Addex Therapeutics Turns Loss Into CHF 9.8M Profit For H1 2024 Following Sale To Neurosterix Pharma
Portfolio Pulse from Benzinga Newsdesk
Addex Therapeutics reported a net profit of CHF 9.8 million for H1 2024, a significant turnaround from a CHF 5.1 million loss in H1 2023. This improvement is attributed to the sale of part of its business to Neurosterix Pharma, resulting in CHF 5.0 million in cash and a 20% equity interest in Neurosterix US holdings LLC valued at CHF 9.4 million.
September 19, 2024 | 5:49 am
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Addex Therapeutics achieved a net profit of CHF 9.8 million for H1 2024, reversing a previous loss, due to a business sale to Neurosterix Pharma. This includes CHF 5.0 million in cash and a 20% equity stake in Neurosterix US holdings LLC.
The sale to Neurosterix Pharma significantly improved Addex's financial position, turning a loss into a profit. The cash inflow and equity stake enhance its balance sheet, likely boosting investor confidence and short-term stock price.
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