1. Addex Pharmaceuticals
Investor Relations Slides
January 2010

2. Disclaimer
These materials do not constitute or form part, or all, of any offer or invitation to sell or issue,
neither in the United States of America nor elsewhere, or any solicitation of any offer to purchase
or subscribe for, any securities, nor shall part, or all, of these materials or their distribution form
the basis of, or be relied on in connection with, any contract or investment decision in relation to
any securities.
These materials contain forward-looking statements based on the currently held beliefs and
assumptions of the management of Addex Pharmaceuticals Ltd, which are expressed in good
faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown
risks, uncertainties and other factors, which may cause the actual results, financial condition,
performance, or achievements of Addex Pharmaceuticals Ltd, or industry results, to differ
materially from the results, financial condition, performance or achievements expressed or
implied by such forward-looking statements. Given these risks, uncertainties and other factors,
recipients of this document are cautioned not to place undue reliance on these forward-looking
statements. Addex Pharmaceuticals Ltd disclaims any obligation to update these forward-looking
statements to reflect future events or developments.
These materials are strictly confidential and must not be disclosed or distributed to third parties.

3. The Company
• Goal: allosteric modulators for human health
• Focus: CNS, inflammation, metabolic disorders
• Proprietary allosteric modulator discovery platform
- Unique chemical library (~70,000 compounds)
- Proprietary biological screening tools
• Pipeline
- ADX48621 starts Phase II in PD-LID in 4Q10 (Ph I completed in 2009)
- ADX71149 Phase I program (initiated June 2009) by Ortho-McNeil-Janssen
- 13 preclinical/discovery programs
• Pharma validation
- Drug development deals with Merck & Co., Inc. and Ortho-McNeil-Janssen
- Equity investments by GlaxoSmithKline (5%) and Roche
• 145 staff / founded 2002 in Geneva, Switzerland
3

4. Financials
• Cash: about CHF75m* (€62m / US$89m) at end 2009
• 2010/11 cash burn guidance: CHF35-40m
• Market cap (6 Jan 10): CHF82m (€55m / US$80m)
• SIX Swiss Exchange: ADXN (ISIN:CH0029850754)
• 5,862,492 shares outstanding as of June 30, 2009
• Five analysts covering:
Piper Jaffray Sam Fazeli & Michael Aitkenhead
Jefferies Peter Welford & Philippa Gardner
Helvea Olav Zilian
Bank Vontobel Andrew C. Weiss & Silvia Schanz
Bank am Bellevue Bob Pooler
*assuming midpoint of cash burn guidance for CHF43-47m was achieved 4

5. Pipeline
Assay Dev & Lead
Mechanism Partner Hit-to-Lead Preclinical Phase I Phase II Milestone
Screening Optimization
mGluR5 NAM ADX48621 Parkinson’s disease levodopa induced dyskinesia (PD-LID) Start Ph II 4Q10
mGluR2 PAM J&J* ADX71149 Anxiety / Schizophrenia funded & developed by J&J
not disclosed
mGluR5 PAM Merck & Co. ADX63365 Schizophrenia‡funded & developed by Merck not disclosed
GABAB PAM ADX71943 Pain / Urinary Incontinence / GERD Start Ph I 4Q10
FSH NAM ADX68692 Endometriosis / Prostate Cancer Start Ph I 1Q11
mGluR2 NAM Alzheimer’s / Depression
mGluR4 PAM Merck & Co. Parkinsons’s disease‡
mGluR7 NAM
with Merck funding
Depression / Post Traumatic Stress Disorder CNS
Orexin 2R NAM Sleep disorders
GLP-1 PAM Type II diabetes
GIPR PAM Type II diabetes Metabolic Disorders
TNF-R1 NAM Rheumatoid Arthritis, Psoriasis, Alzheimer’s, Multiple Sclerosis
A2A PAM Psoriasis, Osteoarthritis Inflammation
IL-1R1 NAM Gout, Type II diabetes
NAM = negative allosteric modulator (an inhibitor)
PAM = positive allosteric modulator (an activator)
*Ortho-McNeil-Janssen Pharmaceuticals Inc., a Johnson & Johnson company 5
‡ undisclosed additional indications

6. Deals to Date
Status Upfront Cash
Partner Product Indication(s) Milestones
at signing (Date)
Ortho-McNeil-Janssen ADX71149 Anxiety & €3 million1 not
Hit-to-Lead
(a J&J company) mGluR2 PAM schizophrenia (Dec 2004) disclosed2
Parkinson’s $3 million4 $167.5
Merck & Co., Inc. mGluR4 PAM Hit-to-Lead
disease3 (Dec 2007) million2
ADX63365 Clinical $22 million $680
Merck & Co., Inc. Schizophrenia3
mGluR5 PAM Candidate (Jan 2008) million2
1€4.2 million in research funding were paid to Addex during the research collaboration, which completed
in 2007. Addex received an additional €1 million milestone when ADX71149 started Ph I testing.
2 plus royalties on sales
3 & other undisclosed indications
4 After the first two preclinical milestones were achieved (totaling $750k) the collaboration was extended
in late 2009 and Merck agreed to add $1.8 million in research funding in addition to original terms
6

7. ADX48621 for
Parkinson’s Disease

8. Why PD with mGluR5 NAM?
• Loss of dopamine producing cells leads to
excess glutamatergic stimulation
• Inhibition of mGluR5 has been shown to
reduce glutamatergic stimulation and have
anti-Parkinsonian effects in animal models
Conclusion: mGluR5 inhibition may be a
levodopa sparing strategy 8

9. ADX48621 efficacy in HIC
• Haloperidol induced catalepsy (HIC) is a model of PD
ADX48621 dose-dependently reversed HIC in 3 independent experiments
This effect was statistically significant and comparable to MTEP
• ADX48621 effects in HIC suggest that it
should be tested further as a potential drug for PD
has potential to be a dopamine sparing agent
1st experiment
**p<0.01, ***p<0.001 versus vehicle group 2nd experiment
90 3rd experiment
80
70
60
Latency (sec)
50
**
40 ** ***
**
30 *** *** *** ***
***
20
10
0
Vehicle ADX48621, 1 ADX48621, 3 ADX48621, 10 ADX48621, 30 M TEP, 30
mg/kg mg/kg mg/kg mg/kg mg/kg
+ 1 mg/kg haloperidol 9

10. ADX48621
works in MPTP model
ADX48621 is the first product to reduce both Chorea & Dystonia in this model
Significant effects on Chorea Significant effects on Dystonia
15 15
dystonia (0-2 hr)
chorea (0-2 hr)
10 10
**
5 5
*
0 0
vehicle 3 10 30 vehicle 3 10 30
ADX48621 (mg/kg) ADX48621 (mg/kg)
L-DOPA (100%) L-DOPA (100%)
10

11. ADX48621 Perspectives
• ADX48621 has the potential to be a best-in-class for PD/PD-LID
– Potential effects on PD symptoms
– Potential levodopa sparing agent
– Potential effects on dystonia & chorea in PD-LID
• Evidence supporting mGluR5 inhibition for PD as well as PD-LID
– Our rodent HIC data suggest ADX48621 potentiates the anti-parkinsonian effect of levodopa
– mGluR5 blockade reverses PD symptoms/deficits in rodents (Breysse et al 2003, Armetero et al 2006)
– mGluR5 blockade may also have beneficial effects on cognitive deficits induced by dopamine depletion (De
Leonibus et al 2009)
– mGluR5 effects on central pain processing may reduce pain symptoms in PD / PD-LID / dystonia
– Gastrointestinal dysfunction is a frequent and occasionally dominating symptom of PD, and mGluR5
blockade, might also address these symptoms
– mGluR5 blockade may also be interesting for the treatment of co-morbid anxiety
• Potential first treatment for dystonia
– Parkinson’s disease
– Generalized dystonia
– Tardive dyskinesia
– Levodopa non-responsive PD syndrome
– Multiple system atrophy 11

12. ADX48621 PD–LID
Phase II Plan
• Study ADX48621-201 (about 150 to 200 patients)
• Goal: dose escalation study to find median effective dose
• Placebo-controlled, randomised, multi-center study in EU and U.S.
• One to two week run in baseline dyskinesia and PD symptom evaluation period
• 12 weeks dosing with study medication
• Dose escalation over the first 4 weeks
• Symptoms evaluated on a stable dose regimen over the subsequent weeks 5-12
• Outcome measures would include
– UPDRS subscales 32 and 33 movement rating
– Abnormal Involuntary Movement Score (AIMS)
– Levodopa Induced Dyskinesia rating scale (LIDS – still undergoing validation)
– Patient reported outcome of “good on time”
– Evaluation of other anti-Parkinsonian effects
– Overall UPDRS
– Activities of Daily Living
– Global Clinical Impression
– Safety and tolerability
• Scheduled start: 4Q10
• Data: 1H12
12

13. ADX71149 mGluR2 PAM
• ADX71149 is a positive allosteric modulator of mGluR2
– mGluR2 activation is clinically validated in anxiety1 & schizophrenia2
– Our mGluR2 PAM will be differentiated from mGluR2/3 agonists in
development at Eli Lilly
• ADX71149 Phase I testing started in June ’09 by our partner
Ortho-McNeil-Janssen (a J&J company)
• ADX71149 is a high priority for J&J
– It is one of the most exciting products for schizophrenia today
– J&J markets Risperdal
– Eli Lilly markets Zyprexa and has an mGluR2/3 agonist in Ph II testing
• ADX71149 is the first PAM of an mGluR to enter humans
13
1http://bit.ly/JOtTb 2http://bit.ly/54lKd

14. ADX63365 mGluR5 PAM
• Merck & Co., Inc. is performing preclinical development of ADX63365 and
multiple mGluR5 PAM backups
• mGluR5 PAM have demonstrated efficacy in animal models of schizophrenia
– mGluR5 PAM reversed schizophrenia-like brain activity induced in animals by
NMDA receptor antagonists
– mGluR5 PAM reverse both the effects of excess dopamine and NMDA receptor
hypofunction in schizophrenia models
– mGluR5 PAM reversed psychosis in preclinical testing
– mGluR5 PAM reversed cognitive dysfunction in preclinical testing
• mGluR5 PAM will be highly differentiated if they address cognitive deficit in
schizophrenia clinical testing
– Many schizophrenia patients are unable to learn skills or support themselves
– Marketed drugs and most drugs in development can reduce psychosis BUT have
not been shown to improve cognitive function
– FDA has recognized that cognitive deficit is an unmet medical need in
schizophrenia
14

15. ADX71943 GABAB PAM
• GABAB receptor is a clinically validated target
– Baclofen, GABAB agonist, is marketed to treat spasticity
• off-label use in pain and other indications
• experimental GABAB agonists efficacious in Phase II clinical GERD
trials(XP19986/Xenoport & AZD3355/AstraZeneca)
• ADX71943 is differentiated
– Allosteric mechanism may avoid dose dependent CNS side effects
(somnolence/dizziness) seen with orthosteric agonists
– Allosteric mechanism may avoid desensitization and open the possibility
of oral chronic use thus allowing potential to treat pain (i.e. osteoarthritis)
15

16. ADX71943 analgesic-like effects
in preclinical models
Analgesic-like effect of ADX71943 in the Analgesic-like effect in the writhing
CFA* model in rats after oral administration test of oral ADX71943 in mice
Vehicle 22 vehicle ADX71943 Baclofen
25
Withdrawal Threshold
1 mg/kg ADX-71943 20 Experiment 1
3 mg/kg ADX-71943 18
Number of writhes
Experiment 2
10 mg/kg ADX-71943 Experiment 3
20 16
*
Experiment 4
30 mg/kg ADX-71943 14
***
**
15
30 mg/kg Naproxen
* 12 *
**
Baclofen
ADX71943
10 *** *** *
***
8 ** ** +++
10 6
4
5 2
0
0.3 1 3 10 30 100 3
0
non-CFA CFA 1 hr 2 hr mg/kg mg/kg
Time post-dose (hr) *p<0.05, **p<0.01, ***p<0.001 vs. JQ-02 vehicle;
+++p<0.001 vs. 1%CMC vehicle
ADX71943 caused a dose-dependent increase in the withdrawal ADX71943 caused a dose-dependent reduction of
threshold in the CFA induced mechanical hypersensitivity test in acetic acid-induced writhing in mice with a minimum
rats, with a minimum effective dose of 10 mg/kg p.o. effective dose between 3 and 10 mg/kg p.o.
16
*CFA = Complete Freund's Adjuvant 16

17. ADX68692 FSH NAM
• FSH in females
S.F. Betz, J.Med.Chem., 2008
– involved in folliculogenesis
– induces maturation of ovarian follicles
– & production of estrogen and progesterone
• FSH in males
– stimulates Sertoli cell proliferation
– supports spermatogenesis
– LH stimulates testosterone production
Potential applications include:
• Contraception • Hormone-dependent cancer (add-on therapies)
• Osteoporosis • Prostate cancer
• Endometriosis • Breast cancer
• Uterine fibroids • Ovarian cancer
• Precocious puberty • Hormone-dependent benign diseases
• Polycystic ovarian disease • Benign prostate hyperplasia
• Dysfunctional uterine bleeding 17

18. ADX68692
stops ovulation in female rats
• Treatment with ADX68692 at Control group
Total number of animals in Proestrus/Estrus stage
pharmacological and multiple of 18
16
pharmacological doses for 4 weeks 14
was well tolerated 12
10
• Treatment for 4 weeks with the FSH 8
6
NAM ADX68692 reduced the 4
number of female rats in the 2
0
estrus/proestrus phase (ovulatory -14 -11 -8 -5 -2 2 5 8 11 14 17 20 23 26 29
phase), and increased the number of
Day of treatment
female rats in the diestrus phase,
indicating disruption of menstrual
ADX68692: 20 mg/kg/day
cycle. 18
• Eventually at the highest dose,
16
14
animals were found in persistent 12
10
diestrus 8
6
• Histopathological examination 4
2
showed follicular atresia which is the 0
consequence of the FSH function -14 -11 -8 -5 -2 2 5 8 11 14 17 20 23 26 29
blockade (blockade of ovulation) Day of treatment
• Estradiol levels were lowered, even in Treatment start 18
the proestrus phase Synchronisation

19. ADX68692
Summary / Prospectives
• In vivo & in vitro data show ADX68692 effects on testosterone in male rats
ADX68692 is a potent NAM with Treatment for 4 weeks with the FSH/LH NAM ADX68692 lowered
circulating testosterone levels but did not have any other
dual action on FSH and LH 25.0
significant effects on the male rat reproductive system
receptors
Testosterone (nnmol/L)
20.0
• ADX68692 is a small molecule
with a good develop-ability & 15.0
drug-like profile ***
10.0 ***
• ADX68692 is able to block FSH
5.0
action in vivo after oral
administration 0.0
After 3-week treatment with ADX68692
• Good rational for
Group 1 (0 mg/kg/day) Group 2 (2 x 10 mg/kg/day)
– women’s health indications Group 3 (2 x 30 mg/kg/day) Group 4 (2 x 100 mg/kg/day)
like endometriosis
– hormone refractory prostate
cancer 19

20. Addex Pharmaceuticals
~~~~~~~~
Allosteric Discovery &
Optimization Platform
20

21. Allosteric Modulation Explained
arketed
NB: Most m
hosteric.
drugs are ort
s ligands
Endogenou
ctivators
orthosteric drugs compete
orthosteric drugs compete are natural a
with endogenous ligands for
with endogenous ligands for in the body.
the active site on a receptor
the active site on a receptor
allosteric drugs
allosteric drugs
bind another site
bind another site
on same receptor
on same receptor
Unlike orthosteric drugs, allosteric modulators are non-competitive.
Therefore, their effects on signal transduction are observed
primarily when endogenous ligands bind the active site.
21

22. Orthosteric ≠ Allosteric
Orthosterics are steady state
Advantages include:
• Greater specificity than orthosteric molecules
Biological response
Agonist Less toxicities from “off-target” interactions compared to more
promiscuous orthosteric molecules
Natural ligand Greater specificity leads to greater productivity
• Non-competitive mechanism
Antagonist Intellectual property space relatively un-exploited
Lower doses required
–less dose related toxicity
Time –lower COGs
• Acts like a dimmer not an “on/off” switch
Allostery preserves natural rhythm Body maintains control – physiological rhythm preserved
Less tolerance/desensitization
Potentially fewer side effects vs orthosteric drugs at same target
Biological response
PAM + natural ligand
• Can target receptors considered “intractable” or only
Natural ligand addressable with peptide/protein drugs
Lower COGs and lower administration cost (beats biosmilars!)
Better compliance with oral drugs
NAM + natural ligand Potential safety, tolerability and efficacy advantages with
allosteric mechanism
Time
22

23. Industrializing Allostery
Addex is pioneering the industrialization of allosteric
drug discovery and optimization
• Addex has built a unique allosteric modulator focused library (70k
compounds & growing)
• Addex has built tailored proprietary screening tools capable of
direct detection of allosteric modulators (facilitates discovery and
medicinal chemistry)
• Allosteric modulators have broad potential as therapeutics targeting
GPCRs & other types of receptors, including type I single pass
transmembrane proteins (i.e. cytokine receptors)
23

24. Addex AM focused library:
Comparative Structural Analysis
Marketed Drugs
Addex Library
Addex corporate library occupies a unique
Addex corporate library occupies a unique
structural space while sharing many other
structural space while sharing many other
drug-like properties with marketed drugs
drug-like properties with marketed drugs 24

25. Building of an Allosteric
Fragment Database
• Establish virtual AM fragment database: from literature and in-house data
D D
C G
C A B H
G F
A B
F H E
E
• Generate signature fragments (identification of privileged structural motifs by
machine learning)
examples of privileged motifs
25

26. Addex targets allosteric sites in
GPCR families 1, 2 & 3
Family 1 Family 2 Family 3
(e.g. Orexin & FSH) (e.g. GLP-1R, GIPR) (e.g. mGluR1-8, GABABR)
From P.J. Conn, A. Christopoulos and C. Lindsley, Nature Reviews Drug Discovery, 2009, 8, 41-54. 26

27. Proprietary Novel Assays
G-Protein Coupled Receptors
• Phoenyx: a cAMP dynamic non stop assay
• FBBA: Fluorescence-Based Binding Assay measuring
bi-molecular interactions (GLP1)
• ADX-tags series 1: Proximal & dynamic assays for
functional measurements of all types of GPCRs
(GLP1, GIP)
27

28. Addex targets allosteric sites in
type 1 single-pass transmembrane proteins
TNFR family
Pathogens
IL-1α/IL-1β
IL- /IL- IL-33
IL- IL-1F6/8/9
IL- IL-18
IL-
IL-1R family
TIR
domains
IL18R1
IL18R2
IL1R1
AcP
AcP
RP2
AcP
ST2
Toll-like
Toll-
receptors
28

29. Proprietary Novel Assays
type 1 single-pass transmembrane proteins
• APRA: Accessory Protein Relocalization Assays (TNF R1)
• ADX-tags series 1: Proximal & dynamic assays for
functional measurements.
– Measures activation-dependent association or dissociation of
binding partners (IL-1R)
• ADX-tags series 2: measures conformational changes or
multimerization changes that lead to an activation signal
(TNF R1, IL-1R)
29

30. The Addex Platform
Clinical Development
Non-Clinical Development
Metabolic
Inflammation CNS Disorders
Core Biology
Core Chemistry
30