Anavex Life Sciences Corp (AVXL)

[BIOChecker4]

The board of directors of Anavex should be demanding Missling’s immediate resignation, and they should replace him with a competent CEO who puts the interests of shareholders first. Whatever tiny bit of credibility Missling may have had was erased by yesterday’s debacle. This wasn’t just one screw up. It was the latest in a series of screw ups that have damaged shareholder value and the company’s reputation.

The obvious attempt to quietly change the endpoints in order to get better results backfired big time. It calls into question whether any of the results reported to date for any indication can be taken at face value as well as the veracity of our CEO and whether he is capable of running this company going forward.

As far as AF goes, if he were a real journalist he would have contacted Missling after he saw the changes on Clinicaltrials.gov seeking an explanation before putting out a hit piece. And in addition, he should have contacted the CRO for a comment. So to be clear, I’m not defending AF. Likewise, IBD should have reached out to the CRO for any comment before publishing their story instead of merely being a mouthpiece for Missling and his lame excuse. Having said that, the whole bloody mess could have been avoided if Missling had simply been above board and explained back last year what was going on, assuming there was a good explanation (which I think clearly there was not).

Sometimes the cover up is worse than the crime. This whole affair has been a disaster.