Anavex Life Sciences Corp (AVXL)

[Doc328]

If the TLD release clearly states the primary endpoint results, there is much less room for FUD. This has not been Anavex's pattern.

The PDD PR did not do that - they did not release the primary endpoint (CDR-continuation of attention) but rather components of the CDR-power of attention domain and separate memory domains (i.e. secondary endpoints) --- so of course there were attacks.

Rett-Avatar changed the primary endpoint late (apparently after the study ended but before the database was locked though the clinicaltrials was not updated until analysis was underway and some results may have been known) -- they could have prevented the attacks by also releasing the original primary endpoint but chose not to. By not releasing the actual data expected to be released, analysts will assume the worse.

The PR for AD must release the expected data. Baseline and 48 week ADAS-Cog and ADCS-ADL numbers for placebo and the treated groups with the p values for "Reduction in cognitive decline assessed from baseline over 48 weeks with ANAVEX2-73 compared to placebo" for each. If Missling does not release these numbers, he will open Anavex up for attack. The nice thing about phase 3 (and a 2b/3 can be considered a 3) is there is no wiggle room - you state your primary endpoints and either succeed or fail. Success will be significance for both of the 2 coprimary endpoints (ADAS-cog and ADCS-ADL) in either or both the 30 and 50 mg dose.