BRIEF—Addex secures interest worth 40 million Swiss francs

Geneva-based Addex Therapeutics has achieved its stated goal of raising 40 million Swiss francs ($42 million) in a book building process launched on 15 February.

The board will seek shareholder approval on 16 March 2018 to sell over 12 million new shares at a price of 3.13 Swiss francs each.

The money will be used to advance Addex's portfolio of drug candidates, including registration studies for lead program, dipraglurant, for levodopa-induced dyskinesia associated with Parkinson's disease.

Chief executive Tim Dyer said the capital "will allow us to advance our portfolio of exciting first-in-class allosteric modulator drug candidates further through clinical development and unlock significant value for our shareholders."