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Anavex Life Sciences Corp. (AVXL) Revolutionizing Treatment of Alzheimer’s and Parkinson’s through Development of ANAVEX 2-73
Anavex Life Sciences Corp. is a clinical stage biopharmaceutical company engaged in the development of novel drug candidates to treat central nervous system diseases and various types of cancer. The company’s lead drug candidate, ANAVEX 2-73, is currently being studied in a phase IIa clinical trial for the treatment of Alzheimer’s disease. In preclinical studies, Anavex’s groundbreaking candidate demonstrated the potential to halt and reverse the course of this life-threatening condition. Additionally, the company was recently awarded a research grant from The Michael J. Fox Foundation for Parkinson’s Research to begin development of ANAVEX 2-73 for the treatment of Parkinson’s disease.
“We are pleased with our progress to date,” Christopher U. Missling, president and chief executive officer of Anavex, stated in a news release. “Our phase IIa clinical trial of ANAVEX 2-73 for the treatment of Alzheimer’s disease is progressing on schedule, with PART A expected to be completed by the end of the year.”
The company is also studying the effectiveness of ANAVEX 2-73 in combination with donepezil or Aricept®. In clinical tests, the drug combination, which is referred to as ANAVEX PLUS, produced up to 80 percent greater reversal of memory loss in Alzheimer’s disease models than when the drugs were used individually. Since donepezil is already on the market and recording global sales of $4 billion annually, ANAVEX PLUS is believed to be a compelling commercial opportunity for the company. Anavex has already filed a patent application for ANAVEX PLUS that, if granted, will provide protection for the promising drug combination until at least 2033.
Through the development of ANAVEX 2-73 and ANAVEX PLUS, Anavex is addressing a collection of indications with significant unmet medical need. In the case of Alzheimer’s, the Alzheimer’s Association reports that the disease is the sixth leading cause of death in the United States, as well as the only cause of death in the top 10 that can’t currently be prevented, cured or slowed. Likewise, as many as one million Americans live with Parkinson’s disease, leading to a combined cost of approximately $25 billion per year in the United States alone, according to the Parkinson’s Disease Foundation.
As of June 30, Anavex reported approximately $8 million in cash and cash equivalents, which it estimates to be sufficient for the next two years of ongoing operations and the advancement of clinical trial work. This strong cash position, in combination with its promising development pipeline, makes Anavex a highly intriguing investment opportunity moving forward. Look for the company to build on its recent progress as it continues toward the completion of its ongoing phase IIa clinical trial in the months to come.
For more information, visit www.anavex.com
