Investment summary

Addex is approaching the read-out of two Phase II studies that represent significant catalysts in its investment case. These are the study of dipraglurant in Parkinson’s disease levodopa-induced dyskinesia (PD-LID) and of ADX71149/JNJ-40411813 in schizophrenia. Positive results in either or both of these studies could catalyse a significant increase in value. Given its currently very depressed stock market valuation – Addex has an EV of just CHF12m based on forecast 2011 year-end cash – this could make for a very attractive investment scenario. We have revised our risk-adjusted NPV to CHF195m or c CHF29/share, some five times the share price.

Last updated on 04/01/2012

Industry outlook

Addex's allosteric modulation platform is a validated small molecule discovery and development engine that has the potential to generate a steady stream of high-value novel product opportunities in CNS, metabolic, inflammatory and other diseases. Addex may even catch up with Novartis's AFQ056, also an mGluR5 NAM, in the PD-LID indication, helping partnership discussions.

Last updated on 09/12/2011