Why Addex Therapeutics (ADXN) Shares Are Soaring Today - Addex Therapeutics (NASDAQ:ADXN)

Addex Therapeutics Ltd ADXN shares are surging after reducing the nominal value of its issued, authorized, and conditional share capital from CHF 1.00 to CHF 0.01 following the expiration of a period of two months after the third creditor call in The Swiss Gazette of Commerce under article 732 of Swiss Code of Obligations.
The revised nominal value of CHF0.01 is expected to become effective on the SIX Swiss Exchange on July 26.
The company also provided a corporate update, including a review of its pipeline and financial guidance.
The company ended 1H with a cash balance of CHF 8.8 million that can fund its operations until the end of 2022.
Last month, Addex terminated the development of dipraglurant in levodopa-induced dyskinesia associated with Parkinson's disease (PD-LID) due to slow recruitment and high costs to continue the same.
Now the company is discussing with potential partners to restart Phase 2 study dipraglurant in PD-LID or an alternative indication, including pain, substance use disorders (SUD), neurodevelopmental disorders, and stroke.
In parallel, Addex is looking forward to the data from the ADX71149 Phase 2 epilepsy study in Q4 FY22 conducted by Janssen Pharmaceuticals Inc, a Johnson and Johnson JNJ company.
GABA B PAM partnership with Indivior is currently in the clinical candidate selection phase with IND enabling studies expected to be initiated in Q1 of 2023 for SUD.
Price Action: ADXN shares are up 142% at $2.23 during the market session on the last check Thursday.