Addex Therapeutics announced that it has raised gross proceeds of CHF2.8 million in a private placement of new issued registered shares. The private placement was led by Herculis Partners SA with participations from clients of Herculis and Addex executive management. After the placement, Investment funds managed by Herculis Partners SA will hold 4.1% of Addex issued share capital.
“We see huge value in the assets of Addex which we believe is not recognized by the market” said Jean-Paul Periat, Chief Executive Officer of Herculis Partners. “Addex has been through some challenging times, but we believe they are poised to strongly rebound as the team executes on what we believe will be a remarkable turnaround.”
“We are delighted to welcome Herculis as a major new shareholder of Addex”, said Tim Dyer, Chief Executive Officer of Addex. “These additional funds extend our cash runway through 2017 and allow us to continue to advance our portfolio in collaboration with our partners. We are currently focused on preparing dipraglurant for clinical studies in PD-LID and dystonia, and ADX71441 in Charcot-Marie-Tooth type 1A neuropathy and addiction.”
Of the new shares, 921,667 were placed at CHF3 per share with investors and CHF604,369 were placed at CHF1 with Addex Pharma SA, a subsidiary of the Addex Therapeutics Ltd. The 1,526,036 new issued registered shares will be listed on the SIX Swiss Exchange and their first day of trading will be the 9 March 2015. The new shares, with a par value of CHF 1 each, were issued from the Company’s authorized share capital and represent 13% of the outstanding share capital after the transaction.