Thursday, August 18, 2016 11:30:53 PM
Yes, this amendment states this:
''After the SEC has declared effective this registration statement related to the Financing, the Company has the right, in its sole discretion over a 36-month period, to sell to the Selling Security Holder up to an aggregate commitment of $50,000,000 of shares of Common Stock. The Company controls the timing and amount of any future sales, if any, of shares of Common Stock to the Selling Security Holder."
And even later on this again:
".... we have the right to control the timing and amount of any sales of our shares to Lincoln Park and the Purchase Agreement may be terminated by us at any time at our discretion without any cost to us.''
I understand the registration statement to mean 6,754,609 shares of Common Stock may or may not be sold to Lincoln Park at the discretion and timing of Anavex. For Anavex to sell more, shareholder approval may be needed unless the share price is equal to or greater than $8.94 (the “Minimum Price”). Therefore, unless the share price is $8.94 or greater, shareholder approval may be needed to sell $50,000,000 of stock to Lincoln Park. I do not perceive this as a bad thing. It may be a very good thing.
I really think the company does not need to raise $50,000,00 for phase III. I personally believe that raising another $22,000,000 is more than sufficient. I have done some research on costs of clinical trials.
For example, for costs per patient for a phase III clinical trial. See this:
http://www.phrma.org/sites/default/files/pdf/biopharmaceutical-industry-sponsored-clinical-trials-impact-on-state-economies.pdf
Page 11 shows Estimated Average Per-Patient Clinical Trial Costs, by Phase, 2013 provides a figure of $42,000.00 per patient for a phase III clinical trial.
Assuming the above is more accurate than some poster throwing out figures without citing any basis or making some generalized statement that the AVXL 2-73 clinical trial cannot be done for $50,000,000, I believe this phase III trial can be done for less than $50,000,000.
Granted, costs vary per site and costs may increase from year to year, but even with a 100% increase for the per patient figure given above is $84,000.00 per patient X 300 patients = $25,200,000.
The company has some cash on hand before any sales to Lincoln Park, but let's face it. If it looks like phase lll is succeeding, who cares -- the company will get the funds. If it looks like phase III is failing, the company and its investors, myself included, are subject to losing their investment unless the company succeeds ("pulls it out of their rear" so to speak) on some other basis other than AVXL 2-73 for treatment of AD.
Recent AVXL News
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- Shareholders that lost money on Anavex Life Sciences Corporation(AVXL) Urged to Join Class Action - Contact The Gross Law Firm to Learn More • PR Newswire (US) • 05/10/2024 09:45:00 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 08:35:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/09/2024 12:00:30 PM
- Anavex Life Sciences Reports Fiscal 2024 Second Quarter Financial Results and Provides Business Update • GlobeNewswire Inc. • 05/09/2024 11:30:00 AM
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- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/06/2024 10:03:33 AM
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- Anavex Life Sciences to Announce Fiscal 2024 Second Quarter Financial Results on Thursday, May 9th, 2024 • GlobeNewswire Inc. • 05/02/2024 11:30:00 AM
- May 13, 2024 Deadline: Contact The Gross Law Firm to Join Class Action Suit Against AVXL • PR Newswire (US) • 04/26/2024 09:45:00 AM
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