Stock Alert: Addex Therapeutics Soars 40%

(RTTNews) - Shares of Addex Therapeutics Ltd (ADXN) are rising more than 40% Thursday morning after its partner Janssen Pharmaceuticals, a unit of Johnson & Johnson, received Investigational New Drug (IND) approval from the FDA to start a Phase 2a study of JNJ-40411813 (ADX71149) in patients with epilepsy.

The first patient is expected to be treated during Q2 2021 in the Phase 2a proof of concept study with the selective metabotropic glutamate type 2 (mGlu2) receptor positive allosteric modulator (PAM), JNJ-40411813 (ADX71149), in patients with epilepsy.

The multi-center study will assess the efficacy, safety, tolerability and pharmacokinetics of adjunctive JNJ-40411813 (ADX71149) administration in patients with focal onset seizures with suboptimal response to levetiracetam. The primary objective of the study is to evaluate the efficacy of JNJ-40411813 (ADX71149) in combination with levetiracetam using a time-to-event endpoint, the company said.

ADXN, currently at $14.77, has been trading in the range of $6.19- $37.52 in the last one year.