Addex reports limited cash as half-year loss reaches CHF3.46 million

Addex Therapeutics ($ADXN) reported a first-half net loss of CHF3.46 million, compared with CHF3.31 million a year earlier. Its operating loss narrowed to CHF1.13 million, but the share of losses from associates increased to CHF2.33 million. Cash at the half-year end was CHF767,000, down from CHF2.30 million twelve months earlier.

The biotech also detailed $2.8 million of gross share-sale proceeds raised after the reporting period, providing additional resources for development. That financing should not be counted within the reported half-year cash balance. Addex is advancing a preclinical chronic-cough program and has regained substance-use-disorder program rights from Indivior. Its 20%-owned Neurosterix venture expects to complete a Phase 1 study in the fourth quarter, but that timetable is prospective and does not constitute clinical success.

Sources:

• Addex company release — GlobeNewswire