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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.125 | 2.50% | 5.13 | 5.07 | 5.23 | 5.14 | 4.9301 | 5.01 | 532,927 | 23:55:18 |
“We continue to meaningfully advance our differentiated precision medicine clinical program, highlighted by the recent presentation of comprehensive results from the Phase 2b/3 clinical trial of blarcamesine (ANAVEX®2-73), which were presented at the Alzheimer’s Association International Conference (AAIC), showing that oral, once daily blarcamesine significantly slowed clinical decline for early Alzheimer's disease patients with good comparative safety profile and no associated neuroimaging adverse events. We are also pleased to report that the clinical team continues to beat the planned timelines in the ongoing ANAVEX®3-71-SZ-001 Phase 2 trial of ANAVEX®3-71 in schizophrenia patients,” said Christopher U Missling, PhD, President and Chief Executive Officer of Anavex. “Additionally, we remain dedicated to developing medicines for individuals suffering from brain disorders within neurodegenerative and neurodevelopmental disorders, which could further expand our differentiated precision medicine platform to deliver scalable treatment options coupled with convenient oral dosing.”
Key Pipeline Updates:
Recent Business Highlights:
Financial Highlights:
The financial information for the fiscal quarter ended June 30, 2024, should be read in conjunction with the Company’s condensed consolidated interim financial statements, which will appear on EDGAR, www.sec.gov and will be available on the Anavex website at www.anavex.com.
Webcast / Conference Call Information:
The live webcast of the conference call will be available on Anavex’s website at www.anavex.com.
The conference call can be also accessed by dialing 1 929 205 6099 for participants in the U.S. using the Meeting ID# 821 9280 7728 and reference passcode 121725. A replay of the conference call will also be available on Anavex’s website for up to 30 days.
About Anavex Life Sciences Corp.
Anavex Life Sciences Corp. (Nasdaq: AVXL) is a publicly traded biopharmaceutical company dedicated to the development of novel therapeutics for the treatment of neurodegenerative, neurodevelopmental, and neuropsychiatric disorders, including Alzheimer's disease, Parkinson's disease, schizophrenia, Rett syndrome, and other central nervous system (CNS) diseases, pain, and various types of cancer. Anavex's lead drug candidate, ANAVEX®2-73 (blarcamesine), has successfully completed a Phase 2a and a Phase 2b/3 clinical trial for Alzheimer's disease, a Phase 2 proof-of-concept study in Parkinson's disease dementia, and both a Phase 2 and a Phase 3 study in adult patients and one Phase 2/3 study in pediatric patients with Rett syndrome. ANAVEX®2-73 is an orally available drug candidate designed to restore cellular homeostasis by targeting SIGMAR1 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. We believe that ANAVEX®3-71, which targets SIGMAR1 and M1 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, Instagram, 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.
____________________1 https://www.braincouncil.eu/projects/rethinking-alzheimers-disease/
Anavex Life Sciences Corp. | ||||||
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss | ||||||
(in thousands, except share and per share amounts) | ||||||
Three months ended June 30, | ||||||
2024 | 2023 | |||||
Operating Expenses | ||||||
General and administrative | $ | 2,859 | $ | 3,248 | ||
Research and development | 11,870 | 10,283 | ||||
Total operating expenses | 14,729 | 13,531 | ||||
Operating loss | (14,729 | ) | (13,531 | ) | ||
Other income | ||||||
Research and development incentive income | 526 | 565 | ||||
Interest income, net | 1,796 | 1,828 | ||||
Foreign exchange gain (loss) | 67 | (101 | ) | |||
Gain on settlement of accounts payable | 59 | - | ||||
Total other income, net | 2,448 | 2,292 | ||||
Net loss before provision for income taxes | (12,281 | ) | (11,239 | ) | ||
Income tax recovery (expense), current | 67 | (41 | ) | |||
Net loss and comprehensive loss | $ | (12,214 | ) | $ | (11,280 | ) |
Net loss per share | ||||||
Basic and diluted | $ | (0.14 | ) | $ | (0.14 | ) |
Weighted average number of shares outstanding | ||||||
Basic and diluted | 84,535,328 | 80,875,235 | ||||
Anavex Life Sciences Corp. | ||||||
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss | ||||||
(in thousands, except share and per share amounts) | ||||||
Nine months ended June 30, | ||||||
2024 | 2023 | |||||
Operating Expenses | ||||||
General and administrative | $ | 8,258 | $ | 9,447 | ||
Research and development | 30,283 | 33,657 | ||||
Total operating expenses | 38,541 | 43,104 | ||||
Operating loss | (38,541 | ) | (43,104 | ) | ||
Other income | ||||||
Grant income | - | 25 | ||||
Research and development incentive income | 1,591 | 2,048 | ||||
Interest income, net | 5,561 | 4,561 | ||||
Other financing expense | - | (964 | ) | |||
Foreign exchange gain (loss) | 72 | 146 | ||||
Gain on settlement of accounts payable | 59 | - | ||||
Total other income, net | 7,283 | 5,816 | ||||
Net loss before provision for income taxes | (31,258 | ) | (37,288 | ) | ||
Income tax expense, current | (124 | ) | (71 | ) | ||
Net loss and comprehensive loss | $ | (31,382 | ) | $ | (37,359 | ) |
Net loss per share | ||||||
Basic and diluted | $ | (0.38 | ) | $ | (0.47 | ) |
Weighted average number of shares outstanding | ||||||
Basic and diluted | 83,022,330 | 79,051,038 | ||||
Anavex Life Sciences Corp. | ||||||
Condensed Consolidated Interim Balance Sheets | ||||||
(in thousands, except share and per share amounts) | ||||||
June 30, | September 30, | |||||
2024 | 2023 | |||||
Assets | ||||||
Current | ||||||
Cash and cash equivalents | $ | 138,756 | $ | 151,024 | ||
Incentive and tax receivables | 1,720 | 2,709 | ||||
Prepaid expenses and other current assets | 1,059 | 653 | ||||
Total Assets | $ | 141,535 | $ | 154,386 | ||
Liabilities and stockholders' equity | ||||||
Current Liabilities | ||||||
Accounts payable | $ | 3,503 | $ | 4,322 | ||
Accrued liabilities | 7,334 | 7,295 | ||||
Deferred grant income | 917 | 917 | ||||
Total Liabilities | 11,754 | 12,534 | ||||
Capital Stock | 85 | 82 | ||||
Additional paid-in capital | 454,236 | 434,839 | ||||
Share proceeds receivable | (89 | ) | - | |||
Accumulated deficit | (324,451 | ) | (293,069 | ) | ||
Total Stockholders' Equity | 129,781 | 141,852 | ||||
Total Liabilities and Stockholders' Equity | $ | 141,535 | $ | 154,386 | ||
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
1 Year Anavex Life Sciences Chart |
1 Month Anavex Life Sciences Chart |
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