Switzerland's Addex Pharmaceuticals raised $111 million in its IPO on Monday. The company priced its shares at 73 Swiss francs each, near the top if its range. Investors were apparently attracted by Addex's pipeline of therapeutics. ADX10059 has completed two mid-stage studies for gastroesophageal reflux disease and migraine while an antismoking vaccine is in Phase IIa and another therapy is in early clinical development for depression, anxiety and inflammatory pain. Addex also has eight preclinical drugs in development. Addex's shares rose to 75 francs this morning.
"This capital increase allows us to pursue our expansion strategy and continue building a sustainable pharmaceutical business around our allosteric modulator platform," said chief finance officer and co-founder Tim Dyer.
- checkout the AFX report on Addex
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