Geneva, Switzerland, June 30, 2021 - Addex Therapeutics (SIX: ADXN), a clinical-stage pharmaceutical company pioneering allosteric modulation-based drug discovery and development, announced today that the company has entered into a sales agreement with Cantor Fitzgerald & Co. (Cantor Fitzgerald), acting as sales agent, to offer American Depositary Shares (ADSs), each representing six shares with no nominal value through an "at-the-market" (ATM) offering program. The company's ADSs are traded on the Nasdaq Capital Market under the symbol "ADXN".
The ATM enables Addex to offer and sell ADSs from time to time through Cantor Fitzgerald acting as the sales agent and by means of a prospectus supplement filed with the Securities and Exchange Commission (SEC) on June 29, 2021, as part of the registration statement on Form F-3 (File No. 333-255089) that was declared effective by the Securities and Exchange Commission (SEC) on April 13, 2021. Copies of the prospectus supplement may be obtained for free from EDGAR on the SEC website at www.sec.gov. Alternatively, Cantor Fitzgerald & Co. will arrange to send you the prospectus supplement if you make a request by contacting Cantor Fitzgerald & Co., Attention: Equity Capital Markets, 499 Park Avenue, 6th Floor, New York, New York, 10022, Email: prospectus@cantor.com.
Subject to the terms and conditions of the sales agreement, Cantor Fitzgerald may sell the ADSs by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended, including, without limitation, sales made through The Nasdaq Capital Market or on any other existing trading market for the ADSs. Cantor Fitzgerald will use commercially reasonable efforts to sell all of the ADSs requested to be sold by Addex, consistent with its normal trading and sales practices. Pursuant to the prospectus supplement, Addex can offer ADSs at prices and on terms to be determined by market conditions at the time of the offering. The ADSs to be sold under the prospectus supplement shall not exceed $16.0 million.
Addex intends to use the net proceeds from the ATM program to advance development of its portfolio of proprietary allosteric modulator drug candidates. These include dipraglurant, an mGlu5 negative allosteric modulator, currently in a pivotal registration study for Parkinson's disease levodopa induced dyskinesia (PD-LID) and a planned clinical study in blepharospasm, a type of dystonia, as well as multiple preclinical drug candidates.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No sales of securities are being made under the ATM in Switzerland.
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 in a pivotal registration clinical trial for Parkinson's disease levodopa induced dyskinesia (PD-LID). 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 Q3 2021. Addex's third clinical program, ADX71149 (mGlu2 positive allosteric modulator or PAM), developed in collaboration with Janssen Pharmaceuticals, Inc., is in a phase 2a proof of concept clinical trial for the treatment of epilepsy. 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.
Contacts:
Tim Dyer Chief Executive Officer Telephone: +41 22 884 15 55 PR@addextherapeutics.com | Mike Sinclair Partner, Halsin Partners +44 7968 022075 msinclair@halsin.com | James Carbonara Hayden IR (646)-755-7412 james@haydenir.com |
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 use of the ATM program and any 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.
