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.
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.