Press Release: Addex Reports Q3 2020 Financial Results and Provides Corporate Update

Geneva, Switzerland, November 3, 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 third quarter financial

results and provided an update on corporate activities.

"We continue to execute on our strategy to advance our portfolio of

in-house discovered allosteric modulator programs and have made

significant progress, with three programs scheduled to start clinical

studies in Q1 2021, and a robust pipeline of preclinical programs

advancing towards the clinic," said Tim Dyer CEO of Addex. "Our GABA(B)

PAM program is on track to deliver clinical candidates in 2021 and as

announced yesterday we have received renewed support from our partner,

Indivior. This is a tremendous position to be in and we are looking

forward to achieving these important milestones."

Research & Development Highlights:

-- Dipraglurant PD-LID pivotal Phase 2b/3 clinical trial poised to start in

Q1 2021

-- Dipraglurant dystonia program scheduled to start Phase 2 blepharospasm

clinical trial in Q1 2021

-- ADX71149 Phase 2 epilepsy study: Janssen (J&J) scheduled to dose patients

in Q1 2021

-- GABAB PAM Indivior partnership extended with $2.8 million of additional

research funding -- expect to start IND enabling studies by end of 2021

-- Advancing mGlu2NAM and mGlu7NAM programs into late lead optimization --

clinical candidate selection expected in 2021

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

Institute of Bioinformatics) to identify new therapeutic indications for

ADX10061, a highly selective and potent D1 receptor antagonist

Financial Highlights:

--Cash and cash equivalents of CHF 17.8 million at September 30, 2020

Key Financial Data for the three-months and nine-months ended September

30, 2020

CHF' thousands Q3 20 Q3 19 Change YTD 20 YTD 19 Change

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

Income 102 511 (409) 1,987 1,738 249

R&D expenses (1,979) (2,915) 936 (7,851) (8,808) 957

G&A expenses (1,236) (1,358) 122 (4,496) (4,179) (317)

Total operating loss (3,113) (3,762) 649 (10,360) (11,249) 889

Finance result, net (200) 176 (376) (374) 123 (497)

Net loss for the

period (3,313) (3,586) 273 (10,734) (11,126) 392

Basic and diluted

net loss per share (0.12) (0.14) 0.02 (0.40) (0.42) 0.02

Net decrease in cash

and cash equivalents (2,857) (4,799) 1,942 (13,723) (9,721) (4,002)

Cash and cash equivalents

as of September 30 17,813 31,949 (14,136) 17,813 31,949 (14,136)

Shareholders' equity

as of September 30 15,744 28,775 (13,031) 15,744 28,775 (13,031)

Financial Summary

Income decreased by CHF 0.4 million to CHF 0.1 million in the third

quarter 2020, compared to CHF 0.5 million in the third quarter 2019,

primarily due to reduced revenue recognition under our funded research

collaboration with Indivior. During the nine-month period ended

September 30, 2020, income increased by CHF 0.2 million compared to the

nine-month period ended September 30, 2019, primarily due to increased

revenue recognition under our funded research collaboration with

Indivior.

Research and development costs decreased by CHF 0.9 million to CHF 2.0

million in the third quarter 2020 compared to the third quarter 2019,

and decreased by CHF 1.0 million to CHF 7.9 million in the nine-month

period ended September 30,2020 compared to the nine-month period ended

September 2019, primarily due to the postponement of the start of our

dipraglurant phase 2b/3 PD-LID clinical trial.

G&A expenses decreased by CHF 0.1 million to CHF 1.2 million in the

third quarter 2020 compared to the third quarter 2019, primarily due to

reduced professional fees partially offset by increased directors and

officer's liability insurance premiums. During the nine-month period

ended September 30, 2020 G&A expenses increased by CHF 0.3 million

compared to the nine-month period ended September 30, 2019, primarily

due to increased directors and liability insurance premiums partially

offset by lower professional fees.

The net loss decreased by CHF 0.3 million to CHF 3.3 million in the

third quarter 2020 compared to the third quarter 2019 and CHF 0.4

million to CHF 10.8 million for the nine-month period ended September

30, 2020 compared to the nine-month period ended September 30, 2019,

primarily due to reduced research and development costs.

Basic and diluted loss per share decreased to CHF 0.12 for the third

quarter of 2020 compared to CHF 0.14 for the third quarter of 2019. For

the nine-month period ended September 30, 2020, basic and diluted loss

per share decreased to CHF 0.40 compared to CHF 0.42 for the same period

ended September 30, 2019.

Cash and cash equivalents amounted to CHF17.8 million at September 30,

2020 compared to CHF 31.9 million at September 30, 2019 and CHF 31.5

million at December 31, 2019. The decrease was primarily due to cash

used in operating activities.

Q3 2020 Condensed Consolidated Interim Financial Statements:

The third quarter 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, Tuesday, November 3, 2020 at 16:00

CET / 15:00 GMT/ 10:00 ET, to review the financial results. Tim Dyer,

Chief Executive Officer; Roger Mills, Chief Medical officer; and Robert

Lütjens, Co-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 +41445806522

-- UK +442030092470

-- USA +18774230830

Link for other countries

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2. Provide the operator with the Participant PIN Code: 48937768#

Joining the Live Event Online:

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

following this Webex Link

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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 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

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 2021. 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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Forward Looking Statements:

Certain statements made in this announcement are forward-looking

statements including with respect to the anticipated timing of the

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