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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.0541 | 1.44% | 3.8141 | 3.80 | 14.20 | 3.98 | 3.82 | 3.89 | 872,311 | 05:00:07 |
“We are thrilled to begin the new year with this business outlook, which adds to the breadth of strong clinical data we’ve reported across our precision medicine pipeline using orally once daily ANAVEX®2-73 (blarcamesine) for Rett syndrome, Parkinson’s disease dementia and Alzheimer’s disease,” said Christopher U Missling, PhD, President and Chief Executive Officer of Anavex. “We look forward to providing on a timely basis in 2021 multiple clinical data read-outs from these clinical programs. The converging biomarker-driven clinical data is giving us added confidence in our efforts to meet our goal of potentially bringing new therapeutic interventions to patients.”
Anavex Life Sciences’ product portfolio includes small molecule drug lead candidate ANAVEX®2-73 for the treatment of Alzheimer’s disease, Parkinson’s disease and Rett syndrome.
ANAVEX®2-73 activates the sigma-1 receptor (SIGMAR1). Data suggests that activation of SIGMAR1 results in the restoration of complete housekeeping function within the body and is pivotal to restoring neural cell homeostasis and promoting neuroplasticity.1
Anavex Life Sciences’ 2021 Business and Clinical Outlook:
Underlying cause of Alzheimer's disease and therapeutic intervention:
ANAVEX®2-73 program for Rett syndrome and other pipeline updates:
Recent Business Highlights:
Financial Highlights:
The financial information for the fiscal quarter ended December 31, 2020 should be read in conjunction with the Company’s interim condensed consolidated financial statements, which will appear on EDGAR, www.sec.gov and will be available on the Anavex website at www.anavex.com.
Conference Call / Webcast Information:
The live webcast of the conference call can be accessed online at https://wsw.com/webcast/cc/avxl17/1498482.
To join the conference call, live via telephone, interested parties within the U.S. should dial, toll-free, 1 (866) 451-7964 and international callers should dial 1 (847) 944-7134. Please use confirmation number 50097999, followed by the pound sign (#).
A replay of the conference call will also be available on www.anavex.com.
1 Advances in Experimental Medicine and Biology Volume 964 (2017) Sigma Receptors: Their Role in Disease and as Therapeutic Targets.2 https://medicalxpress.com/news/2020-11-neurons-identity-hallmark-alzheimer-disease.html; Caldwell et al., Dedifferentiation and neuronal repression define familial Alzheimer's disease. Sci Adv. 2020 Nov 13;6(46).3 Couly et al., Knocking Out Sigma-1 Receptors Reveals Diverse Health Problems. Cell Mol Neurobiol (2020); Lee et al., Sigma-1 receptor chaperones rescue nucleocytoplasmic transport deficit seen in cellular and Drosophila ALS/FTD models. Nat Commun. 2020 Nov 4;11(1):5580.4 Christ et al., Sigma-1 Receptor Activation Induces Autophagy and Increases Proteostasis Capacity In Vitro and In Vivo. Cells. 2019; 8(3):211.5 ClinicalTrials.gov Identifier: NCT037907096 ClinicalTrials.gov Identifier: NCT04442945
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 disorders including Alzheimer’s disease, Parkinson’s disease, Rett syndrome and other central nervous system (CNS) diseases, pain and various types of cancer. Anavex’s lead drug candidate, ANAVEX®2-73 (blarcamesine), recently completed successfully a Phase 2a clinical trials for Alzheimer’s disease and a Phase 2 proof-of-concept study in Parkinson’s disease dementia and a Phase 2 study in adult patients with Rett syndrome. 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 previously awarded Anavex a research grant, which fully funded a preclinical study to develop ANAVEX®2-73 for the treatment of Parkinson’s disease. ANAVEX®3-71, which targets sigma-1 and muscarinic receptors, is a promising clinical stage drug candidate demonstrating disease-modifying activity against the major hallmarks of Alzheimer’s disease in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid and tau pathologies. In preclinical trials, ANAVEX®3-71 has shown beneficial effects on mitochondrial dysfunction and neuroinflammation. 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. | |||||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
For the three months ended December 31, 2020 and 2019 | |||||||
(Unaudited) | |||||||
Expressed in US Dollars | |||||||
2020 | 2019 | ||||||
Operating Expenses | |||||||
General and administrative | $ | 1,470,656 | $ | 1,352,035 | |||
Research and development | 7,925,519 | 6,348,668 | |||||
Total operating expenses | (9,396,175 | ) | (7,700,703 | ) | |||
Other income (expenses) | |||||||
Grant income | - | 74,944 | |||||
Research and development incentive income | 1,269,316 | 943,215 | |||||
Interest (expense) income, net | (1,559 | ) | 46,720 | ||||
Foreign exchange gain, net | 332,634 | 53,113 | |||||
Total other income, net | 1,600,391 | 1,117,992 | |||||
Net loss before provision for income taxes | (7,795,784 | ) | (6,582,711 | ) | |||
Income tax expense, current | (59,281 | ) | (9,214 | ) | |||
Net loss and comprehensive loss | $ | (7,855,065 | ) | $ | (6,591,925 | ) | |
Net loss per share | |||||||
Basic and diluted | $ | (0.12 | ) | $ | (0.12 | ) | |
Weighted average number of shares outstanding | |||||||
Basic and diluted | 64,295,143 | 54,773,685 | |||||
ANAVEX LIFE SCIENCES CORP. | |||||||
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
As at December 31, 2020 and September 30, 2020 | |||||||
Expressed in US Dollars | |||||||
December 31, 2020 | September 30, 2020 | ||||||
ASSETS | (Unaudited) | ||||||
Current | |||||||
Cash and cash equivalents | $ | 47,357,599 | $ | 29,249,018 | |||
Incentive and tax receivables | 6,577,807 | 4,849,340 | |||||
Prepaid expenses and deposits | 398,840 | 443,839 | |||||
Total Assets | $ | 54,334,246 | $ | 34,542,197 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 4,216,948 | $ | 3,989,054 | |||
Accrued liabilities | 3,816,521 | 3,316,574 | |||||
Total Liabilities | 8,033,469 | 7,305,628 | |||||
Capital Stock | 66,964 | 62,047 | |||||
Additional paid-in capital | 213,766,108 | 186,851,752 | |||||
Accumulated deficit | (167,532,295 | ) | (159,677,230 | ) | |||
Total Stockholders' Equity | 46,300,777 | 27,236,569 | |||||
Total Liabilities and Stockholders' Equity | $ | 54,334,246 | $ | 34,542,197 | |||
For Further Information:
Anavex Life Sciences Corp. Research & Business Development Toll-free: 1-844-689-3939 Email: info@anavex.com
Investors: Andrew J. Barwicki Investor Relations Tel: 516-662-9461 Email: andrew@barwicki.com
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