Addex Pharmaceuticals CEO Steps Down

Allosteric modulation company Addex Pharmaceuticals Ltd (Swiss:ADXN - News) announced today that Vincent Mutel, PhD, has stepped down from his position as CEO of the Addex group. Mr. André J. Mueller, chairman of the board of Addex, will act as executive chairman and lead an operational subcommittee of directors to manage the transition until a new CEO is appointed.

Under Mr. Mutel's leadership, Addex has become a world leader in the field of allosteric modulator drug discovery and formed significant drug development partnerships with leading pharmaceutical companies. During this time, the company successfully completed several financing transactions, while also receiving grants and awards from non-profit and industry organizations.

Mr. Mueller said: "On behalf of the Board, I would like to thank Vincent Mutel for his commitment and drive in building this exceptional company. During his nine year tenure, Vincent played a pivotal role in founding Addex and growing it into the world's leading allosteric drug discovery platform. We wish him success in his future endeavors. The company, which retains key intellectual property and a core group of highly talented experts in allosteric drug discovery, is in an excellent position to successfully leverage its emerging platform in a manner that maintains alignment with its strategic goals and the interests of its shareholders."

The Board of Directors will be working closely with Mr. Mueller to consider Mr. Mutel's replacement. The Board also has invited Mr. Mutel to consider a possible future advisory role at Addex.

"It's been an exciting venture and a privilege to lead this group of high caliber researchers and staff in adapting allosteric modulation science to drug development," Mr. Mutel said. "I wish my colleagues at Addex continued success."

Addex Pharmaceuticals (www.addexpharma.com) discovers and develops allosteric modulators for human health. The company uses its proprietary small molecule discovery platform to target cell surface receptors that are recognized as having therapeutic potential for treating diseases of the central nervous system, metabolic disorders or inflammation. Two Phase IIa clinical trials are ongoing for two lead products: dipraglurant (ADX48621) and ADX71149. Dipraglurant is an mGluR5 negative allosteric modulator (NAM), which is being tested in Parkinson's disease levodopa-induced dyskinesia (PD-LID). ADX71149, an mGluR2 positive allosteric modulator (PAM), is being tested for treatment of schizophrenia by our partner Ortho-McNeil-Janssen Pharmaceuticals Inc. In addition, Merck & Co., Inc. has licensed rights to two preclinical programs: mGluR4 PAM for Parkinson's disease and mGluR5 PAM for schizophrenia. Unpartnered products in preclinical testing include: follicle stimulating hormone receptor (FSHR) NAM, with potential for endometriosis and benign prostatic hyperplasia; mGluR2 NAM for Alzheimer's disease; and GABA-BR PAM with potential for chronic pain, Fragile X syndrome, urinary incontinence and gastroesophageal reflux disease. Diabetes and inflammation discovery programs include GLP-1R PAM, IL- 1R1 NAM, and TNFR1 NAM.

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