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Addex Therapeutics Reports First Half 2016 Operating Highlights and Financial Results | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
By: Nasdaq / GlobeNewswire - 30 Sep 2016 | Back to overview list |
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Geneva, Switzerland, 30 September 2016 - Addex Therapeutics (SIX: ADXN) announced today its first half 2016 operating highlights and financial results. 2016 First Half Operating & Financial Highlights
"We achieved a number of important milestones in the first half of 2016," said Tim Dyer, CEO of Addex. "Most importantly, we made meaningful progress in preparations for the Phase III trial for our lead program, dipraglurant for the treatment of levodopa-induced dyskinesia associated with Parkinson's disease, which we expect to initiate in the second half of 2017. Looking ahead to the remainder of 2016, we expect a number of additional key milestones, including the initiation of dosing in our Phase II Proof-of-Concept study of dipraglurant for focal cervical dystonia."
Research & Development expenses increased to CHF1.1 million in the first half of 2016 compared to CHF0.9 million in the first half of 2015, mainly due to increased activities related to the dipraglurant development. General and Administration expenses decrease to CHF0.7 million in the first half of 2016, from CHF1.9 million in the first half of 2015, mainly due to the 2015 write-off of a deposit held in escrow related to disputes with the French Tax authorities. Net Loss decreased to CHF1.5 million in the first half of 2016 from CHF2.8 million in the first half of 2015. Cash and cash equivalents amounted to CHF2.3 million at 30 June 2016, compared to CHF3.6 million at the end of 2015.
2016 Condensed Consolidated Interim Financial Statements
About Addex Therapeutics
Press Contacts:
Disclaimer / Forward-looking statements: This communication does not constitute an offer or invitation to subscribe for or purchase any securities of Addex Therapeutics Ltd. This publication may contain certain forward-looking statements concerning the Company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. The Company disclaims any obligation to update these forward-looking statements.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Addex Therapeutics via GlobeNewswire
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Copyright 2016 Nasdaq / GlobeNewswire | Back to overview list |