Press Release: Addex Reports Full Year 2020 Financial Results and Provides Corporate Update

-- Strong cash and cash equivalents position at Dec 31, 2020 of $20.2M

(CHF18.7M)

-- Balance sheet further strengthened by $11.5M fundraising on January 11,

2021

-- Three clinical studies in neurology programs expected to start during H1

2021

-- Clinical stage neurology programs aimed at large underserved market

opportunities (Epilepsy, Parkinson's disease LID and Blepharospasm)

Geneva, Switzerland, March 11, 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 reported financial results for the

full-year ended December 31, 2020 and provided a corporate update.

"We ended 2020 in a strong financial position, which was supplemented by

our successful $11.5 million fundraising at the beginning of 2021," said

Tim Dyer, CEO of Addex. "Throughout 2020, we advanced preparations for

the start of clinical studies targeting large underserved market

opportunities. Clinical studies starting in the first half of 2021

include two internal programs, dipraglurant in Parkinson's disease LID

and blepharospasm. Additionally, our partner, Janssen is expected to

start clinical studies with ADX71149 for epilepsy in the second quarter.

Our collaboration with Indivior continues to move forward at a rapid

pace and expect to deliver compounds for IND enabling studies by the end

of this year."

Select Upcoming Milestones:

-- Q2 21 - Phase 2a study starting: ADX71149 for epilepsy. Partnered with

Janssen

-- H1 21 - Phase 2b/3 study starting: dipraglurant for Parkinson's disease

LID (Uncontrolled, involuntary muscle movement)

-- H1 21 - Phase 2a study starting: dipraglurant for blepharospasm

(Uncontrolled squeezing or twitching of the eyelids)

-- Q4 21 - Phase 2a data: dipraglurant for blepharospasm

-- H1 22 - Phase 2a data: ADX71149 for epilepsy

-- Q4 22 - Phase 2b/3 data: dipraglurant for Parkinson's disease LID

(PD-LID)

2020 Operating Highlights:

-- Ended 2020 with a strong cash position of $20.2 million (CHF 18.7

million), coupled with an additional $11.5 million fundraising on January

11, 2021, provides runway till mid 2022

-- Ensured dipraglurant is ready to start pivotal registration study in

levodopa induced dyskinesia associated with Parkinson's disease (PD-LID)

following delay due to the global Covid-19 crisis; study initiation

expected H1 2021

-- Prepared dipraglurant exploratory placebo-controlled clinical trial in

blepharospasm patients, which is scheduled to start in H1 2021

-- Partner, Janssen prepared the start of a Phase 2a proof of concept

clinical study of ADX71149 for epilepsy, which is scheduled to start in

Q2 2021

-- GABAB PAM research program entered clinical candidate selection phase

-- Extended research agreement with Indivior until June 30, 2021, with a

commitment for an additional funding of $2.8 million

-- Awarded CHF600K Innosuisse grant in collaboration with SIB (Swiss

Institute of Bioinformatics) to identify new therapeutic indications for

ADX10061 (D1 antagonist) program

-- Appointed Darryle D. Schoepp, PhD, one of the world's leading and most

successful neuroscience drug developers as Chairman newly formed

scientific advisory board

-- Advanced Eurostars / Innosuisse funded mGlu7 negative allosteric

modulator research program for post-traumatic stress disorder

-- Continue to advance remaining preclinical programs to their next value

inflection points

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

on the Nasdaq Stock Market on January 29, 2020

Key 2020 Financial Data

CHF' thousands 2020 2019 Change

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

Income 3,879 2,834 1,045

R&D expenses (10,373) (12,454) 2,081

G&A expenses (5,749) (4,984) (765)

Total operating loss (12,243) (14,604) 2,361

Finance result, net (616) (176) (440)

Net loss for the

period (12,859) (14,780) 1,921

Basic and diluted

net loss per share (0.48) (0.56) 0.08

Net decrease in cash

and cash equivalents (12,842) (10,133) (2,709)

Cash and cash equivalents 18,695 31,537 (12,842)

Shareholders' equity 14,610 25,524 (10,914)

Financial Summary:

Income increased by CHF 1.0 million to CHF 3.9 million in 2020 compared

to CHF 2.8 million in 2019, primarily due to amounts received under the

licensing and research agreement with Indivior, recognized as related

costs are incurred.

R&D expenses decreased by CHF 2.1 million to CHF 10.4 million in 2020

compared to CHF 12.4 million in 2019, primarily due to delays in

starting certain clinical development activities due to the global

coronavirus pandemic. 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 0.7 million to CHF 5.7 million in 2020

compared to CHF 5.0 million in 2019 mainly due to the increase of CHF

1.3 million relating to increased directors and officer's liability

insurance premiums partially offset by a decrease of CHF 0.5 million in

audit and legal fees.

The net loss for 2020 was CHF 12.9 million compared to CHF 14.8 million

for 2019 primarily due to the decrease in R&D costs. Basic and diluted

loss per share decreased to CHF 0.48 for 2020, compared to CHF 0.56 for

2019.

Cash and cash equivalents amounted to CHF 18.7 million at December 31,

2020 compared to CHF 31.5 million at December 31, 2019. This decrease of

CHF 12.8 million is mainly due to the net loss.

2020 Condensed Consolidated Interim Financial Statements:

The full-year 2020 financial report can be found on the Company's

website in the investor/download section

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here.

Conference Call Details:

A conference call will be held today, March 11, 2021, at 16:00 CET

(15:00 GMT / 10:00 EST / 07:00 PST) to review the financial results. Tim

Dyer, Chief Executive Officer, Roger Mills, Chief Medical Officer 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

-- USA: +1 87 74 23 08 30

-- https://arkadinuk.sharefile.com/share/view/s0e04fcb522ce4024872b3086835672ec

Other Countries

2: Provide the Operator with the Participation Pin Code: 92320595#

Link to live event online:

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

following this

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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

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 GABAB

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

development for the treatment of addiction. Preclinical programs include

GABAB 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 James Carbonara

Chief Executive Officer Partner, Halsin Partners Hayden IR

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