Anavex Life Sciences Corp (AVXL)

[bas2020]

Not sure why you have such a difficult time with this...
The n in the calculations are ITT: 320 (min) for treated and 165 (min) for placebo.

Regardless of the number of placebo patients experiencing a placebo effect...
The # of treated patients exceeding improvement of -0.5 ADAS-Cog vs. placebo is > 3x.
The # of treated patients exceeding improvement of +3.5 ADCS-ADL vs. placebo is > 4x.

Given that the placebo effect occurs in roughly 10%-20% of patients, then that translates to...
10%: 16 placebo and > 48 treated.
20%: 33 placebo and > 99 treated.

That's rather significant to true investors.