Anavex Life Sciences Corp. (AVXL) Stock Jumps 17% on Positive Results of Alzheimer Drug Candidate in Phase 2 Trials


We’ve all had someone we love experience the horrendous effects of Alzheimer’s disease. Fortunately several companies are making progress in the treatment of this disease. One such company is Anavex Life Sciences Corp. (NASDAQ:AVXL), who just reported positive data shown in an ongoing Phase 2a trial of their Alzheimer’s drug ANAVEX 2-73. Investors are reacting to this news this morning with shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) jumping over 17%.

32 patients were involved in the study, which had between 3 and 50 mg of the drug administered to them daily for a period of five weeks. These patients showed a positive slope consistent with dose-dependent improvement in Alzheimer’s, measured using what is referred to as the Mini Mental Examination Score (MMSE).

While nothing is set in stone quite yet, the study has shown that a dosage of 30mg of Anavex Life Sciences Corp. (NASDAQ:AVXL)’s drug appears to work best, with a probability of achieving a +2 point or higher improvement on the MMSE basis at around 80%.

“While we remain cautious about interpreting the results of an interim analysis, evidence of ANAVEX 2-73’s positive dose response at 5 weeks on the MMSE is a welcome signal”, said Dr. Norman Relkin, MD, PhD, an Alzheimer clinical trialist and an advisor to Anavex. “Evidence of a dose-response relationship is one of the factors taken into account by regulatory agencies when ultimately considering medications for approval.”

The stock is up 17.36% or $0.8 following the news, hitting $5.4 per share. About 587,671 shares traded hands. avxl has risen 6.00% since December 12, 2015 and is uptrending. It has outperformed the S&P500 by 11.86%.

Anavex Life Sciences Corp., a clinical stage biopharmaceutical company, engages in the development of drug candidates for the treatment of AlzheimerÂ’s disease, other central nervous system diseases, pain, and various cancers. The companyÂ’s lead drug candidates include ANAVEX 2-73 and ANAVEX PLUS, a combination of ANAVEX 2-73 with donepezil, which is in a Phase 2a clinical trial for the treatment of AlzheimerÂ’s and other central nervous system diseases. Its preclinical drug candidates include ANAVEX 3-71, which uses ligands that activate sigma-1 receptors to treat AlzheimerÂ’s disease; ANAVEX 1-41, a sigma-1 agonist that protects nerve cells from degeneration or death; and ANAVEX 1037 for the treatment of prostate cancer. The company was founded in 2006 and is based in New York, New York.