Company to host a webcast today at 4:30 p.m. Eastern Time
Anavex Life Sciences Corp. (“Anavex” or the “Company”) (Nasdaq: AVXL), a clinical-stage biopharmaceutical company developing differentiated therapeutics for the treatment of neurodegenerative and neurodevelopmental disorders including Alzheimer’s disease, Parkinson’s disease, Rett syndrome and other central nervous system (CNS) diseases, today reported financial results for its fiscal quarter ended March 31, 2022.
"We are pleased with the continued advancement regarding our lead product candidate ANAVEX®2-73 in Alzheimer’s disease and Rett syndrome as we maintain our attention on execution across each of our clinical programs and overall business operations," said Christopher U Missling, PhD, President and Chief Executive Officer of Anavex. "We are also looking forward to next month’s R&D Day’s event, where we will present our broad SIGMAR1 platform portfolio, which allows us to expand further within the neurodegenerative and rare disease space. We remain on track to deliver data readouts, as well as presentations at medical meetings and initiating biomarker-driven precision medicine clinical studies through the rest of the year as planned."
ANAVEX®2-73 Program and other Near-Term Pipeline Data Updates:
Recent Business Highlights:
Financial Highlights:
The financial information for the fiscal quarter ended March 31, 2022, should be read in conjunction with the Company’s interim condensed consolidated financial statements, which will appear on EDGAR, www.sec.gov and will be available on the Anavex website at www.anavex.com.
Webcast / Conference Call Information:
The live webcast of the conference call will be available on Anavex’s website at www.anavex.com.
The conference call can be also accessed by dialing +1 929 205 6099 for participants in the U.S. using the reference passcode 911357. A replay of the conference call will also be available on Anavex’s website for up to 30 days.
About Anavex Life Sciences Corp.
Anavex Life Sciences Corp. (Nasdaq: AVXL) is a publicly traded biopharmaceutical company dedicated to the development of differentiated therapeutics for the treatment of neurodegenerative and neurodevelopmental disorders including Alzheimer’s disease, Parkinson’s disease, Rett syndrome and other central nervous system (CNS) diseases, pain, and various types of cancer. Anavex’s lead drug candidate, ANAVEX®2-73 (blarcamesine), has successfully completed a Phase 2a clinical trial for Alzheimer’s disease, a Phase 2 proof-of-concept study in Parkinson’s disease dementia and both a Phase 2 and a Phase 3 study in adult patients with Rett syndrome. ANAVEX®2-73 is an orally available drug candidate that restores cellular homeostasis by targeting sigma-1 and muscarinic receptors. Preclinical studies demonstrated its potential to halt and/or reverse the course of Alzheimer’s disease. ANAVEX®2-73 also exhibited anticonvulsant, anti-amnesic, neuroprotective, and anti-depressant properties in animal models, indicating its potential to treat additional CNS disorders, including epilepsy. The Michael J. Fox Foundation for Parkinson’s Research previously awarded Anavex a research grant, which fully funded a preclinical study to develop ANAVEX®2-73 for the treatment of Parkinson’s disease. ANAVEX®3-71, which targets sigma-1 and muscarinic M1 receptors, is a promising clinical stage drug candidate demonstrating disease-modifying activity against the major hallmarks of Alzheimer’s disease in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid, and tau pathologies. In preclinical trials, ANAVEX®3-71 has shown beneficial effects on mitochondrial dysfunction and neuroinflammation. Further information is available at www.anavex.com. You can also connect with the company on Twitter, Facebook, Instagram and LinkedIn.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks set forth in the Company’s most recent Annual Report on Form 10-K filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and Anavex Life Sciences Corp. undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
Anavex Life Sciences Corp. | |||||||
Interim Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||||
For the three months ended March 31, 2022 and 2021 | |||||||
(Unaudited) | |||||||
Expressed in US Dollars | |||||||
2022 | 2021 | ||||||
Operating Expenses | |||||||
General and administrative | $ | 2,915,158 | $ | 2,233,745 | |||
Research and development | 8,604,589 | 6,720,841 | |||||
Total operating expenses | (11,519,747 | ) | (8,954,586 | ) | |||
Other income (expenses) | |||||||
Grant income | - | 10,820 | |||||
Research and development incentive income | 835,513 | 960,879 | |||||
Interest income, net | 7,578 | 9,216 | |||||
Foreign exchange gain (loss), net | 268,645 | (154,563 | ) | ||||
Total other income, net | 1,111,736 | 826,352 | |||||
Net loss before provision for income taxes | (10,408,011 | ) | (8,128,234 | ) | |||
Income tax expense, current | (29,800 | ) | (26,988 | ) | |||
Net loss and comprehensive loss | $ | (10,437,811 | ) | $ | (8,155,222 | ) | |
Net loss per share | |||||||
Basic and diluted | $ | (0.14 | ) | $ | (0.12 | ) | |
Weighted average number of shares outstanding | |||||||
Basic and diluted | 76,248,603 | 68,594,867 | |||||
Anavex Life Sciences Corp. | |||||||
Interim Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||||
For the six months ended March 31, 2022 and 2021 | |||||||
(Unaudited) | |||||||
Expressed in US Dollars | |||||||
2022 | 2021 | ||||||
Operating Expenses | |||||||
General and administrative | $ | 5,982,109 | $ | 3,704,401 | |||
Research and development | 17,261,028 | 14,646,360 | |||||
Total operating expenses | (23,243,137 | ) | (18,350,761 | ) | |||
Other income (expenses) | |||||||
Grant income | - | 10,820 | |||||
Research and development incentive income | 1,646,243 | 2,230,195 | |||||
Interest income, net | 12,488 | 7,657 | |||||
Foreign exchange gain (loss), net | 324,008 | 178,071 | |||||
Total other income, net | 1,982,739 | 2,426,743 | |||||
Net loss before provision for income taxes | (21,260,398 | ) | (15,924,018 | ) | |||
Income tax expense, current | (59,780 | ) | (86,269 | ) | |||
Net loss and comprehensive loss | $ | (21,320,178 | ) | $ | (16,010,287 | ) | |
Net loss per share | |||||||
Basic and diluted | $ | (0.28 | ) | $ | (0.24 | ) | |
Weighted average number of shares outstanding | |||||||
Basic and diluted | 76,121,792 | 66,421,380 | |||||
Anavex Life Sciences Corp. | |||||||
Interim Condensed Consolidated Balance Sheets | |||||||
Unaudited | |||||||
Expressed in US Dollars | |||||||
March 31, | September 30, | ||||||
2022 | 2021 | ||||||
Assets | |||||||
Current | |||||||
Cash and cash equivalents | $ | 153,342,556 | $ | 152,107,745 | |||
Incentive and tax receivables | 6,468,987 | 9,136,831 | |||||
Prepaid expenses and other current assets | 464,605 | 371,914 | |||||
Total Assets | $ | 160,276,148 | $ | 161,616,490 | |||
Liabilities and stockholders' equity | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 2,631,888 | $ | 4,739,781 | |||
Accrued liabilities | 4,995,388 | 5,614,774 | |||||
Deferred grant income | 443,831 | 443,831 | |||||
Total Liabilities | 8,071,107 | 10,798,386 | |||||
Capital Stock | 77,163 | 75,920 | |||||
Additional paid-in capital | 371,437,616 | 348,328,048 | |||||
Share proceeds receivable | (403,696 | ) | - | ||||
Accumulated deficit | (218,906,042 | ) | (197,585,864 | ) | |||
Total Stockholders' Equity | 152,205,041 | 150,818,104 | |||||
Total Liabilities and Stockholders' Equity | $ | 160,276,148 | $ | 161,616,490 | |||
For Further Information:
Anavex Life Sciences Corp.
Research & Business Development
Toll-free: 1-844-689-3939
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors:
Andrew J. Barwicki
Investor Relations
Tel: 516-662-9461
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Last Trade: | US$6.62 |
Daily Change: | 0.91 15.94 |
Daily Volume: | 5,838,748 |
Market Cap: | US$561.380M |
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