From the transcript - encouraging:
.... there are moments where you cannot buy anymore because you know certain things. So I would not bring this to the forefront. I would just leave it like that we are very excited about all our programs.
The Alzheimer's study, it's very exciting that we are moving forward and we're rolling very nicely actually in Australia, the Parkinson's disease study because it's really around the corner and it's going to be a data announced very soon and two Rett studies and the third Rett study starting soon as well. We're very excited about all our programs and also not to mention that the ANAVEX 3-71study, which we had announced that we plan also for moving into Phase 1. This is also something we are looking forward to this year.
Tom Bishop
Okay. And one last question on the financial side. I saw something about, well, I know you have a deal with Lincoln Park and kind of ATM and then this Cantor Fitzgerald and now I see Leerink. And I'm a little confused if those are two different programs? Or is it basically all programs that you’re using to stay funded?
Christopher Missling
So the major contribution for funding was in the past. The Lincoln Park, we call it a purchase agreement where we are able from time to time if we like the stock price levels and our burn rate is not so big and our volume is very easily able to absorb that to just able to keep the cash position relatively constant over quarter-over-quarter as you can see. The ATM was Cantor Fitzgerald.
We're very excited that we were able to add now to this agreement Leerink. And that is basically just an amendment of the existing program with Cantor to add Leerink. It's not a different program. It's exactly the same. We’re just adding Leerink to this -- to this program, to this ATM program, which we have not used yet. And we got this program as a safety net if we are not able to find alternatives to fund, but we have not used this program.
Anavex maintains that it is excited about its clinical trials and has sufficient capital in the bank and that it can access. Missling intimates that he knows certain information that we do not know, of course, and he is excited. Additionally, he is clearly financially confident and comfortable. A few observations. First, ability of a young biotech to fund its drug development is usually worrisome, but Missling has solved this problem. Second, we know we have one drug that is safe. Third, three clinical trials are advancing well with one, PDD, to report results soon. Fourth, an additional clinical trial with another drug is to commence very soon. Fifth, we are not hurting for sources to fund any of these clinical trials. Sixth, the company has no debt. Seventh, both drugs in four clinical trials this year have scientific support.
I could go on, but you get the point. Anavex is feeling no pressure, it has the ability to fund its trials/studies, and it possesses promising drugs one of which is far along in development.
If you want to make real money, invest in biotech, but do your DD first. I have researched Anavex and its drugs for going on something like 6 years now. During that time, it has endured when many thought it would rapidly fail because of various reasons such as it was a scam, it did not have sufficient capital, its drug AVXL 2-73 was not safe, it had too few employees to carry on, etc., etc. Again, I could go on and on. However, Anavex is more in the game than ever before, and it has the foundation to continue.
