Geneva, Switzerland, 14 March, 2011 – Allosteric modulation company Addex Pharmaceuticals (SIX:ADXN) announced today that further to the Company’s press release dated 14 September 2010, the zero-coupon mandatory convertible notes (MCN) automatically converted into ordinary shares.

The MCN held by Biotechnology Value Fund, L.P. and its affiliates (BVF) were converted into 1,371,069 new ordinary shares issued from Addex’s conditional capital at a fixed conversion price of CHF10.18 per share representing 17% of the outstanding share capital after conversion. Following the conversion of the MCN, the BVF holds approximately 30% of Addex’s outstanding shares.