Anavex Life Sciences Corp (AVXL)

[OFP]

“Preclinical Drugs Are Too Risky, Period”

I'll assume by this you mean compounds that are not yet approved ("preclinical" in the setting of drug development usually refers to prior to testing in humans).

Would it be accurate, then, to understand that you simply would never invest in any pharmaceutical equity that hasn’t already gained regulatory approval for sale and medical use?

No that would not be accurate. Biotech investing requires assessment of prospects, weighing risk vs. reward, and then choosing to invest or not. This is obvious.

If people, in my view overestimate probability for success I find it a worthy endeavor to remind readers that it's not quite so simple. Such a starting point does not even allow the meaningful discussion of just what that level of risk is...thereby making it impossible for "assessment of prospects, weighing risk vs. reward, and then choosing to invest or not".