Addex Therapeutics, a leading company pioneering allosteric modulation-based drug discovery and development,  has received USD757,000 from Janssen Pharmaceuticals Inc., following the amendment of their mGlu2PAM research collaboration and licence agreement.

Under the agreement signed between Addex and Janssen in 2004, Addex was required to finance 50 per cent  of the cost of all jointly owned patents. Under this amendment, certain jointly owned patents have been assigned to Janssen and all past patent costs paid by Addex have been reimbursed by Janssen to Addex. Going forward, Addex contribution to patent costs has been significantly reduced. This amendment has no impact on Addex right to receive royalties and milestones under the agreement.

"We are delighted to have strengthened our balance sheet through the receipt of USD757,000 and further reduced our operating cash burn through the reduction in future patent costs." said Tim Dyer, chief executive officer, at Addex. "We thank Janssen for the collaborative spirit with which they have negotiated this amendment."

On December 31, 2004, Addex entered into a research collaboration and license agreement with Janssen Pharmaceuticals Inc. In accordance with this agreement, Janssen acquired an exclusive worldwide license to develop mGlu2PAM compounds for the treatment of human health. Addex is eligible for up to a total of €112 million in milestone payments based on potential development and regulatory achievements. In addition, Addex is eligible for low double-digit royalties on sales of any mGlu2PAM medication developed under the agreement.