The Life Sciences Report

Addex Therapeutics TICKER: ADXN:SIX; ADDXF:OTCBB Addex Therapeutics is pioneering discovery and development of an emerging class of oral, small-molecule drugs called allosteric modulators, which can offer significant therapeutic advantages over conventional "orthosteric" drugs. The company uses its proprietary discovery platform to address receptors and other proteins that have been undruggable for conventional drug discovery methods, including G protein-coupled receptors, receptor tyrosine kinases and cytokine receptors. Many such targets have previously remained inaccessible to small-molecule drug discovery.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Michael Aitkenhead, Edison Investment Research (4/19/13) "Addex Therapeutics has reported positive preclinical data for dipraglurant (an oral mGlu5 inhibitor) in a validated model of primary generalized tortional dystonia 1 (DYT1), a severe genetic form of dystonia (involuntary muscle spasms). . .positive dipraglurant preclinical data in dystonia support progression into a phase 2 trial in H1/13."

Robin Davison, Edison Investment Research (3/5/13) "Addex Therapeutics is to undergo a restructuring that will substantially reduce the size of its Swiss research operations to free up financial resources for the clinical development of two programs—dipraglurant and ADX71441—for orphan disease indications. . .a listing on NASDAQ could broaden the potential U.S. investor base. . .the central element of the company's revised strategy is to advance its clinical-stage candidates. . .this is, in our view, sensible, as orphan drugs offer a potentially quicker (and less expensive) route to market and decent revenue-generating potential."

Juan Sanchez, Ladenburg Thalmann (2/8/13) "Addex Therapeutics announced important strategic changes including: 1.) A focus on rare diseases with at least two programs in the next 12 months, 2.) Reduce early-stage discovery efforts and focus on monetizing non-rare-disease opportunities and 3.) Plans to list on a U.S. stock exchange. . .we believe the company's decision to focus on orphan indications could allow it to generate proof-of-concept data and maintain the option of becoming a commercial company (and/or retain greater share of economics) in a shorter period of time and with less financial resources than with other alternatives. . .we see ADX71149 as a source of upside potential. . .and believe the ADX71149 program could be potentially transformative for Addex."

Christopher Marai, Wedbush (2/7/13) "Addex Therapeutics' current valuation undervalues the company’s assets, in our opinion. We continue to believe that with an enterprise value of less than $80M, that the company's shares could outperform the market over the next 12 months. We reiterate our Outperform rating."

Christopher Marai, Wedbush (11/14/12) "Addex Therapeutics and partner Janssen Pharmaceuticals Inc. reported positive results from part B of their phase 2a trial of ADX71149, a novel mGluR2 positive allosteric modulator for the treatment of schizophrenia. The company is also currently working on partnering its candidate dipraglurant for the treatment of levodopa associated dyskinesia and other symptoms of Parkinson's disease. . .we reiterate our Outperform rating."

Addex Therapeutics Content

Corporate Presentation (4/3/13)

• Read an Interview by the Michael J. Fox Foundation discussing Adexx's new Parkinson's Treatment.

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