Press Release: Addex Reports 2019 Full Year Audited Results and Provides Corporate Update

-- Robust cash position at December 31, 2019 of CHF 31.5 million providing

runway through 2021

-- Awarded Eurostars / Innosuisse grant of EUR4.85 million supporting mGlu7

NAM PTSD program

-- Additional funding of $1.6 million in 2019 from Indivior to support GABAB

PAM addiction program

-- Dipraglurant pivotal registration study in PD-LID ready to start dosing

patients subject to lifting of restrictions in US associated with the

global Covid-19 crisis

Geneva, Switzerland, April 8, 2020 --

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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 reported its full-year audited results

for the year ended December 31, 2019 and provided a corporate update.

"We made significant progress in 2019 in advancing our pipeline of

innovative in-house discovered allosteric modulators, including our

priority dipraglurant levodopa-induced dyskinesia program, which is

ready to start dosing patients in a pivotal registration clinical trial

as soon as the Covid-19 crisis is over," said Tim Dyer, CEO of Addex.

"We also achieved important milestones in our GABA(B) PAM collaboration

with Indivior and secured funding from Eurostars/Innosuisse to advance

our mGlu7NAM program for PTSD as well as completing the listing of

American Depositary Shares (ADSs) on the Nasdaq Stock Market."

2019 Operating Highlights:

-- Dipraglurant pivotal phase 2b/3 clinical trial expected to dose first

patient in H2 2020 and readout topline results in Q2 2022

-- Indivior funded GABAB PAM research program on track to deliver drug

candidates by end of 2020

-- Addex led consortium awarded Eurostars grant of EUR4.85 million to fund

discovery of mGlu7 NAM drug candidates for post-traumatic stress disorder

-- Completed 2019 with a strong liquidity position of CHF31.5 million of

cash and cash equivalents

-- Listed American Depositary Shares (ADS) representing our ordinary shares

on the Nasdaq Stock Market on January 29, 2020

Key 2019 Financial Data:

CHF' thousands 2019 2018 Change

-------- ------- --------

Revenue 2,763 6,044 (3,281)

Other income 71 659 (588)

R&D expenses (12,454) (4,919) (7,535)

G&A expenses (4,984) (3,209) (1,775)

Total operating loss (14,604) (1,425) (13,179)

Finance result, net (177) (220) 43

Net loss for the period (14,781) (1,645) (13,136)

Basic and diluted net loss

per share 0.56 0.07 0.49

Net cash increase/(decrease) (10,134) 39,080 (49,214)

Cash and cash equivalents 31,536 41,670 (10,134)

Shareholders' equity 25,524 39,240 (13,716)

Financial Summary:

Revenue decreased by CHF 3.2 million to CHF 2.8 million in 2019 compared

to CHF 6.0 million in 2018, primarily due to the absence of the USD 5.0

million (CHF4.8 million) upfront payment received from Indivior in

January 2018 but partially offset by the increase in collaborative

research funding from Indivior PLC.

Other income decreased by CHF 0.6 million to CHF 0.1 million in 2019

compared to CHF 0.7 million in 2018, primarily due to the absence of

MJFF research grants recognized in 2018. In 2019, research grants relate

to amounts recognized under our Eurostars/Innosuisse grant.

Research and development expenses increased by CHF7.5 million to CHF

12.4 million in 2019 compared to CHF 4.9 million in 2018, mainly due to

an increase in outsourced development costs related to our dipraglurant

PD-LID program and to a lesser extent our GABA(B) PAM program. R&D

expenses consist primarily of costs associated with research,

preclinical and clinical testing, and related staff costs. They also

include depreciation of laboratory equipment, costs of materials used in

research, costs associated with renting and operating facilities and

equipment, as well as fees paid to consultants, patent costs and other

outside service fees and overhead costs. These expenses include costs

for proprietary and third party R&D.

G&A expenses increased by CHF 1.8 million to CHF 5.0 million in 2019,

compared to CHF 3.2 million in 2018, mainly due to the increase in

headcount and costs related to preparing the listing of ADSs

representing our shares on the Nasdaq Stock Market.

The net loss for 2019 was CHF 14.8 million compared to CHF 1.6 million

for 2018. Basic and diluted loss per share increased to CHF 0.56 for

2019, compared to CHF 0.07 for 2018.

Cash and cash equivalents amounted to CHF 31.5 million at December 31,

2019 compared to CHF 41.7 million at December 31, 2018. This decrease of

CHF 10.2 million is mainly due to the net loss of CHF 14.8 million,

adjusted for changes in net working capital of CHF 2.9 million and

non-cash items of CHF 2.1 million. Non-cash items relate mainly to the

value of share-based services. Changes in working capital relate mainly

to an increases of CHF1.1 million and CHF0.9 million in payables and

accruals, respectively that are primarily related to our dipraglurant

PD-LID program and professional service fees related to our recent

listing of ADSs on the Nasdaq stock market, as well as CHF 0.7 million

of increased contract liabilities related to our funded research

contract with Indivior.

2019 Annual Report:

The 2019 annual report can be found on the

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investor relations page of our website

Conference Call Details:

A conference call will be held today, April 8, 2020, at 16:00 CEST

(15:00 BST / 10:00 ET) to review the financial results. Tim Dyer, Chief

Executive Officer, Roger Mills, Chief Medical Officer, Jean-Philippe

Rocher, Head of Discovery Chemistry and Robert Lütjens, Head of

Discovery Biology will deliver a brief presentation followed by a Q&A

session.

Joining the Conference Call:

1: In the 10 minutes prior to the call start time, call the appropriate

participant dial-in number.

Dial-In Numbers:

-- Switzerland +41 44 580 65 22

-- UK +44 20 30 09 24 70

-- U.S.A +1 87 74 23 08 30

-- Other Countries:

https://events.arkadin.com/ev/docs/International%20Access%20Numbers_%20DETAU2.pdf

2: Provide the Operator with the Participation Pin Code: 76258295#

Link to live event online:

1: In the 10 minutes prior to the call start time, sign in online by

following this link

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Webex Link.

2: Password: Welcome

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

scheduled to enter a pivotal registration clinical trial for Parkinson's

disease levodopa induced dyskinesia (PD-LID). In parallel,

dipraglurant's therapeutic use in dystonia is being investigated in

preclinical models. Addex's second clinical program, ADX71149 (mGlu2

positive allosteric modulator or PAM) is being developed in

collaboration with Janssen Pharmaceuticals, Inc for the treatment of

epilepsy. In addition, Addex's GABA(B) PAM program has been licensed to

Indivior PLC 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.

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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