Addex Spin-Out Neurosterix Initiates Phase 1 Clinical Study for Schizophrenia Drug NTX-253
ADXN sits 24% above its 52-week low of $6.51 on light trading volume (0.1× avg).
Summary
Addex Therapeutics announced that its spin-out, Neurosterix, has commenced a Phase 1 clinical study for NTX-253, a potential schizophrenia treatment, in which Addex holds a 20% equity interest.
Key Events · Product Development and Regulatory · ADXN
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Phase 1 Study Commences
Neurosterix, a spin-out of Addex Therapeutics, has initiated a Phase 1 clinical study for NTX-253, a positive allosteric modulator (PAM) of the muscarinic M4 receptor, for the treatment of schizophrenia.
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Novel Therapeutic Approach
NTX-253 represents a new approach to treating schizophrenia by selectively modulating the M4 receptor, with the potential to offer a differentiated efficacy and safety profile compared to traditional dopamine receptor antagonists.
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Addex Retains Equity Stake
Addex Therapeutics holds a 20% equity interest in Neurosterix, which secured $65 million in Series A financing in April 2024, providing Addex with potential future value from the program's success.
Analysis · ADXN · Life Sciences
The initiation of a Phase 1 clinical study for NTX-253 by Neurosterix, a spin-out company, marks a significant advancement in the development of a novel treatment for schizophrenia. While the program is not directly owned by Addex, the company retains a 20% equity interest in Neurosterix, providing a pathway for future value creation. This milestone validates the scientific approach and the potential of M4 PAMs, which could offer a differentiated profile from current antipsychotics. Investors should monitor Neurosterix's progress as successful clinical development could positively impact Addex's valuation through its equity stake.
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At the time of this filing, ADXN was trading at $8.09 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $9.6M. The 52-week trading range was $6.51 to $12.05. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.