Anavex Life Sciences Corp (AVXL)

[Investor2014]

A few thoughts on what was presented:

1) "ANAVEX®2-73-Treated Patients have higher Abundance of Bacteroidetes and Firmicutes Phyla in Gut Microbiota"

Good - Additional biomarker confirmation that the A2-73 treated patients do have AD and thus further helps to eliminate misdiagnosis.

2) "KEM® Identifies Changes in two Gut Microbiome Families - Ruminococcaceae and Porphyromonadaceae - Associated with Response to ANAVEX®2-73"

On the face of it seems meaningful delta ADCS-ADL increase in the High concentration patients with a relative abundance of the two KEM covariant bacteria families identified, but as usual it leaves some unanswered questions, at least in my mind:

- There is an enormous spread in response among the 14 patients (of 16 providing stool samples) especially among the High concentration Delta ADCS-ADL scores. Why - and how does this correlate with the spread in response in the high concentration group excluding the Gut analysis?

- Not sure I understand from this representation the relative importance to response of the two bacteria types?

- Does it mean just as little in terms of meaningful clinical benefit as the SIMGMAR1 and COMT1 variant genes?

- At least for the gene variants we got charts showing that although highly stat sig the outcome difference was minute.

- Why not similar charts for this analysis?

This PM stuff to me seems a bit like fashionable dressing cloaked in a lot of words.