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Addex announces shareholders approval of all board proposals at 2010 AGM.

M2 EQUITYBITES-30 April 2010-Addex announces shareholders approval of all board proposals at 2010 AGM(C)2010 M2 COMMUNICATIONS http://www.m2.com

Allosteric modulation company Addex Pharmaceuticals Ltd (SIX: ADXN) (Zurich:ADXN) today announced that its shareholders have approved the re-election of Vincent Mutel, Andrew Galazka and Beat E. Luthi for a three year term to the board of directors.

The shareholders also approved the 2009 annual report, the 2009 annual financial statements and the 2009 consolidated financial statements.

In addition, the appropriation of the results, namely, that Addex Pharmaceuticals Ltd would carry forward the accumulated loss of CHF57,872,740 for the business year 2009 in full and release CHF3,116 from share premium to the treasury share reserve, was approved.

Further, the shareholders granted full discharge to the members of the board of directors and the executive management for their activities during the business year 2009 and approved the re-election of PricewaterhouseCoopers SA, Geneva as the auditors for the 2010 business year.

Shareholders of Addex Pharmaceuticals Ltd also approved the amendments to the Articles of Association of the creation and issue of 891 registered bons de jouissance (Genussscheine) 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, and the related changes to the Articles of Association.

An amendment to the new Article 3c (formerly Article 3b) such that conditional share capital may be used to cover shares issued pursuant to the exercise of subscription rights of the holders of bons de jouissance was also approved.

In addition, an amendment to Article 29 such that, although there will be an English translation, the official version of the Articles of Association is in French, was approved.

The company said that the shareholders of the company approved all board proposals at the 2010 annual general meeting (AGM) held on 29 April 2010.

(EUR1.00=CHF1.43483)

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Date:Apr 30, 2010
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