STOCKS NEWS EUROPE-Addex slumps on migraine drug headache

Addex (ADXN.S) shares plummet 71 percent to 11.60 Swiss francs -- just off an all-time low of 10.05 francs hit earlier in the day -- after the Swiss biotech firm stops development of its lead drug candidate, ending hopes for a lucrative partnering deal and raising questions over future funding.

"The ditching of the migraine drug candidate because of reported liver problems is disappointing but does not hit hopes for the development of a further molecule targeted at Parkinson's disease patients," says Piper Jaffray analyst Sam Fazeli.

"We are moving to the sidelines, however, as we believe market sentiment will take some time to recover," he says. For more double click on [ID:nLDE5BE25P]

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