GENEVA, July 2 (Reuters) - Swiss biotech group Addex is looking for partners to help develop several of its drugs, aiming to preserve its cash position through current tough refinancing markets, its chief executive told Reuters.
Geneva-based Addex, which does not yet have a drug on the market, is financed for another two years and aims to be in a similar position in 12 months' time, Vincent Mutel said in an interview.
"We are talking outlicensing for several of our projects, early to mid stage and late stage. This is for me the only way we can find (to raise funds) today, because access to market capital is going to be difficult," Mutel said.
"We want to keep two years of cash in one year."
Young drug discovery groups like Addex have struggled to raise funds during the financial crisis.
Investors, analysts and industry insiders now see some signs of confidence creeping back into the sector, though conditions still remain very tough. (Reporting by Sam Cage; Editing by Jon Loades-Carter)