Addex Therapeutics, a company pioneering allosteric modulation-based drug discovery and development, announced that it has received USD757,000 from Janssen Pharmaceuticals Inc., following the amendment of their mGlu2PAM research collaboration and license agreement.
Under the agreement signed between Addex and Janssen in 2004, Addex was required to finance 50% of the cost of all jointly owned patents. Under this amendment, certain jointly owned patents have been assigned to Janssen and all past patent costs paid by Addex have been reimbursed by Janssen to Addex. Going forward, Addex contribution to patent costs has been significantly reduced. This amendment has no impact on Addex right to receive royalties and milestones under the agreement.
“We are delighted to have strengthened our balance sheet through the receipt of USD757,000 and further reduced our operating cash burn through the reduction in future patent costs.” said Tim Dyer, CEO at Addex. “We thank Janssen for the collaborative spirit with which they have negotiated this amendment.”