Anavex Life Sciences Corp (AVXL)

[Gator328]

Agreed, but BTD is going to be significantly more difficult now that Biogen's drug was approved recently. We all know it's not the long-term answer but Biogen put a lot of money and time developing it, and is going to use all its lobbying influence to ensure that it remains the sole Alzheimer's alternative to Aricept for as long as possible.

BTD is more likely for Rett Syndrome, in my opinion. And while that will help Anavex generate revenue quickly, the goal for Anavex should be to do everything in its power to mitigate the interference it's going to face from Biogen and the others who do not want to see A273 in front of the FDA's advisory committee. The voucher is just another tool to help advance A273 as quickly as possible, whether in conjunction with BTD or not.

If AVXL had 30mm shares outstanding, I'd say sell the voucher and offer a one-time special dividend to shareholders. But with 80mm shares out there, at $100mm it's probably better to hold it and use it than to sell it, especially given the 5 year runway we currently have.