Addex Therapeutics, a leading company pioneering allosteric modulation-based drug discovery and development, said it completed 2014 with cash and cash equivalence of 1.8 million Swiss francs as of December 31, 2014, compared to 2.9 million francs in 2013.
Full year 2014 cash utilization was 1.1 million francs, in comparison with 12.3 million francs in 2013.
Addex said it continues to engage potential pharmaceutical partners, patient advocacy groups, academic institutions, government organization and investors to secure required resources to advance its pipeline of drug candidates.
Tim Dyer, CEO, said, "We are pleased to have significantly reduced our cash burn and completed 2014 with sufficient cash reserves to see us into 2016. We thank our collaboration partners for the excellent work they are performing and look forward to reporting data in the coming months. In addition we look forward to establishing new collaborations in 2015 to further advance our exciting pipeline of drug candidates."
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