Addex Therapeutics Slips To Q2 Net Loss With Lower Income

(RTTNews) - Addex Therapeutics (ADXN) Tuesday reported a net loss in its second quarter, compared to a profit last year led by sharp decrease in income. On a continuing operations basis, net loss widened from the prior year.

The Swiss clinical-stage biopharmaceutical company's net loss for the period was 1.84 million Swiss Francs, compared a profit of 12.88 million Francs last year. The total loss per share was 0.02 Francs, compared to earnings per share of 0.13 Francs for the same period.

Net profit from discontinued operations was 0.12 million francs, compared to 14.34 million francs a year ago.

On a continuing operations basis, the company's net loss widened to 1.96 million francs from loss of 1.46 million Francs last year. Loss per share from continuing operations was 0.02 Francs, compared to a loss of 0.01 Francs in the previous year.

The biopharmaceutical company's income declined to 0.036 million Francs from 0.115 million Francs in prior-year quarter.

Tim Dyer, CEO stated, "Solidifying our position to use mGlu5 NAMs in brain injury, we entered an option agreement with Sinntaxis to gain access to additional intellectual property in the field. The plan is to explore further the clinical activity of dipraglurant in this indication."