Dr. Huh...Busy fellow>>Addex Shareholders Appoint Hoyoung Huh and Oleg Nodelman to Board, Approve All
Board Proposals at Annual General Meeting
PLAN-LES-OUATES GENEVA, SWITZERLAND, Apr 28, 2011 (MARKETWIRE via COMTEX) --
Addex Pharmaceuticals / Addex Shareholders Appoint Hoyoung Huh and Oleg Nodelman
to Board, Approve All Board Proposals at Annual General Meeting . Processed and
transmitted by Thomson Reuters ONE. The issuer is solely responsible for the
content of this announcement.
Geneva, Switzerland, 28 April 2011 - Allosteric modulation company Addex
Pharmaceuticals Ltd (six:ADXN) announced that its shareholders approved all the
proposals of the board of directors at its 2011 annual general meeting (AGM)
today. Hoyoung Huh and Oleg Nodelman have joined the board of directors while
Beat Luethi resigned.
Hoyoung Huh, M.D., Ph.D., said: "I am honoured to contribute to the future growth
and maturation of the Addex allosteric modulation platform. The company's deep
scientific expertise and drug discovery achievements have the potential to create
novel and innovative therapies in major clinical indications. I look forward to
contributing to critical business development and product development strategies
at Addex."
Oleg Nodelman added: "This is a special investment for BVF. We look forward to
helping Addex realize the tremendous upside potential of its unique platform
technology."
A global leader in the biotechnology and healthcare arenas, Dr. Hoyoung Huh has
been involved in the formation and growth of multiple innovative organizations in
the U.S., Europe and Asia. He is currently chairman of the board of directors of
both BiPar Sciences Inc. and Geron Corp. (GERN). He also serves on the board of
directors of BayBio, Jennerex Inc. and SciDose LLC. Dr. Huh was BiPar's President
and CEO, when he led the merger of BiPar with the French pharmaceutical firm
Sanofi-Aventis in 2009. He was previously a member of the board of directors,
chief operating officer, and head of the PEGylation business unit at Nektar
Therapeutics (NKTR). A former partner at McKinsey & Company, Dr. Huh holds an
M.D. from Cornell University Medical College, a Ph.D. in Genetics/Cell Biology
from Cornell University/Sloan- Kettering Institute, and a bachelor's degree in
biochemistry from Dartmouth College.
Oleg Nodelman is a portfolio manager at the Biotechnology Value Fund, a biotech
focused investment fund founded in San Francisco in 1993. Mr. Nodelman was a
consultant with Mercer Management Consulting where he worked closely with senior
management on financial and strategic matters. Mr. Nodelman holds a Bachelor of
Science in International Affairs and a minor in Science in Technology from the
School of Foreign Service at Georgetown University. BVF is a 30% shareholder of
Addex.
Vincent Mutel, chief executive officer of Addex, said: "We are happy to welcome
such a successful entrepreneur as Hoyoung Huh to the Addex board. Also, we
welcome Oleg Nodelman, who will be representing our largest shareholder,
Biotechnology Value Fund, and warmly thank Beat Luethi for his contributions as a
board member over the past 4 years."
Summary of AGM results
Shareholders of Addex Pharmaceuticals Ltd approved:
- Election of Hoyoung Huh and Oleg Nodelman to the board of directors for a
period of 3 years; and
- Re-election of Antoine Papiernik and Raymond Hill to the board of directors for
a period of 3 years.
Shareholders of Addex Pharmaceuticals Ltd also approved:
* The annual report, financial statements and consolidated financial statements
for the business year 2010; * The appropriation of the results, namely that Addex
Pharmaceuticals Ltd would will carry forward the accumulated loss of CHF
32,640,152 for the business year 2010; release CHF 575 from share premium to the
treasury share reserve; and offset the accumulated loss of CHF 64,532,091 with
the share premium;
- Granting full discharge to the members of the board of directors and the
executive management for their activities during the business year 2010; and -
The re-election of PriceWaterhouseCoopers SA, Geneva, as the auditors for the
2011 business year.
And finally, shareholders of Addex Pharmaceuticals Ltd approved the following
amendments to the Articles of Association:
* Renewal and increase of the authorized share capital authorizing the Board of
Directors, at anytime until 28 April 2013, to increase the share capital in an
amount of CHF2,931,246 through the issuance of 2,931,246 fully paid registered
shares with a nominal value of CHF1 each;
- The increase of the conditional share capital reserved for the exercise of
option and/or subscription rights attached to bons de jouissance,which the
employees or directors of the Company or a Group company are granted according to
respective regulations of the Board of Directors in an amount of CHF 408,750
raising the conditional share capital reserved to this effect from CHF 891,250 to
CHF 1,300,000;
- The increase of the conditional share capital reserved for the exercise of
option and/or conversion rights that are granted in connection with the issue of
bonds, similar obligations or other financial instruments by Addex
Pharmaceuticals in the amount of CHF 1,371,069 thereby raising the conditional
share capital reserved from CHF 660,177 to CHF 2,031,246;
- Creation and issue of 409 registered bons de jouissance (Genussscheine/profit
sharing certificates) within the meaning of article 657 of the Swiss Code of
Obligations to be granted to employees and/or directors of the Company or Group
companies. |
