Press Release: Addex Provides Trading Update and Completes 2020 with Strong Cash Position of CHF18.7 million

Geneva, Switzerland, February 17, 2021 --

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Addex Therapeutics (SIX: ADXN and Nasdaq: ADXN), a clinical stage

pharmaceutical company pioneering allosteric modulation-based drug

discovery and development, today announced that it completed 2020 with a

strong cash position of CHF18.7 million of cash and cash equivalents.

"Despite the challenges of the global pandemic in 2020, we made

significant progress in advancing our portfolio, including non-clinical

activities related to our dipraglurant registration program for

Parkinson's disease levodopa induced dyskinesia (PD-LID). We have

maintained readiness to start our pivotal study of dipraglurant for

PD-LID and expect to dose patients in the first half 2021," said Tim

Dyer, CEO of Addex. "Also, in the first half 2021, we look forward to

advancing dipraglurant into a blepharospasm study and seeing our partner,

Janssen Pharmaceuticals, Inc., start their Phase 2 with ADX71149 for the

treatment of epilepsy."

Financial Update

-- Successfully raised $11.5 million in January 2021

-- Cash and cash equivalents at December 31, 2020 of CHF18.7 million

-- Net cash used in 2020 of CHF12.8 million, in line with expectations

Pipeline Update

-- Dipraglurant PD-LID Phase 2b/3 clinical study expected to start in H1

2021

-- Dipraglurant blepharospasm Phase 2 clinical study expected to start in H1

2021

-- ADX71149 (JNJ-40411813) epilepsy Phase 2a proof of concept clinical study

expected to start in Q2 2021 (partnered with Janssen Pharmaceuticals

Inc.)

-- Indivior gamma-aminobutyric acid subtype B (GABAB) positive allosteric

modulator (PAM) partnership research term extended to June 2021.

Additional funding of CHF2.8 million received in 2020.

Upcoming Financial Reports

-- Week of March 8, 2021 - Full-year 2020 financial results and publication

of the Annual Report

About Addex Therapeutics

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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, dipraglurant (mGlu5 negative allosteric modulator or NAM), is

poised to start a pivotal registration clinical trial for Parkinson's

disease levodopa induced dyskinesia (PD-LID) in H1 2021. Addex is also

investigating dipraglurant's therapeutic use in blepharospasm (a type of

dystonia), for which a clinical trial is expected to be initiated in H1

2021. Addex's third clinical program, ADX71149 (mGlu2 positive

allosteric modulator or PAM), developed in collaboration with Janssen

Pharmaceuticals, Inc, is scheduled to enter a phase 2a proof of concept

clinical study for the treatment of epilepsy in Q2 2021. Addex's GABA(B)

PAM program has been licensed to Indivior PLC who are focused on

development for the treatment of addiction. Preclinical programs include

GABA(B) PAM for CMT1A, mGlu7 NAM for PTSD, mGlu2 NAM for mild

neurocognitive disorders, mGlu4 PAM for Parkinson's disease and mGlu3

PAM for neurodegenerative disorders. Addex is listed on the SIX Swiss

Exchange and the NASDAQ Capital Market and trades under the ticker

symbol "ADXN".

Press Contacts:

Tim Dyer Mike Sinclair

Chief Executive Officer Partner, Halsin Partners

Telephone: +41 22 884 15 55 +44 (0)20 7318 2955

Email: mailto:PR@addextherapeutics.com PR@addextherapeutics.com mailto:msinclair@halsin.com msinclair@halsin.com

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Forward Looking Statements

Certain statements made in this announcement are forward-looking

statements. These forward-looking statements are not historical facts

but rather are based on the Company's current expectations, estimates,

and projections about its industry; its beliefs; and assumptions. Words

such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,

' 'estimates,' and similar expressions are intended to identify

forward-looking statements. These statements are not guarantees of

future performance and are subject to known and unknown risks,

uncertainties, and other factors, some of which are beyond the Company's

control, are difficult to predict, and could cause actual results to

differ materially from those expressed or forecasted in the

forward-looking statements. The Company cautions securityholders and

prospective securityholders not to place undue reliance on these

forward-looking statements, which reflect the view of the Company only

as of the date of this announcement. The forward-looking statements made

in this announcement relate only to events as of the date on which the

statements are made. The Company will not undertake any obligation to

release publicly any revisions or updates to these forward-looking

statements to reflect events, circumstances, or unanticipated events

occurring after the date of this announcement except as required by law

or by any appropriate regulatory authority.

(END) Dow Jones Newswires

February 17, 2021 01:00 ET (06:00 GMT)