Addex Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
November 03 2022 - 2:00AM
Ad Hoc Announcement Pursuant to
Art. 53
LR
Geneva, Switzerland,
November 3,
2022 - Addex
Therapeutics (SIX: ADXN and Nasdaq: ADXN), a clinical-stage
pharmaceutical company pioneering allosteric modulation-based drug
discovery and development (the Company), announced
today that it had received written notification from Nasdaq
indicating that, for the last thirty consecutive business days, the
bid price for the Company’s American Depositary Shares (ADSs) had
closed below the minimum US$1.00 per ADS requirement for continued
listing on Nasdaq under listing rule 5550(a)(2).
In accordance with Nasdaq Listing Rule
5810(c)(3)(A), the Company has been provided an initial period of
180 calendar days to regain compliance and will receive written
notification if the Company achieves compliance at any time during
this period. Compliance will be achieved if the bid price of the
ADSs closes at US$1.00 per ADS or more for a minimum of ten
consecutive business days.
The Company will monitor the bid price of its
ADSs and evaluate options to regain compliance with Nasdaq’s
minimum bid price rule within the compliance period. If compliance
with Rule 5550(a)(2) is not regained by April 26, 2023, the Company
may be eligible for an additional 180 calendar day compliance
period.
The Company’s operations are not affected by the
receipt of the notification letter and The Company fully intends to
resolve the deficiency and regain compliance with the Nasdaq
Listing Rules.
About Addex
Therapeutics:Addex Therapeutics is a
clinical-stage pharmaceutical company focused on the development
and commercialization of an emerging class of novel orally
available, small molecule drugs known as allosteric modulators for
neurological disorders. Allosteric modulators offer several
potential advantages over conventional, non-allosteric molecules
and may offer an improved therapeutic approach to conventional
"orthosteric" small molecule or biological drugs. Addex's
allosteric modulator drug discovery platform targets receptors and
other proteins that are recognized as essential for therapeutic
intervention. Addex's lead drug candidate, ADX71149 (mGlu2 positive
allosteric modulator or PAM), developed in collaboration with
Janssen Pharmaceuticals, Inc., is in a Phase 2a proof of concept
clinical trial for the treatment of epilepsy. Addex's second
clinical program, dipraglurant (mGlu5 negative allosteric modulator
or NAM), is under evaluation for future development in a range of
indications. Indivior PLC has licensed Addex’s GABAB PAM program
for the development of drug candidates, with a focus on substance
use disorder. Addex is also advancing a broad preclinical pipeline,
which includes development of a range of GABAB PAMs for CMT1A,
chronic cough and several types of pain, mGlu7 NAM for stress
related disorders, mGlu2 NAM for mild neurocognitive disorders and
depression, M4 PAM for schizophrenia and other forms of
psychosis, as well as mGlu4 PAM and mGlu3 PAM. Addex shares are
listed on the SIX Swiss Exchange and American Depositary Shares
representing its shares are listed on the NASDAQ Capital Market,
and trade under the ticker symbol "ADXN" on each exchange.
Contact:
Tim DyerChief Executive OfficerTelephone: +41 22 884 15
55PR@addextherapeutics.com |
Mike SinclairPartner, Halsin Partners+44 (0)7968
022075msinclair@halsin.com |
|
Addex Forward Looking
Statements:This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended, including as to the Company’s
ability to regain compliance with Nasdaq Listing Rules. The words
“may,” “will,” “could,” “would,” “should,” “expect,” “plan,”
“anticipate,” “intend,” “believe,” “estimate,” “predict,”
“project,” “potential,” “continue,” “target” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Any forward-looking statements in this press
release, such as receipt of ongoing research payments and timing of
the collaboration conclusion, are based on management's current
expectations and beliefs and are subject to a number of risks,
uncertainties and important factors that may cause actual events or
results to differ materially from those expressed or implied by any
forward-looking statements contained in this press release,
including, without limitation, uncertainties related to market
conditions. These and other risks and uncertainties are described
in greater detail in the section entitled “Risk Factors” in Addex
Therapeutics’ Annual Report on Form 20-F for the year ended
December 31, 2021, as filed with the SEC on March 10, 2022. Any
forward-looking statements contained in this press release
represent Addex Therapeutics’ views only as of the date hereof and
should not be relied upon as representing its views as of any
subsequent date. Addex Therapeutics explicitly disclaims any
obligation to update any forward-looking statements.
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