Geneva, Switzerland, 31 May 2013 – Addex Therapeutics (SIX: ADXN) announced today that it has completed the restructuring previously announced on 27th May and that Dr.Bharatt Chowrira has stepped down with immediate effect from his position as CEO of the Addex Group and director of Addex Therapeutics Ltd and Addex Pharma SA. In the interim, an operational subcommittee of the Board, headed by André J. Mueller, Chairman of Addex, will directly supervise the Addex Group. The Board has asked Tim Dyer, co-founder and CFO, to head the Addex Group’s plan to further reduce operating costs and seek investment, grants and partners to advance its pipeline and technology platform assets, including pursuing potential upside from its ADX71149 partnership with Janssen Pharmaceuticals, Inc. ADX71149, an mGluR2 positive allosteric modulator (PAM) jointly developed with Janssen, is currently in Phase 2 clinical development for schizophrenia and anxious depression and funded entirely by Janssen. Dipraglurant, an mGluR5 negative allosteric modulator will also continue to be investigated for use in Parkinson’s disease in collaboration with The Michael J. Fox Foundation for Parkinson’s Research. Mr. Dyer, in his capacity as an external consultant, as previously announced, will also be in charge of the day-to-day operations in close cooperation with Board members. As part of the reorganization, the Company has formally terminated 17 of its remaining 19 employment agreements, including all of the Executive Management, and these employees will work through their notice periods to execute the strategy. During this period, the Company will determine the optimal organizational and operating structure needed to build value for its shareholders.
“On behalf of the Addex Board of Directors, I would like to convey our sincere thanks and appreciation to all our employees for their hard work, dedication and wish them success in their future endeavors.” said André J. Mueller, Chairman of Addex. “In the coming months we will work diligently to secure the resources necessary to advance our pipeline and monetize our assets to capture potential upside for our shareholders.”