On January 19, 2023 Addex Therapeutics Ltd (SIX: ADXN, Nasdaq: ADXN), a clinical-stage pharmaceutical company pioneering allosteric modulation-based drug discovery and development, reported a corporate update, including a review of its pipeline and financial guidance (Press release, Addex Therapeutics, JAN 19, 2023, View Source [SID1234626369]).
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"We ended 2022 with CHF7.0 million of cash and expect to be able to finance our operations until Q3 2023. We continue to focus on entering into collaborative arrangements across our pipeline to secure the financial resources to advance their development and strengthen our balance sheet," said Tim Dyer, CEO of Addex. "We also look forward to our Partner Janssen completing part 1 of the Phase 2 epilepsy study this quarter and reporting progress under our collaboration with Indivior."
Corporate Update:
Cash and cash equivalents at December 31, 2022 of CHF7.0 million
ADX71149, our mGlu2 PAM, licensed to Janssen Pharmaceuticals Inc., a Johnson and Johnson company: continues to advance in a Phase 2 study in epilepsy patients with completion of part 1 on track for Q1 2023. Under our agreement with Janssen, we are eligible to receive up to €109 million in success-based development and regulatory milestone, and low double-digit royalties on net sales.
Dipraglurant, our mGlu5 NAM: we continue discussions with potential strategic partners to reinitiate Phase 2 development of dipraglurant in PD-LID or an alternative indication, including pain, substance use disorders (SUD) and stroke recovery.
GABA B PAM strategic partnership with Indivior: we recently extended the research term of the agreement until March 31, 2023, securing CHF 850,000 (approx. US $900,000) of additional funding. The program is currently in clinical candidate selection phase, with IND enabling studies expected to be initiated in late 2023. Under the agreement with Indivior, in addition to research funding, we are eligible to receive $330 million in development, regulatory and sales milestones as well as the right to select drug candidates for development in certain exclusive indications outside of SUD. We plan to develop our selected drug candidate in chronic cough, pain and CMT1A.
mGlu7 NAM for the treatment of stress related disorders, including PTSD: lead drug candidate ready to start IND enabling studies.
mGlu2 NAM for the treatment of mild neurocognitive disorders and depression: drug candidates in clinical candidate selection phase.
M4 PAM for the treatment of schizophrenia and other psychotic disorders: novel series of compounds have rapidly progressed into lead optimization; scheduled to enter clinical candidate selection phase in H2 2023.