Spexis secures USD $2.5 million capital commitment to support the upcoming Phase 3 studies. Addex Therapeutics received CHF 5.7 million in equity financing year to date as well as CHF2.7 million from Indivior in an extended substance use disorder research collaboration.
Spexis AG, a clinical-stage biopharmaceutical company focused on macrocycle therapeutics for rare diseases and oncology, today announced a capital commitment totaling USD $2.5 million with participation from SPRIM Global Investments (SGI) and institutional investors to fund the upcoming Phase 3 ColiFin studies, beginning with the COPILOT study which is expected to initiate in the third quarter of 2023.
ColiFin is an inhaled therapeutic for the management of chronic infections in cystic fibrosis (“CF”) patients. Spexis in-licensed worldwide ex-European rights to ColiFin® from PARI GmbH, a world-leader in nebulized drug delivery. ColiFin already is approved and generates significant sales in the EU. Spexis has negotiated a single P3 study pathway to approval with the U.S. FDA and holds both Orphan Drug and QIDP designations, granting it 12 years of U.S. market exclusivity from the time of U.S. approval.
The USD $2.5 million capital commitment will be in the form of USD $1.0 million in secured, interest-bearing debt with partial warrant coverage from SGI and USD $1.5 million subordinated debt mandatorily converting into equity from institutional investors.
Partner provides Addex with additional CHF2.7 million
Earlier this month Addex Therapeutics announced that its collaboration agreement with Indivior PLC for the discovery of novel drug candidates for the treatment of substance use disorder has been extended until June 30, 2024. As part of the extended agreement, Indivior has committed CHF 2.7 million to support research and discovery activities during this period. Addex retains exclusive rights to advance its own independent GABAB PAM program and is developing compounds for the treatment of chronic cough.
In the context of the half-year results presentations last week, Addex also announced CHF 5.7 million in equity financing year to date. Cash and cash equivalents decreased to CHF 7.2 million at June 30, 2023, compared to CHF 8.8 million at June 30, 2022. The decrease of CHF 1.6 million is primarily due to the cash used in operating activities, partially offset by the proceeds from financing activities mainly related to equity offerings executed on April 3, 2023 and to a lesser extent research funding from Indivior.
(Press relese / SK)
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