ADDEX PHA : Raises CHF20 Million from Biotechnology Value Fund

Addex Pharmaceuticals / Addex Pharmaceuticals Raises CHF20 Million from Biotechnology Value Fund verarbeitet und übermittelt durch Hugin. Für den Inhalt der Mitteilung ist der Emittent verantwortlich. 

Geneva,  Switzerland,  15 September  2010 -  Allosteric modulation company Addex
Pharmaceuticals Ltd (SIX:ADXN) announced today that it raised CHF6 million (US$6
million) through the issuance of 593,567 new registered shares and CHF14 million
(US$14  million)  through  the  issuance  of  zero  coupon  six-month  mandatory
convertible  notes (MCN)  to Biotechnology  Value Fund,  L.P. and its affiliates
(BVF).

"We are proud that such a high caliber life science investor has decided to back
our  proprietary  allosteric  modulator  platform,"  said  Vincent Mutel, CEO of
Addex.  "This  fund  raising  affords  us  the  means  to advance the high value
programs   in   our   pipeline,  including  products  for  osteoarthritis  pain,
endometriosis,  Alzheimer's  disease,  diabetes  and  inflammatory  diseases, in
addition to our lead product, ADX48621, for Parkinson's dyskinesia"

Mark  Lampert, the founder of  BVF, said, "We feel  privileged to become a major
shareholder  of Addex. The company has built an outstanding research engine that
can  sustainably generate novel, high value  drug candidates. Addex represents a
classic value investment and BVF's first major Swiss holding. We look forward to
helping Addex realize its potential."

"The  capital from BVF and  the recent award from  The Michael J. Fox Foundation
for  Parkinson's  Research  significantly  strengthen  our  financial  position,
providing  us with the means to deliver a number of significant value inflection
points  through  early  2013, while  simultaneously  enhancing  our  proprietary
platform," said Tim Dyer, CFO of Addex.

The  transaction was executed on September  14, 2010, after the close of trading
on  the SIX Swiss Exchange.  The transaction was priced  at a 12% premium to the
volume  weighted average price (VWAP) during the  five trading days prior to the
announcement,  corresponding to  a price  of CHF10.18  per share. The new issued
registered  common shares  will be  listed on  the SIX  Swiss Exchange and their
first  day of  trading will  be September  17, 2010. The new  shares, with a par
value  of CHF 1 each, will be issued from the Company's authorized share capital
and  will represent 9% of  the outstanding share  capital after the transaction.
The  terms  of  the  zero  coupon  six-month  mandatory  convertible notes (MCN)
comprise  a fixed conversion price of CHF 10.18 and will convert into 1,371,069
new  shares issued  from the  Company's conditional  capital on  14 March 2011,
representing  17% of  the  outstanding  share  capital after conversion. The MCN
shall  bear  no  interest  and  will  not  be listed. The subscription rights of
existing  shareholders were  excluded in  accordance with  the Addex Articles of
Incorporation.

Addex  announced last  week that  The Michael  J. Fox Foundation for Parkinson's
Research awarded Addex $900,000 to support a Phase II clinical trial of ADX48621
to  treat levodopa-induced dyskinesia in  Parkinson's disease patients (PD-LID),
which is scheduled to start in the fourth quarter of 2010.

Addex  Pharmaceuticals (www.addexpharma.com)  discovers and  develops allosteric
modulators  for human health and is focused on validated therapeutic targets for
diseases  of the central  nervous system, metabolic  disorders and inflammation.
Subject  to regulatory approvals, several Phase  II clinical trials are expected
to  start soon  for two  lead products:  ADX48621 and  ADX71149. ADX48621  is an
mGluR5  negative allosteric modulator (NAM), which will be tested in Parkinson's
disease  levodopa-induced dyskinesia  (PD-LID) and,  separately, non-Parkinson's
dystonia  patients. ADX71149 is  an mGluR2 positive  allosteric modulator (PAM),
which   has   potential  for  treatment  of  schizophrenia,  anxiety  and  other
indications.  ADX71149 is licensed to Ortho-McNeil-Janssen Pharmaceuticals Inc.,
a  subsidiary of Johnson & Johnson. Two  more products may enter Phase I testing
in  2011: ADX71943, a GABA-B  receptor PAM with  potential for chronic pain; and
ADX68692, a follicle stimulating hormone receptor (FSHR) NAM, with potential for
endometriosis  and benign prostatic hyperplasia. In  addition, Merck & Co., Inc.
has  licensed rights  to two  preclinical programs:  mGluR4 PAM  for Parkinson's
disease and mGluR5 PAM for schizophrenia. Additional preclinical discovery stage
programs include: mGluR2 NAM; GLP1R PAM; IL1R1 NAM; and TNFR1 NAM. Roche Venture
Fund  and SR-One,  corporate venture  arm of  GlaxoSmithKline, are  investors in
Addex.

Chris Maggos
Investor Relations & Communications
Addex Pharmaceuticals
[phone]
[e-mail]


Disclaimer:  The foregoing  release may  contain forward-looking statements that
can   be  identified  by  terminology  such  as  "not  approvable",  "continue",
"believes",  "believe", "will", "remained open  to exploring", "would", "could",
or  similar expressions,  or by  express or  implied discussions regarding Addex
Pharmaceuticals  Ltd, its  business, the  potential approval  of its products by
regulatory  authorities,  or  regarding  potential  future  revenues  from  such
products.  Such forward-looking  statements reflect  the current  views of Addex
Pharmaceuticals  Ltd  regarding  future  events,  future economic performance or
prospects,  and, by their very nature, involve inherent risks and uncertainties,
both  general and  specific, whether  known or  unknown, and/or any other factor
that  may materially differ from  the plans, objectives, expectations, estimates
and intentions expressed or implied in such forward-looking statements. Such may
in particular cause actual results with allosteric modulators of mGluR2, mGluR4,
mGluR5,  mGluR7 or other therapeutic targets to be materially different from any
future  results,  performance  or  achievements  expressed  or  implied  by such
statements.  There can  be no  guarantee that  allosteric modulators  of mGluR2,
mGluR4,  mGluR5,  mGluR7  will  be  approved  for  sale  in any market or by any
regulatory  authority. Nor can there be any guarantee that allosteric modulators
of  mGluR2, mGluR4, mGluR5, mGluR7 or other therapeutic targets will achieve any
particular levels of revenue (if any) in the future. In particular, management's
expectations  regarding  allosteric modulators of mGluR2, mGluR4, mGluR5, mGluR7
or  other  therapeutic  targets  could  be  affected  by,  among  other  things,
unexpected  actions by our partners, unexpected  regulatory actions or delays or
government  regulation generally;  unexpected clinical  trial results, including
unexpected  new  clinical  data  and  unexpected additional analysis of existing
clinical  data; competition in general;  government, industry and general public
pricing  pressures; the company's ability to  obtain or maintain patent or other
proprietary  intellectual property protection. Should one or more of these risks
or  uncertainties materialize, or should underlying assumptions prove incorrect,
actual  results may vary materially  from those anticipated, believed, estimated
or  expected. Addex  Pharmaceuticals Ltd  is providing  the information  in this
press  release as of this  date and does not  undertake any obligation to update
any  forward-looking statements contained  in this press  release as a result of
new  information,  future  events  or  otherwise,  except  as may be required by
applicable laws.


[HUG#1444469]



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Addex Pharmaceuticals
12, chemin des Aulx Plan-les-Ouates; Geneva Schweiz

ISIN: CH0029850754;




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