Anavex Life Sciences Corp (AVXL)

[TempePhil]

Ray, Alz cog studies have two references, baseline and placebo. The placebo will always be close to the historical decline(which is also relative to the study baseline), because they both should have zero affect.
You could argue that there was no placebo in the anavex study, and that is correct. It is generally accepted, and I think DrM has also said, that the low/medium dose is assumed to be approximately the placebo response level. This might actually be conservative, as even those lower doses may have had a small positive response, larger than a placebo!