Addex Therapeutics Ltd. (fka ADDXF)

[tykundegex]

Article in Geneva-based Le Temps newspaper about restructuring:

(translated by Google from http://www.addexpharma.ch/fileadmin/user_upload/Media_Exposure/agefi_2011-07-08_ven_04.pdf )


Addex forced to adapt its organizational structure

The Geneva group dismisses quarter of its workforce and is considering other measures of cost reductions. The objective is to decrease of 8 million per year by 2012.

Addex adapts its structures.

Never fully recovered from the loss enthusiastic post-crisis financial investors to the sector biopharmaceuticals, the Geneva group yesterday announced its willingness save about 8 million francs per year. And 2012. The management plans to eliminate up to 25% of the current workforce.

This measure should cover about 25 employees, since according to the latest annual report of the company, one hundred and ten people worked for her in late 2010.

"This is a maximum number, the phone says Chris Maggos, Head of Communications. There will be some attrition for which the positions will not be replaced. "

As required by the legal framework, a consultation is open for employees of Plan-Les-Ouates. Addex and to return to more Later, when the proposals of the employees have been heard by the management. During the agreed period of two weeks, the management work more pecifically to the precise contours of restructuring. The public will share timely announcement

The statement released in the morning. This decision was taken by the Board to ensure the development of a considered strong product portfolio and optimizing the use of balance sheet and capital continues Addex. Cited in the document, Chief Financial Officer Tim Dyer indicates that resizing will "to ensure funding" until the end of 2013. "Job losses are regrettable. But the future of society is better
secure" says the CFO in particular, often considered a central figure in the recent development of the company. Apart from human resources, other sources of expenditure will be also reallocated, said spokesman Chris Maggos, adding However, it would be premature to detail the steps to time. At the strategic level in any case, nothing particularly new has been announced.

Also in the news, Addex says will keep its priorities: research and development of therapies to treat diseases of the central nervous system, inflammatory diseases and metabolism. The group will also continue to seek new strategic partners. Particular product candidate for the mGluR, the receiver GLP-1, TNF family receptors, and interleukin-tyrosine. Last April, the then CEO Vincent Mutel had pointed a type misunderstanding between the model and market group, between approach biopharma industrial type claimed by Addex and Investors focused on the cash inflows. Last year, the loss net of the company amounted to 33.6 million francs, against 42.7 million francs in 2009. In September 2010, the fund Investment California Biotechnology Value Fund (BVF) has committed up to 20 million francs, bringing to 260 million francs the total capital raised by Addex since its inception in 2002. In our columns, Vincent Mutel, one of the creators of the
society, had also stressed the importance of controlling costs. An approach which he believes differentiates the models Addex more traditional in biopharma. It has clearly been heard on this point. Except that the next phase of relief will be without him since his departure from the company was announced in early June last.

The management has been assured by the Chairman of directors, André Müller.

"THE FUTURE OF THE COMPANY IS SAFE AND WELL." THE CFO TIM DYER INDICATES THAT THIS RESIZING WILL SECURE FUNDING UNTIL END 2013."