ADX71149 has been discovered under the collaboration between Addex and Ortho-McNeil-Janssen Pharmaceuticals.
As per the terms of the agreement, Addex is entitled to receive up to EUR112m in milestone payments upon potential development and regulatory achievements.
In addition, Addex is eligible for low double- digit royalties on sales of mGluR2 PAM developed under the agreement.
The company expects to involve around 105 schizophrenia patients in the trial.
Addex CEO Vincent Mutel said they believe that this mGluR2 PAM potentially offers one of the most exciting new and innovative ways to treat schizophrenia, anxiety and related indications.
"This collaboration – which already is profitable for our young company – illustrates the great potential of our strategy to capitalize on our allosteric modulator discovery platform via carefully selected development partnerships like this one," Mutel said.