Geneva-based Addex Therapeutics, a pioneer in the development of allosteric modulators for neurological disorders, has announced the creation of Neurosterix SA in collaboration with funds affiliated with Perceptive Advisors, a life sciences-focused investment management firm. The launch is backed by a notable initial funding of USD 63 million, earmarked for the acquisition of a portfolio of preclinical neuroscience assets and a cutting-edge allosteric modulator drug discovery technology platform from Addex.
Neurosterix, also based in Geneva, is set to expedite the development of these assets, leveraging the substantial investment from Perceptive Xontogeny Venture Fund II, alongside contributions from Perceptive Life Sciences Fund and Acorn Bioventures. This strategic move allows Addex to maintain its ongoing partnerships with Janssen Pharmaceuticals, Inc., and Indivior PLC, and to continue advancing its clinical-stage projects, including therapies for Parkinson’s disease and chronic cough, while still retaining a significant interest in Neurosterix.
The financial arrangement between Addex and Neurosterix not only secures CH F5 million in cash for Addex but also grants it a 20% equity stake in Neurosterix. This collaboration underscores the value of Addex’s technology platform and aims to reduce operating costs for Addex, extending its financial runway and allowing continued focus on achieving key milestones in its partnered programs.
Tim Dyer, CEO of Addex, will dual-hat as the CEO of Neurosterix, guiding the fledgling company in its mission to bring novel treatments to the clinic. The move sees a reshuffling within Addex’s leadership, with significant figures stepping down to dedicate their expertise to Neurosterix, continuing to support Addex through a service agreement.
This collaboration highlights the recognized potential of allosteric modulator technology in the field of drug discovery, which is known for its selectivity and accuracy in influencing biological pathways. Supported by Perceptive Advisors, Neurosterix is well positioned to accelerate the development of its preclinical assets, with the goal of making significant contributions to the treatment of neurological disorders.
