Addex Pharmaceuticals Ltd. reported earnings results for the second half and fiscal year ended December 31, 2011. For the year, the company reported income of CHF 3,743,000 against CHF 4,000,000 a year ago. Total operating loss was CHF 30,974,000 against CHF 33,598,000 a year ago. Finance loss, net was CHF 167,000 against CHF 47,000 a year ago. Net loss was CHF 31,141,000 or CHF 4.19 per basic and diluted share against CHF 33,645,000 or CHF 5.69 per basic and diluted share a year ago. Cash used for operations was CHF 28 million. Net loss decreased by 8% mainly due to the decrease in operating expenses. Net cash used (cash burn) was CHF 27,732,000 compared to CHF 12,763,000 a year ago. For the half year, the company reported income of CHF 570,000 against CHF 1,300,000 a year ago. Total operating loss was CHF 16,290,000 against CHF 16,323,000 a year ago. Finance loss, net was CHF 24,000 against CHF 60,000 a year ago. Net loss was CHF 16,314,000 or CHF 2.12 per basic and diluted share against CHF 16,383,000 or CHF 2.68 per basic and diluted share a year ago. Net cash used (cash burn) was CHF 14,165,000 compared to cash provided of CHF 7,111,000 a year ago. Based on current expectations, which include the completion of the dipraglurant Phase IIa development and the progression of prioritized discovery and preclinical programs, full year 2012 cash burn guidance is CHF 23 million to CHF 25 million.