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This happens all the time. I

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Anavex Life Sciences Announces Achievement of Enrollment Target for the ANAVEX®2-73 (blarcamesine) Phase 2 Parkinson’s Dis... GlobeNewswire Inc. - 1/27/2020 7:00:10 AM
Anavex Life Sciences Issued New U.S. Patent for ANAVEX®2-73 Treatment of Neurodevelopmental Disorders including Rett Syndrom... GlobeNewswire Inc. - 1/8/2020 7:00:10 AM
Anavex Life Sciences Reports Fiscal Year 2019 Financial Results And Provides Clinical Study Updates GlobeNewswire Inc. - 12/16/2019 7:00:10 AM
Anavex Life Sciences to Announce Fiscal 2019 Year End Financial Results on Monday December 16, 2019 GlobeNewswire Inc. - 12/10/2019 7:00:10 AM
Citation Growth Corp. (OTCQX: CGOTF) Weathering the Cannabis Downturn InvestorsHub NewsWire - 12/9/2019 7:23:11 AM
Anavex Life Sciences Presents ANAVEX®2-73 (blarcamesine) Data at 12th Clinical Trials on Alzheimer's Disease (CTAD) 2019 Con... GlobeNewswire Inc. - 12/4/2019 7:00:10 AM
Anavex Life Sciences Receives Rare Pediatric Disease Designation from FDA for ANAVEX®2-73 (blarcamesine) for the Treatment o... GlobeNewswire Inc. - 11/14/2019 7:00:00 AM
Anavex Life Sciences Announces Publication of Foundational Data for ANAVEX®2-73 (blarcamesine) in Rett Syndrome GlobeNewswire Inc. - 11/6/2019 7:00:00 AM
Anavex Life Sciences Announces ATTENTION-AD ANAVEX®2-73 Extension Clinical Study in Early Alzheimer’s Disease GlobeNewswire Inc. - 10/9/2019 7:00:00 AM
Anavex Life Sciences Issued New U.S. Patent for Composition of Matter Covering ANAVEX®2-73 for the Treatment of Alzheimer’... GlobeNewswire Inc. - 10/2/2019 7:00:00 AM
Anavex Life Sciences Presented at the 6th Annual European Rett Syndrome Conference Preliminary Clinical Efficacy Data from th... GlobeNewswire Inc. - 9/27/2019 3:00:00 AM
Anavex Life Sciences to Present at the 2019 Cantor Fitzgerald Global Healthcare Conference GlobeNewswire Inc. - 9/26/2019 7:00:00 AM
Notice of Effectiveness (effect) Edgar (US Regulatory) - 9/23/2019 6:35:19 AM
Anavex Life Sciences to Present at the Ladenburg Thalmann 2019 Healthcare Conference GlobeNewswire Inc. - 9/18/2019 7:00:00 AM
Post-effective Amendment to Registration Statement (pos Am) Edgar (US Regulatory) - 9/17/2019 5:16:10 PM
CLS Holdings (CLSH) $1.15 Price Target - MASS Approval for Recreational License InvestorsHub NewsWire - 9/17/2019 7:17:00 AM
Withdrawal of Registration Statement (ammendment) (aw) Edgar (US Regulatory) - 9/16/2019 4:17:42 PM
Anavex Life Sciences Announces Preliminary Clinical Efficacy Data of its U.S. Phase 2 Clinical Trial of ANAVEX®2-73 in Patie... GlobeNewswire Inc. - 9/16/2019 7:00:00 AM
Current Report Filing (8-k) Edgar (US Regulatory) - 9/13/2019 5:11:08 PM
Prospectus Filed Pursuant to Rule 424(b)(5) (424b5) Edgar (US Regulatory) - 9/13/2019 5:07:24 PM
Securities Registration Statement (simplified Form) (s-3/a) Edgar (US Regulatory) - 9/13/2019 5:02:44 PM
Anavex Life Sciences to Present at the Janney Healthcare Conference 2019 GlobeNewswire Inc. - 9/5/2019 7:00:00 AM
Anavex Life Sciences Announces Initiation of the EXCELLENCE ANAVEX®2-73-RS-003 Clinical Study in Pediatric Patients with Ret... GlobeNewswire Inc. - 9/4/2019 7:00:00 AM
Quarterly Report (10-q) Edgar (US Regulatory) - 8/7/2019 4:07:28 PM
Anavex Life Sciences Reports Fiscal 2019 Third Quarter Financial Results And Provides Clinical Study Updates GlobeNewswire Inc. - 8/7/2019 7:00:00 AM
Doc328   Monday, 07/08/19 10:11:44 AM
Re: McMagyar post# 199974
Post # of 232715 
This happens all the time. I found this link. Though 7 years old, the points remain valid.

Looking a the figures about 1/3 to 1/2 the shelf offerings are at 100% or more market cap. 250 million is aggressive but not ridiculously so. The dip in SP is expected because historically stocks dip after filing an S-3.

Getting the paperwork out of the way now greatly speeds up the process. They can use LPC and Cantor for the 25-30 million needed for the next 6 months. The shelf won't be used right away. My assumption, similar to a few others on the board is that the shelf will be used if there is a big increase in stock price following a successful PDD trial. Unlike some, I feel that a successful US Rett small 15 patient study will not cause enough of a rise in SP to justify using the shelf.

As far as timing, the average time to first financing was 207 days with most filings raising < 50% of the potential raise. Assuming a Q1 SP spike if positive top-line results, AVXL will be about 200 days out.



Link to analysis of S-3 filings

The summary is:
Taken together, the data around S-3s in recent years, a period of economic hardship, indicate that:

Only about half of small cap therapeutics companies file shelf registrations
For those that do, the overwhelming majority utilize them, usually in about 6 months
The first drawn down is usually 50% of the shelf or less, which could give shareholders an estimate of the extent of dilution at a first raise.

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