Addex Therapeutics FY23 EPS CHF (0.14) Up From CHF (0.46) YoY, Income CHF 1.65M Up From CHF 1.45M YoY
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Addex Therapeutics reported an improvement in FY23 EPS to CHF (0.14) from CHF (0.46) year-over-year, with income rising to CHF 1.65M from CHF 1.45M. The company expects top-line data from its ADX71149 Phase 2 epilepsy study by mid-May 2024. It also launched Neurosterix in collaboration with Perceptive Advisors, raising USD 63 million in Series A funding to boost its preclinical portfolio. Addex received CHF 5 million upfront and 20% equity in Neurosterix, extending its cash runway beyond 2026.
April 18, 2024 | 6:03 am
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Addex Therapeutics reported a significant improvement in its financial performance for FY23, with a narrower loss per share and increased income. The launch of Neurosterix and the successful Series A funding round, in partnership with Perceptive Advisors, are expected to accelerate the development of its preclinical portfolio. The company's financial position is strengthened with an extended cash runway beyond 2026.
The reported improvement in EPS and income for FY23 indicates a positive financial trajectory for Addex Therapeutics. The successful launch of Neurosterix and the partnership with Perceptive Advisors not only provide a significant cash infusion but also validate the company's research and development strategy. The extended cash runway beyond 2026 reduces immediate financial pressure, allowing for sustained focus on its pipeline development. These factors collectively suggest a positive short-term impact on ADXN's stock price.
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