Addex Therapeutics Ltd. (ADXN), a biopharmaceutical company in the clinical stage with a focus on neurological disorders, announced on Friday that its net loss for the third quarter amounted to 1.53 million Swiss francs, an improvement compared to a loss of 2.62 million francs in the same period last year.
The loss per share decreased to 0.02 francs, compared to 0.03 francs the previous year. Last year’s figures included a net loss of 1.91 million francs from discontinued operations.
Focusing solely on continuing operations, the net loss increased to 1.528 million francs from 711 thousand francs the previous year, mainly attributed to the share of the net loss incurred by the Neurosterix Group.
However, the total operating loss was reduced to 622 thousand francs from 749 thousand francs the previous year.
Income for the current quarter fell sharply to 59 thousand francs compared to 329 thousand francs in the previous year.
Tim Dyer, CEO of Addex, remarked, "In the third quarter of 2024, Indivior selected a GABAB PAM drug candidate from our ongoing collaboration for further development in the field of substance use disorders. This development enables us to designate our proprietary GABAB PAM drug candidate as a potential treatment for chronic cough. While we aim to advance this new program internally, we are also seeking partners to fund the subsequent clinical development stages of the program."
