July 2008

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Swiss biotech Addex makes first profit, shares rise

ZURICH (Reuters) - Swiss biotech company Addex Pharmaceuticals SA on Monday reported its first profit in the first half of 2008 thanks to a partnership agreement with Merck & Co Inc, lifting its shares.

Geneva-based Addex said it made a net profit of 2.6 million Swiss francs ($2.51 million) mainly due to upfront payments of $22 million from Merck for the license rights for Addex's ADX63365 drug for treating schizophrenia.

That compared with a net loss of 19.5 million francs in the year-ago period.

"Addex

Shares in Addex, which listed on the Zurich stock exchange last year, were up 6.3 percent at 32.00 francs at 1139 GMT.

"Future profitability will be dependent on the timing and structure of additional licensing activities and potential milestones," Addex Chief Financial Officer Tim Dyer said in a statement.

(Reporting by Sam Cage; Editing by Erica Billingham)

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