Addex Therapeutics announced the launch of Neurosterix, a company focused on developing allosteric modulators for the treatment of underserved neurological disorders. With initial funding of $63 million from Perceptive Xontogeny Venture Fund II, with participation from Perceptive Life Sciences Fund and Acorn Bioventures, Neurosterix will acquire a portfolio of preclinical assets and the allosteric modulator drug discovery technology platform from Addex and accelerate their development. Addex's pipeline now consists of: ADX71149 - a metabotropic glutamate receptor subtype 2 positive allosteric modulator (mGlu2 PAM) currently in a Phase 2 clinical study for the treatment of epilepsy in collaboration with Janssen Pharmaceuticals Inc.; A GABAB PAM program licensed to Indivior currently in clinical candidate selection with a focus on substance use disorder; Dipraglurant a Phase 2 ready mGlu5 NAM under evaluation for future development in dyskinesia associated with Parkinson's disease and post-stroke/traumatic brain injury (TBI) recovery; and GABAB PAMs in clinical candidate selection for chronic cough.

The launch of Neurosterix in partnership with Perceptive is an important validation of the Addex allosteric modulator drug discovery technology platform and provides the resources to accelerate development of important preclinical assets, including the M4 PAM and mGlu7 negative allosteric modulator (NAM) programs, into the clinic This transaction significantly reduces Addex operating costs and provides CHF5 million of cash thereby extending cash runway beyond 2026. This allows to reach important milestones from partnered programs, including the Phase 2 epilepsy data from Janssen partnership in the second quarter of 2024 as well as retaining an important upside in the future of Neurosterix through 20% equity interest. Allosteric modulators bind to their target receptor outside of the active site, where the natural ligand and traditional drugs operate.

This non-competitive mode of action brings greater selectivity and more precision over the control of biological pathways, potentially delivering improved efficacy and safety. Addex pioneered the development of high-throughput industrial-scale discovery tools for allosteric modulator drug discovery, which have delivered a broad pipeline of oral small molecule drug candidates with the potential to transform the treatment of multiple neurological disorders. Addex's pipeline now consists of: ADX71149 - a metabotropic glutamate receptor subtype 2 positive allosteric modulator (mGlu2 PAM) currently in a Phase 2 clinical study for the treatment of epilepsy in collaboration with Janssen Pharmaceuticals Inc.; A GABAB PAM program licensed to Indivior currently in clinical candidate selection with a focus on substance use disorder; Dipraglurant a Phase 2 ready mGlu5 NAM under evaluation for future development in dyskinesia associated with Parkinson's disease and post-stroke/traumatic brain injury (TBI) recovery; and GABAB PAMs in clinical candidate selection for chronic cough.