Addex to cut 28 jobs at Geneva operation
This is a strategic move from a position of strength, says ceo
Addex Therapeutics, a pioneer in allosteric modulation-based oral small molecule drug discovery and development, is to axe jobs as part of its aim to improve efficiency, reduce costs and drive long-term success.
The Swiss firm said after reviewing the business it plans to reduce the size of its operations in Geneva with the loss of 28 jobs. A consultation process with those involved has begun.
Bharatt Chowrira, president and chief executive of Addex, said: ‘The loss of people's jobs at Addex is something we deeply regret. However, we believe it is necessary to improve the operational efficiency and reduce cost structure without harming pipeline execution and innovation.’
He said Addex was implementing this initiative ‘from a position of strength’ following positive results in Parkinson's disease levodopa-induced dyskinesia Phase II clinical trials.
‘We believe that these measures will position Addex for long-term success and help build significant shareholder value,’ he added.
The firm will continue to develop its pipeline of novel oral small molecule drug candidates through to clinical proof of concept and pursue partnerships with larger organisations that are able to ‘offer significant development and marketing capabilities’.
Addex recently announced positive top-line results from a Phase II clinical trial of its dipraglurant product for patients with Parkinson's disease levodopa-induced dyskinesia.
In addition, Addex’s partner Janssen Pharmaceuticals is currently evaluating ADX71149, a treatment for schizophrenia, in a Phase IIa clinical trial.
The firm has also received positive data from studies of its GABA-B receptor (GABA-BR) positive allosteric modulator (PAM) oral small molecule in overactive bladder (OAB).
