46%) (524) (12 260) (96%) |
| |
|Basic and diluted net loss per share (1.60) (3.41) (53%) (0.06) (1.50) (96%) |
| |
|Net cash used (cash burn) (12 344) (20 808) (41%) (1 566) (4 980) (69%) |
| |
|Cash and cash equivalents 2 913 15 257 (81%) 2 913 15 257 (81%) |
|Shareholders' equity 3 026 16 291 (81%) 3 026 16 291 (81%) |
----------------------------------------------------------------------------------------
2013 Financial Summary

Income
was CHF0.1 million in 2013 compared to CHF0.1 million in 2012, and corresponds
to the first installment recognized under a grant received from The Michael
J. Fox Foundation for Parkinson's Research to support characterization of
dipraglurant for Parkinson's disease levodopa-induced dyskinesia.

Research&Development
expenses decreased by 47% to CHF10.9 million in 2013 compared to CHF20.6
million in 2012, primarily due to our significant reduction in headcount and
pipeline prioritization.

General&Administration
expenses decreased by 11% to CHF5.8 million in 2013 compared to CHF6.5 million
in 2012 mainly due to our reduced headcount off-set by the costs of
restructuring.

Net Loss
decreased by 46% to CHF14.5 million for 2013 compared to CHF27.0 million for
2012, mainly due to the decrease in our operating expenses.

Cash and Cash Equivalents
amounted to CHF2.9 million at 31 December 2013, compared to CHF15.3 million at
the end of 2012. 2013 cash burn of CHF12.3 million is mainly due to the cash
used in operations of CHF16.0 million, off-set by the proceeds from the
capital increase, net of costs, of CHF3.1 million and proceeds from the sale
of property plant and equipment of CHF0.5 million.

Outlook:
Based on current expectations, full year 2014 cash utilization guidance is
CHF2.5 million.

Organization and Strategy
The Company has completed its reorganization and reduced its headcount to 5
full time equivalents and significantly reduced its facilities accordingly.
The Company is 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.

2013 Annual Report
The 2013 Annual report will be available at latest by 31 May 2014. The Company
has been granted an extension, by the SIX Exchange Regulation, of the
deadline to publish its 2013 annual report of 30 April 2014 until 31 May 2014
due to resource prioritization following its restructuring.

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.

Tim Dyer
Chief Executive Officer
Addex Therapeutics
+41 22 884 15 61

PR@addextherapeutics.com

Disclaimer: The foregoing release may contain forward-looking statements that
can be identified by terminology such as "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, and/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 may
in particular cause actual results with allosteric modulators of mGlu2,
mGlu4, mGlu5, mGlu7, 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 allosteric
modulators of mGlu2, mGlu4, mGlu5, mGlu7, 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, mGlu7, 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, mGlu7, 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.

SIX exemption: Addex Therapeutics Ltd was granted an extension of the deadline
to publish its 2013 annual report and to file such report with the SIX
Exchange Regulation until 31 May 2014. The extension was granted (i) with the
following reservation: trading in the shares of Addex Therapeutics will be
suspended in case the 2013 annual report is not published until 31 May 2014,
at the latest, in accordance with the provisions regarding ad hoc publicity
(art. 53 of the Listing Rules [LR] in conjunction with the Directive on Ad
hoc publicity [DAH]). In such case, trading in the shares of Addex
Therapeutics Ltd will not be resumed until the 2013 annual report is
published according to the provisions regarding ad hoc publicity; and (ii)
under the following conditions: Addex Therapeutics is required to publish an
ad hoc notice (in accordance with art. 53 LR in conjunction with DAH) until
Wednesday, 30 April 2...

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