Press Release: Addex Reports Q1 2020 Financial Results and Provides Corporate Update

Geneva, Switzerland, May 20, 2020 --

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Addex Therapeutics (SIX: ADXN and Nasdaq: ADXN), a clinical-stage

pharmaceutical company pioneering allosteric modulation-based drug

discovery and development, today reported its first quarter results for

the period ended March 31, 2020 and provided a corporate update.

Q1 2020 Operating Highlights:

-- Completed Q1 2020 with a strong liquidity position of CHF 27.1 million of

cash and cash equivalents

-- Appointed Darryle D. Schoepp PhD, one of the world's leading and most

successful neuroscience drug developers as Chairman newly formed

scientific advisory board

-- Dipraglurant pivotal registration study in levodopa induced dyskinesia

associated with Parkinson's disease (PD-LID) ready to start dosing

patients subject to lifting of restrictions in US healthcare system

associated with the global Covid-19 crisis

-- Advanced Indivior funded GABAB positive allosteric modulator (PAM)

research program for addiction

-- Advanced Eurostars / Innosuisse funded mGlu7 negative allosteric

modulator research program for post traumatic stress disorder

-- Listed American Depositary Shares (ADS) representing our ordinary shares

on the Nasdaq Stock Market on January 29, 2020

"We continue to execute our registration program with dipraglurant for

the treatment of PD-LID and look forward to treating patients once it is

safe for centers to begin enrolling," said Tim Dyer, CEO of Addex. "We

are also making significant progress with our preclinical portfolio with

the financial support from Indivior and the Eurostars / Innosuisse, and

are extremely happy to welcome our recently established SAB members to

the Addex team."

Key Q1 2020 Financial Data:

CHF' thousands Q1 20 Q1 19 Change

------- ------- --------

Income 952 701 251

R&D expenses (3,553) (2,482) (1,071)

G&A expenses (1,672) (1,342) (330)

Total operating loss (4,273) (3,123) (1,150)

Finance result, net (33) 82 (115)

Net loss for the period (4,306) (3,041) (1,265)

Basic and diluted net loss

per share (0.16) (0.12) (0.04)

Net cash decrease (4,379) (2,679) (1,700)

Cash and cash equivalents 27,126 38,859 (11,733)

Shareholders' equity 21,781 36,416 (14,635)

Financial Summary

Income increased by CHF 0.3 million to CHF 1.0 million in Q1 2020

compared to CHF 0.7 million in Q1 2019, primarily due to funding from

Indivior under our GABA(B) PAM parrtnership. Research and development

expenses increased by CHF 1.1 million to CHF 3.6 million in Q1 2020

compared to CHF 2.5 million in Q1 2019, mainly due to an increase in

outsourced development costs related to our dipraglurant PD-LID program.

G&A expenses increased by CHF 0.3 million to CHF 1.7 million in Q1 2020,

compared to CHF 1.3 million in Q1 2019, primarily due to the net impact

of higher operating costs related to the listing of ADSs on the Nasdaq

Stock Market and decreased share-based compensation costs. The net loss

for Q1 2020 was CHF 4.3 million compared to CHF 3.0 million for Q1 2019.

Basic and diluted loss per share increased to CHF 0.16 for Q1 2020,

compared to CHF 0.12 for Q1 2019. Cash and cash equivalents amounted to

CHF 27.1 million at March 31, 2020 compared to CHF 38.9 million at March

31, 2019 and CHF 31.5 million at December 31, 2019. The decrease is

primarily due to the cash used in operating activities. The first

quarter 2020 financial report can be found on the Company's website in

the investor/download section

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here.

About Addex Therapeutics:

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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 drug

candidate, dipraglurant (mGlu5 negative allosteric modulator or NAM), is

scheduled to enter a pivotal registration clinical trial for Parkinson's

disease levodopa induced dyskinesia (PD-LID). In parallel,

dipraglurant's therapeutic use in dystonia is being investigated in

preclinical models. Addex's second clinical program, ADX71149 (mGlu2

positive allosteric modulator or PAM) is being developed in

collaboration with Janssen Pharmaceuticals, Inc for the treatment of

epilepsy. In addition, Addex's GABA(B) PAM program has been licensed to

Indivior PLC for the treatment of addiction. Preclinical programs

include GABA(B) 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.

Press Contacts:

Tim Dyer Mike Sinclair

Chief Executive Officer Partner, Halsin Partners

Telephone: +41 22 884 15 55 +44 (0)20 7318 2955

Email: mailto:PR@addextherapeutics.com PR@addextherapeutics.com mailto:msinclair@halsin.com msinclair@halsin.com

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Forward Looking Statements:

Certain statements made in this announcement are forward-looking

statements including with respect to the creation of a trading market

for ADSs representing the Company's shares in the United States. These

forward-looking statements are not historical facts but rather are based

on the Company's current expectations, estimates, and projections about

its industry; its beliefs; and assumptions. Words such as 'anticipates,'

'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and

similar expressions are intended to identify forward-looking statements.

These statements are not guarantees of future performance and are

subject to known and unknown risks, uncertainties, and other factors,

some of which are beyond the Company's control, are difficult to predict,

and could cause actual results to differ materially from those expressed

or forecasted in the forward-looking statements. The Company cautions

securityholders and prospective securityholders not to place undue

reliance on these forward-looking statements, which reflect the view of

the Company only as of the date of this announcement. The

forward-looking statements made in this announcement relate only to

events as of the date on which the statements are made. The Company will

not undertake any obligation to release publicly any revisions or

updates to these forward-looking statements to reflect events,

circumstances, or unanticipated events occurring after the date of this

announcement except as required by law or by any appropriate regulatory

authority.

(END) Dow Jones Newswires

May 20, 2020 01:00 ET (05:00 GMT)