GSK venture capital support for Swiss spin-out

Addex Pharmaceuticals, a spin out from GlaxoSmithKline’s Department of Experimental Pathology in Lausanne, Switzerland,  raised CHF 40 million (€25.2 million) in a third private funding round. SR One, the venture capital arm of GlaxoSmithKline, invested for the first time. It led the round, which was supported also by another new investor, the Roche Venture Fund.

The latest round brings the total raised by Addex since it was spun out in July 2002 to CHF 106 million (€66.7 million).

The money will be used to fund clinical trials of the lead product ADX10059, a glutamate receptor modulator, which has just entered Phase II in both the treatment of acute migraine and gastro oesophageal reflux disease. A further Phase II of the same compound in acute anticipatory anxiety is due to start soon. The second product, ADX10061, a dopamine D1 antagonist is expected to start a Phase IIa US trial in breaking nicotine addiction in the next few months.