Summary by Moomoo AI
Addex Therapeutics completed the sale of its allosteric modulator drug discovery platform and preclinical portfolio to Neurosterix Pharma for $63M committed funding from investors led by Perceptive Advisors. The transaction yielded CHF 5M cash and a 20% equity stake in Neurosterix US Holdings LLC.The company reported H1 2024 net profit of CHF 9.8M, compared to a net loss of CHF 5.1M in H1 2023. Revenue from continuing operations decreased to CHF 0.3M from CHF 1.1M year-over-year. Cash and cash equivalents stood at CHF 3.8M as of June 30, 2024.Addex retained its partnerships with Janssen and Indivior, along with clinical-stage assets including dipraglurant for Parkinson's disease and post-stroke recovery. The company maintains access to R&D infrastructure through a service agreement with Neurosterix. Management expects current cash to fund operations through 2026.
