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Tuesday, Addex Therapeutics Ltd (NASDAQ:ADXN) stock is trading higher with a session volume of 3.79 million versus the average volume of 4.16K as per data from Benzinga Pro.
Addex Therapeutics and Indivior PLC (NASDAQ:INDV) announced that they have selected clinical candidates from their GABAB-positive allosteric modulator (PAM) research collaboration.
Indivior has selected a compound for future development in substance use disorder and will now undertake all future development of their selected compound.
Under the terms of the agreement, Addex is eligible for payment of up to $330 million on achievement of prespecified regulatory, clinical and commercial milestones as well as tiered royalties on the level of net sales from high single digits up to low double-digit.
Under the terms of the agreement, Addex has also exercised its right to select a compound to advance its own independent GABAB PAM program for chronic cough.
“Indivior’s collaboration with Addex has been instrumental in identifying a possible candidate for the treatment of substance use disorders,” said Christian Heidbreder, Chief Scientific Officer at Indivior.”
“The selection of GABAB PAM clinical candidates is the culmination of more than five years of research at Addex in close collaboration with the team at Indivior…We look forward to the next steps in the development of the substance use disorder program under the control of Indivior,” said Tim Dyer, CEO of Addex. “On the Addex side, we are now focused on advancing our selected clinical candidate for chronic cough into IND-enabling studies.”
In July, Addex Therapeutics announced that its partner Janssen Pharmaceuticals, Inc., a unit of Johnson & Johnson (NYSE:JNJ), discontinued the development of ADX71149 (JNJ-40411813) in epilepsy.
The decision follows top-line Phase 2 data announced in April, showing that adjunctive ADX71149 (JNJ-40411813) administration in patients with focal onset seizures with suboptimal response to levetiracetam or brivaracetam did not achieve statistical significance for the primary endpoint of time for patients to reach baseline seizure count when ADX71149 was added to standard of care.
Price Action: ADXN stock is 63.2% at $12.50 during the premarket session at last check Tuesday.
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