LONDON--(BUSINESS WIRE)--Citi, acting through Citibank N.A., has been appointed by Addex Therapeutics Ltd -- a clinical-stage pharmaceutical company -- to act as depositary bank for its American Depositary Receipt (“ADR”) programme.
Addex Therapeutics’ American Depositary Shares (“ADS”) trade on the Nasdaq Global Select Market under the symbol “ADXN”. Each ADS represents six ordinary shares of the company. Addex Therapeutics’ underlying ordinary shares are listed and trade on SIX Swiss Exchange under the same symbol “ADXN”.
“Listing on the Nasdaq is an important step in the evolution of Addex as we approach the start of the first pivotal registration clinical study for dipraglurant, and I thank the team at Citi for their contributions to this important milestone,” said Tim Dyer, CEO of Addex. “Today marks the beginning of a new chapter for Addex as we continue to execute on our strategy to build a sustainable pharmaceutical company focused on the promise of allosteric modulation for neurological disorders.”
Commenting on the appointment, Dirk Jones, Global Head of Issuer Services, at Citi said: “We look forward to supporting Addex Therapeutics’ Nasdaq listed ADR programme and further expand the company’s investor outreach through the expertise of our leading Investor Relations Advisory team and the breadth of our global equity distribution network.”
For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr.
About Addex Therapeutics
Addex Therapeutics is a clinical-stage pharmaceutical company focused on the development and commercialization of an emerging class of novel orally available small molecule drugs known as allosteric modulators for neurological disorders. Allosteric modulators offer several potential advantages over conventional non-allosteric molecules and may offer an improved therapeutic approach to conventional "orthosteric" small molecule or biological drugs. Addex's allosteric modulator drug discovery platform targets receptors and other proteins that are recognized as essential for therapeutic intervention. Addex's lead drug candidate, dipraglurant (mGlu5 negative allosteric modulator or NAM), is scheduled to enter a pivotal registration clinical trial for Parkinson's disease levodopa-induced dyskinesia (PD-LID) in Q1 2020.
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