Addex Therapeutics today completed a previously announced restructuring move, eliminating 17 of its 19 remaining employees. The company added that CEO Bharatt Chowrira, Ph.D., has stepped down.
Today’s move sets the total remaining headcount at the Geneva-based firm at two. Addex chairman André J. Mueller will supervise what remains of the company.
According to Addex, the firm’s board has asked that company cofounder and CFO Tim Dyer head plans to further reduce operating costs and seek investment, grants, and partners to advance its pipeline and technology platform assets.
Of note is the company’s ADX71149 partnership with Janssen Pharmaceuticals, involving the mGluR2 positive allosteric modulator the two firms developed jointly.
In a statement, Mueller said, “In the coming months we will work diligently to secure the resources necessary to advance our pipeline and monetize our assets to capture potential upside for our shareholders.”