Anavex Life Sciences Corp (AVXL)

[Hoskuld]

Biogen just issued TLD showing some (not much) efficacy. This is Biogen's modus operandi. Their huge-selling MS drug for 25 years has been Avonex. The data that made it huge was based on surrogate endpoints that showed massively reduced appearance of T1 and T2 lesions on MRIs. But, 18 years after approval they released a longitudinal study that followed a huge number of Avonex patients and the finding was that Avonex makes zero difference clinically: if you would have been in a wheelchair in 10 years without Avonex then you would still be in a wheelchair in 10 years with Avonex and if you would be dead in 18 years without Avonex then you would be dead in 18 years with Avonex.

So here we are with a huge trial and tiny effect - stat sig because of the size, but clinically meaningless. They are following their playbook to a T.