Shares of small-cap penny stock Addex Therapeutics Ltd. (NASDAQ:ADXN) are trading lower after the company terminated its Phase 2b/3 study of Dipraglurant for dyskinesia associated with Parkinson's disease due to slow recruitment. The company suspended its guidance amid the termination.
This has been attributed to consequences of COVID-19 related patient concerns about participation in clinical studies as well as staffing shortages and turnover within study sites.
Tim Dyer, Chief Executive Officer of Addex, said "We took this decision because it was not feasible to continue the study at such a slow recruitment rate in the current environment. I'd like to emphasize that it was not dipraglurant related and we continue to believe in the potential of this compound as a treatment for PD-LID."
Addex Therapeutics is a clinical-stage pharmaceutical company focused on the development and commercialization of an emerging class of novel orally available small molecule drugs known as allosteric modulators for neurological disorders.
ADXN Price Action: Addex Therapeutics Ltd. has traded between $10.90 and $1.57 over a 52-week period.
The stock was trading about 51.6% lower at $1.62 per share on Friday at the time of publication.
