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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Anavex Life Sciences Corporation | NASDAQ:AVXL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.085 | -2.33% | 3.565 | 3.56 | 3.57 | 3.70 | 3.53 | 3.66 | 416,540 | 18:18:49 |
Conference Call and Webcast Today at 4:30 p.m. ET
The Company also provided an update on its most advanced programs for ANAVEX®2-73 for the treatment of Rett syndrome (RTT), a severe neurological disorder caused by mutations in the X-linked gene MECP2 (methyl-CpG-binding protein 2), Alzheimer’s disease and Parkinson’s disease.
“We are entering fiscal 2018 with our strongest balance sheet to date, which allows the Company to carry out planned clinical studies for ANAVEX®2-73. This year has been an extraordinarily productive period for Anavex, with advanced preparation underway for studies in Rett syndrome, Alzheimer’s disease and Parkinson’s disease – all indications with high unmet need,” said, Christopher U Missling, PhD, President and Chief Executive Officer of Anavex. “The upcoming year will be focused on deploying key programs through clinical trials, with the anticipation of a number of data readouts in 2018.”
ANAVEX®2-73 Program Update:
Financial Highlights:
Corporate Highlights:
The financial information for year ended September 30, 2017, should be read in conjunction with the Company’s consolidated financial statements, which will appear on EDGAR and will be available on the Anavex website at www.anavex.com.
Conference Call / Webcast Information
Anavex will host a conference call at 4:30 p.m. ET today, December 11, 2017.The live webcast of the conference call can be accessed online at http://wsw.com/webcast/cc/avxl3.To join the conference call live via telephone, dial the toll-free number: 1-(866) 939-3921 or 1-(678) 302-3550 from outside the United States. Please use confirmation number 46142537, followed by the pound sign (#). A replay of the conference call will also be available on www.anavex.com.
About Anavex Life Sciences Corp.
Anavex Life Sciences Corp. (Nasdaq:AVXL) is a publicly traded biopharmaceutical company dedicated to the development of differentiated therapeutics for the treatment of neurodegenerative and neurodevelopmental diseases including Alzheimer’s disease, other central nervous system (CNS) diseases, pain and various types of cancer. Anavex’s lead drug candidate, ANAVEX®2-73, recently completed a successful a Phase 2a clinical trial for Alzheimer’s disease. ANAVEX®2-73 is an orally available drug candidate that restores cellular homeostasis by targeting sigma-1 and muscarinic receptors. Preclinical studies demonstrated its potential to halt and/or reverse the course of Alzheimer’s disease. ANAVEX®2-73 also exhibited anticonvulsant, anti-amnesic, neuroprotective and anti-depressant properties in animal models, indicating its potential to treat additional CNS disorders, including epilepsy. The Michael J. Fox Foundation for Parkinson’s Research has awarded Anavex a research grant to develop ANAVEX®2-73 for the treatment of Parkinson’s disease. The grant fully funds a preclinical study, which could justify moving ANAVEX®2-73 into a Parkinson’s disease clinical trial. ANAVEX®3-71, targeting sigma-1 and M1 muscarinic receptors, is a promising preclinical drug candidate demonstrating disease modifications against the major Alzheimer’s hallmarks in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid and tau pathologies, and also with beneficial effects on neuroinflammation and mitochondrial dysfunctions. Further information is available at www.anavex.com. You can also connect with the company on Twitter, Facebook and LinkedIn.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks set forth in the Company’s most recent Annual Report on Form 10-K filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and Anavex Life Sciences Corp. undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
ANAVEX LIFE SCIENCES CORP. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
ASSETS | 2017 | 2016 | ||||||
Current | ||||||||
Cash and cash equivalents | $ | 27,440,257 | $ | 9,186,814 | ||||
Sales tax recoverable | 9,748 | 79,347 | ||||||
Prepaid expenses and deposits | 335,928 | 180,124 | ||||||
Total current assets | 27,785,933 | 9,446,285 | ||||||
Deposits | 52,396 | 52,396 | ||||||
Total assets | $ | 27,838,329 | $ | 9,498,681 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current | ||||||||
Accounts payable and accrued liabilities | $ | 3,584,334 | $ | 3,119,993 | ||||
Deferred grant income | - | 70,532 | ||||||
Total liabilities | 3,584,334 | 3,190,525 | ||||||
Common stock | 43,332 | 36,169 | ||||||
Additional paid-in capital | 115,689,221 | 84,290,140 | ||||||
Accumulated deficit | (91,478,558 | ) | (78,018,153 | ) | ||||
Total stockholders' equity | 24,253,995 | 6,308,156 | ||||||
Total liabilities and stockholders' equity | $ | 27,838,329 | $ | 9,498,681 | ||||
ANAVEX LIFE SCIENCES CORP. | ||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||
YEARS ENDED SEPTEMBER 30, 2017, 2016, AND 2015 | ||||||||||
2017 | 2016 | 2015 | ||||||||
Operating Expenses | ||||||||||
General and administrative | $ | 5,008,275 | $ | 8,334,740 | $ | 4,836,978 | ||||
Research and development | 10,672,086 | 7,254,303 | 2,271,736 | |||||||
Total operating expenses | 15,680,361 | 15,589,043 | 7,108,714 | |||||||
Operating Loss | (15,680,361 | ) | (15,589,043 | ) | (7,108,714 | ) | ||||
Other income (expenses) | ||||||||||
Grant income | 140,942 | 141,195 | - | |||||||
Research and development incentive income | 2,022,902 | 571,093 | - | |||||||
Interest income, net | 88,098 | 11,322 | (71,825 | ) | ||||||
Gain on settlement of accounts payable | 75,204 | 151,402 | - | |||||||
Gain on settlement of debt | - | 61,205 | - | |||||||
Financing related charges and adjustments | - | (5,812 | ) | (4,998,145 | ) | |||||
Foreign exchange gain (loss) | (47,583 | ) | (48,445 | ) | 70,554 | |||||
Total other income | 2,279,563 | 881,960 | (4,999,416 | ) | ||||||
Net loss before income taxes | (13,400,798 | ) | (14,707,083 | ) | (12,108,130 | ) | ||||
Income tax expense - current | (59,607 | ) | (29,615 | ) | - | |||||
Net loss | $ | (13,460,405 | ) | $ | (14,736,698 | ) | $ | (12,108,130 | ) | |
Net loss per Share | ||||||||||
Basic and Diluted | $ | (0.33 | ) | $ | (0.42 | ) | $ | (0.65 | ) | |
Weighted Average Number of Shares Outstanding | ||||||||||
Basic and Diluted | 40,841,033 | 35,153,426 | 18,584,820 | |||||||
For Further Information:
Anavex Life Sciences Corp.Research & Business DevelopmentToll-free: 1-844-689-3939Email: info@anavex.com
Investors & Media:Clayton RobertsonThe Trout Group Tel: (646) 378-2900Email: crobertson@troutgroup.com
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