Anavex Life Sciences Corp (AVXL)

[Millstone]

Most here are waiting for the subgroup analysis. It seems that all patients as a group had the calculated improvement of +1.8 in MMSE and the +4 in ADCS-ADL versus historical placebo control studies.

Based on the wording of the press release describing a subgroup ("continued significant improvements from baseline of cognitive, functional and behavioral scores in a group of patients were observed") and the previous releases and presentations demonstrating an uptrend in improvement for the A2-73 only subgroup of 7, we are thinking that the data will show a divergence for this and maybe the MCI subgroup. This "in a group" language would make no sense otherwise.

The pooled data for all patients (originally 32) including both the "Anavex Plus" (A2-73 + DZ) patients and the A2-73 only group will show +1.8 in MMSE and the +4 in ADCS-ADL versus historical placebo control studies.

The subgroup data will show (I assume) a greater improvement in the 7 A2-73 only subgroup.