- Addex Therapy (Nasdaq: ADXN) shares rose about 14% premarket after the announcement of the launch of Neurosterix, a company focused on developing allosteric modulators to treat underserved neurological disorders.
- Leading the launch of Neurosterix, Tim Dyer, in addition to his role of the CEO of Addex, will assume the role of CEO of Neurosterix.
- 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 preclinical asset portfolio and allosteric modulator drug discovery technology platform from Addex and will accelerate its development.
- In exchange, Addex will receive 5 million francs and a 20% stake in Neurosterix.
- Addex will maintain its partnerships with Janssen Pharmaceuticals and Indivior, as well as non-partnered clinical phase assets, including dipraglurant for Parkinson’s disease and post-stroke/TBI recovery, as well as its GABAB positive allosteric modulator preclinical program for cough chronic.
- Source: press release
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