Addex Regains Nasdaq Listing Compliance
November 08 2023 - 1:00AM
Ad Hoc Announcement Pursuant to Art. 53 LR
Geneva, Switzerland, November 8, 2023
- Addex Therapeutics (SIX and Nasdaq: ADXN), a
clinical-stage pharmaceutical company pioneering allosteric
modulation-based drug discovery and development, today announced it
had received written notification from The Nasdaq Stock Market LLC
(Nasdaq) that it has regained compliance with the minimum bid price
requirement of $1.00 per ADS under Nasdaq Listing Rule 5550(a)(2)
and currently meets all other applicable criteria for continued
listing.
Addex announced on May 18, 2023 that it had been
notified by Nasdaq that its ADSs were not in compliance with the
minimum bid price rule. To regain compliance, Addex was required to
maintain a minimum closing bid price of $1.00 per ADS for at least
10 consecutive business days. This requirement was met on November
3, 2023.
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 drug candidate, ADX71149
(mGlu2 positive allosteric modulator or PAM) is in a Phase 2
clinical trial for the treatment of epilepsy. The company’s second
clinical program, dipraglurant (mGlu5 negative allosteric modulator
or NAM), is under evaluation for future development in post-stroke
recovery. Indivior PLC has licensed Addex’s GABAB PAM program for
the development of drug candidates, with a focus on substance use
disorder. Addex is also advancing a broad preclinical pipeline,
which includes development of a range of GABAB PAM for chronic
cough, mGlu7 NAM for stress related disorders, M4 PAM for
schizophrenia and other forms of psychosis and mGlu2 NAM for mild
neurocognitive disorders and depression. 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.
Press Contacts:
Tim DyerChief Executive OfficerTelephone: +41 22 884 15
55PR@addextherapeutics.com |
Mike SinclairPartner, Halsin Partners+44 (0)7968
022075msinclair@halsin.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 statements about the intended use of proceeds of
the offering. 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 greater detail in
the section entitled “Risk Factors” in Addex Therapeutics’ Annual
Report on Form 20-F for the year ended December 31, 2022, as filed
with the SEC on March 30, 2023, the final prospectus supplement and
accompanying prospectus and other filings that Addex Therapeutics
may make with the SEC in the future. 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.
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