Latest news with #USD65
Daily Express
3 days ago
- Business
- Daily Express
Masiung urges govt intervention over Petronas job cuts
Published on: Tuesday, June 10, 2025 Published on: Tue, Jun 10, 2025 Text Size: SANDAKAN: Gagasan Rakyat vice-president Datuk Masiung Banah has urged the federal government to intervene over Petronas' move to retrench over 5,000 contract workers, mostly Bumiputera from Sabah and Sarawak. He called for an engagement session between the government, Petronas, and workers' unions to ensure decisions aren't made unilaterally. Advertisement 'This isn't a small issue, it affects thousands of families,' said Masiung after officiating the party's Karamunting division AGM. The Kuamut assemblyman questioned the rationale behind such large-scale cuts despite oil prices remaining stable at USD65 per barrel, noting that in 2016, when prices fell to USD44, only 1,000 workers were let go. 'If profits are still dropping, then something is clearly wrong with governance in Petronas,' he said, urging the Sabah and Sarawak governments to protect local workers who are key contributors to the national oil and gas sector. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Yahoo
26-04-2025
- Business
- Yahoo
Addex Therapeutics Ltd (ADXN) Q4 2024 Earnings Call Highlights: Strategic Spinout and Financial ...
Series A Financing: USD65 million raised for Neurosterix, led by Perceptive Advisors. Cash Received: CHF5 million in cash from the Neurosterix transaction. Equity Interest: 20% equity interest in Neurosterix. Cash Balance: CHF3.3 million at the end of 2024. Revenue: CHF400,000 in 2024, down from CHF1.6 million in 2023. R&D Expenses: CHF0.8 million for continuing operations in 2024. G&A Expenses: CHF2.3 million for continuing operations in 2024. Net Loss from Associates: CHF2.2 million related to the 20% equity interest in Neurosterix. Current Liabilities: CHF0.8 million as of December 31, 2024. Noncurrent Liabilities: CHF0.2 million as of December 31, 2024. Warning! GuruFocus has detected 6 Warning Signs with ADXN. Release Date: April 25, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Addex Therapeutics Ltd (NASDAQ:ADXN) successfully launched Neurosterix with a USD65 million Series A financing, securing CHF5 million in cash and a 20% equity interest. The GABAB PAM program made significant progress, with Indivior selecting a compound for development in substance use disorders and starting IND-enabling studies. Addex Therapeutics Ltd (NASDAQ:ADXN) regained rights to the Phase II asset ADX71149 from Johnson & Johnson, providing a high-value data set and significant materials. The company has a strong patent position and a ready drug product for dipraglurant, which is being repositioned for brain injury recovery. Addex Therapeutics Ltd (NASDAQ:ADXN) has a cash runway through mid-2026, with reduced cash burn following the Neurosterix spinout transaction. Current cash does not fund the progression of unpartnered programs into the clinic, indicating a need for additional financing. The completion of the funded research phase with Indivior led to a decrease in recognized income from CHF1.6 million in 2023 to CHF400,000 in 2024. Continuing R&D expenses primarily related to the GABAB PAM program decreased, reflecting the completion of the research phase of the Indivior collaboration. The company faces challenges in raising significant capital due to its low market capitalization, which could be highly dilutive to shareholders. Addex Therapeutics Ltd (NASDAQ:ADXN) has divested its allosteric modulator technology platform and the majority of its staff to Neurosterix, potentially impacting internal capabilities. Q: Could you provide more details about Neurosterix and its projects? A: Tim Dyer, CEO of Addex Therapeutics, explained that Neurosterix was founded as a spin-out from Addex, including their platform, facilities, and staff. It was sold to a US LLC with a $65 million capital commitment from investors led by Perceptive Advisors. Addex retains a 20% interest. Neurosterix focuses on neuropsychiatry with four programs: a muscarinic M4 PAM, an mGluR7 negative modulator, an mGluR2 negative allosteric modulator, and an undisclosed early-stage program. Q: How do you see the strategic environment evolving for dipraglurant in neuro rehabilitation? A: Mikhail Kalinichev, Head of Translational Science, stated that dipraglurant has shown good tolerability and will be tested in clinical pharmacology studies to assess its impact on neuroplasticity. Initial studies will be conducted with healthy volunteers, followed by post-stroke patients, to confirm its potential in enhancing rehabilitation outcomes. Q: What impact does the failure of the Phase III trial of Cobenfy have on your strategy for Neurosterix's assets? A: Mikhail Kalinichev noted that the failure has minimal impact on their strategy. They remain confident in the muscarinic M4 target for psychosis and continue to pursue monotherapy approaches. Q: What are your plans for the compound returned from J&J? A: Tim Dyer mentioned that Addex is evaluating the compound, which has a significant amount of data and material. They are in discussions with potential partners to explore development opportunities for this high-quality asset. Q: Does Addex have additional responsibilities in managing Neurosterix due to its 20% investment? A: Tim Dyer clarified that Neurosterix operates independently with its own team, which includes former Addex staff. He serves as CEO for both companies under a service agreement, ensuring strategic alignment without direct management responsibilities. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
