StockMarketWire.com - Addex Pharmaceuticals posts net losses of CHF31.1m for 2011 - down from CHF33.6m last time.
Income felll to CHF3.7m from CHF4.0m and comprised mainly of a milestone payment of CHF2.6m received from Janssen Pharmaceuticals under the mGluR2 PAM licensing agreement and CHF0.7m from a grant received from The Michael J. Fox Foundation for Parkinson's Research to support the dipraglurant Phase II study in Parkinson's disease levodopa-induced dyskinesia.
Research and development expenses decreased by 10% to CHF28.0m in 2011 compared to CHF31.2m in 2010, primarily due to reduced headcount and laboratory consumables.
General and administration expenses increased by 5% to CHF6.7m i mainly due to the net effect of reduced headcount, which was off-set by certain one-off restructuring costs.
Chief executive Bharatt Chowrira said: "Last year Addex made significant progress and breakthroughs on several fronts.
"We were pleased to see two of our orally active allosteric modulators enter phase IIa testing. We fine-tuned our strategy, re-focused on our core strengths and took measures to enhance operational efficiency going forward.
"As a result, the company is now on a much stronger footing and well positioned to achieve our near- and medium-term objectives."
Story provided by StockMarketWire.com
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