- Addex Therapeutics Ltd (NASDAQ: ADXN) shares are surging after reducing the nominal value of its issued, authorized, and conditional share capital from CHF 1.00 to CHF 0.01 following the expiration of a period of two months after the third creditor call in The Swiss Gazette of Commerce under article 732 of Swiss Code of Obligations.
- The revised nominal value of CHF0.01 is expected to become effective on the SIX Swiss Exchange on July 26.
- The company also provided a corporate update, including a review of its pipeline and financial guidance.
- The company ended 1H with a cash balance of CHF 8.8 million that can fund its operations until the end of 2022.
- Last month, Addex terminated the development of dipraglurant in levodopa-induced dyskinesia associated with Parkinson's disease (PD-LID) due to slow recruitment and high costs to continue the same.
- Now the company is discussing with potential partners to restart Phase 2 study dipraglurant in PD-LID or an alternative indication, including pain, substance use disorders (SUD), neurodevelopmental disorders, and stroke.
- In parallel, Addex is looking forward to the data from the ADX71149 Phase 2 epilepsy study in Q4 FY22 conducted by Janssen Pharmaceuticals Inc, a Johnson and Johnson (NYSE: JNJ (NYSE:JNJ)) company.
- GABA B PAM partnership with Indivior is currently in the clinical candidate selection phase with IND enabling studies expected to be initiated in Q1 of 2023 for SUD.
- Price Action: ADXN shares are up 142% at $2.23 during the market session on the last check Thursday.
Read at Benzinga
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