Addex Therapeutics FY22 Loss Widens, Income Down

(RTTNews) - Addex Therapeutics Ltd (ADXN), a clinical-stage pharmaceutical company focused on allosteric modulation-based drug discovery and development, reported Thursday that its fiscal 2022 net loss was 20.8 million Swiss francs, wider than loss of 15.4 million francs in 2021.

Loss per share widened to 0.46 franc from loss of 0.45 franc a year ago. The wider loss primarily reflected increased expenses and decreased income.

Income, primarily from the company's funded research collaboration with Indivior, decreased to 1.4 million francs in 2022 from 3.2 million francs a year ago.

Cash and cash equivalents decreased to 7.0 million francs at December 31, 2022, compared to 20.5 million francs at December 31, 2021.

The company noted that ADX71149 Phase 2 study in epilepsy cohort 1 completed part 1. The independent interim review committee or IRC recommendation is expected early Q2 2023.