News

Good news doesn’t cancel out the bad stuff
Enlarge image

BusinessSwitzerland

Good news doesn’t cancel out the bad stuff

17.04.2012 - Swiss Addex has announced positive results from ongoing studies.
Yet it is dismissing 28 workers – perhaps a delayed effect from bad news last fall.

Geneva – On April 16, only three days after the announcement that its ongoing restructuring efforts will result in laying off 28 employees, Swiss Addex Therapeutics reported positive preclinical data for its lead GABA-B receptor modulator. The orally administered small molecule ADX71441 is a positive allosteric modulator (PAM). In both guinea pig and mouse studies, the selective activation of GABA-B alleviated symptoms in disease-relevant models of  overactive bladder (OAB). While Addex aims for IND/CTA filing before the end of the year, another PAM is already being evaluated in a Phase 2a clinical trial by Addex’ partner Janssen Pharmaceuticals. Activating the glutamate receptor mGluR2 with ADX71449 is being tested to treat schizophrenia.

Yet even better news was publicised in March when Addex reported that in a Phase 2a clinical trial, all key objectives had been achieved: Parkinson’s disease patients suffering from levodopa-induced dyskinesia (LID) were given oral dipraglurant, a small molecule allosteric modulator selectively inhibiting the glutamate receptor mGluR5. The compound not only proved to be safe and tolerable but also significantly reduced dyskinesia severity. In terms of sentiment, however, this news doesn’t make up for the announced workforce cut required. President and CEO of Addex, Bharatt Chowrira, said: „We deeply regret the loss of people’s jobs at Addex but we believe it is necessary to improve the operational efficiency.“

Addex was forced to sail close to the wind last November when Merck & Co. opted not to continue the joint development of ADX88178, a PAM targeting mGluR4. The drug is also assigned to treat Parkinson’s disease. The current lay-offs could very well be the delayed effects of Merck leaving Addex high and dry. 

ResearchUKEU

23.07.2014 In the largest genomic study published on any psychiatric disorder so far, researchers have indentified 83 new locations in the human genome associated with the risk of developing schizophrenia.

BusinessUKIreland

21.07.2014 Abbvie’s tenacious pursuit of British rival Shire is finally paying off: The two companies have unveiled their transatlantic merger worth £32bn (€40bn).

ResearchEUSwitzerland

17.07.2014 A trans-border, cross-disciplinary project that aims to model the human brain in a computer has drawn heavy criticism from scientists pledging to boycott the project.

MergerUK

16.07.2014 After rejecting three merger propositions from US competitor Abbvie, Shire has now given up resistance to the deal and is recommending a new and improved offer worth £31.3bn.

AcquisitionUKDenmarkSpainGermanyFrance

15.07.2014 British specialty pharma company Prostrakan is handing over £230m for Archimedes Pharma Limited, a company that brings its lead product Pecfent and its proprietary drug delivery technology platform into the deal.

FundingEU

11.07.2014 Among the seven newly launched Joint Technology Initiatives (JTI) of Horizon2020 are two with deep roots in biotech: IMI is going into its second round while the newly established Bio-based Industries partnership invests in bioeconomy.

Stock marketNetherlandsUKBelgium

10.07.2014 Not one but two biopharma companies are seeking entry into the stock market: After Abzena raised €25m in an IPO earlier this week, Argen-x has followed suit and sold shares worth €40m.

M and AUKIreland

08.07.2014 Abbvie is determined to bring home British rare disease specialist Shire in a merger worth £30.1bn (€37.9bn). So far, Shire has rejected all offers from the US company.

M and ASwitzerland

04.07.2014 Genentech, a member of Swiss Roche Group, is set to acquire US-biotech Seragon Pharmaceuticals Inc. With the move, Genentech will obtain the rights to investigational breast cancer treatments.

MandAFranceGermany

03.07.2014 Nicox S.A. is stretching beyond the European market: The French eye health specialist is set to acquire Aciex Therapeutics Inc., a US-based pharma company with several ophthalmic therapeutics nearing market maturity.

Events

All Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • BIOINVENT INTERNATIONAL AB (S)3.10 SEK9.15%
  • Allergy Therapeutics (UK)19.12 GBP6.94%
  • PHARMING (NL)0.48 EUR6.67%

FLOP

  • ANTISOMA (UK)1.32 GBP-14.84%
  • XENETIC BIOSCIENCES (UK)6.00 GBP-14.29%
  • CHRONTECH PHARMA (S)0.07 SEK-12.50%

TOP

  • WILEX (D)3.15 EUR331.5%
  • SANTHERA (CH)68.55 CHF99.3%
  • ADDEX (CH)4.08 CHF85.5%

FLOP

  • MERCK KGAA (D)65.43 EUR-48.6%
  • HYBRIGENICS (F)1.83 EUR-29.1%
  • PROSENSA (NL)9.48 USD-26.2%

TOP

  • SANTHERA (CH)68.55 CHF3489.0%
  • GW PHARMACEUTICALS (UK)427.00 GBP780.4%
  • PAION (D)2.79 EUR304.3%

FLOP

  • CYTOS (CH)0.26 CHF-92.4%
  • EVOCUTIS (UK)0.21 GBP-92.0%
  • PROSENSA (NL)9.48 USD-68.2%

No liability assumed, Date: 24.07.2014