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Anavex Life Sciences Reports Fiscal 2020 Third Quarter Financial Results And Provides Business Updates

Anavex Life Sciences Corp.
·8 min read

Conference Call and Webcast Today at 11:00 a.m. ET

NEW YORK, Aug. 06, 2020 (GLOBE NEWSWIRE) -- 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 2020 third quarter.

“It is an accomplishment having three ongoing clinical studies in Rett syndrome in progress with ANAVEX®2-73 (blarcamesine) and we expect respective clinical trial results to be reported as we progress,” said Christopher U Missling, PhD, President and Chief Executive Officer of Anavex. “It is important to point out that all clinical studies with ANAVEX®2-73 (blarcamesine), including the ongoing Alzheimer’s disease Phase 2b/3 trial and Parkinson’s disease dementia Phase 2 study, which read out is upcoming, includes the entire genome and exome sequencing, opens the possibility of using big data-driven unbiased genome-wide patient analysis, hence, maintaining the focus on Precision Medicine for neurological disorders.”

Program Updates:

  • Yesterday Anavex announced it has received compassionate use Special Access Scheme (SAS) approval for Alzheimer’s disease patients continued treatment with ANAVEX®2-73 (blarcamesine) by the Australian Government Department of Health - Therapeutic Goods Administration (TGA).

  • In June 2020, Anavex announced it has received Clinical Trial Authorization (CTA) from the Medicines and Healthcare products Regulatory Agency (MHRA) in the United Kingdom (UK) as well as a ‘No Objection Letter’ from Health Canada to expand the footprint of the international Phase 2b/3 double-blind, randomized, placebo-controlled safety and efficacy trial (Study ANAVEX®2-73-AD-004) of ANAVEX2-73 (blarcamesine) for the treatment of early Alzheimer’s disease into the UK and Canada, respectively.

  • In June 2020, Anavex announced it exceeded by 50% its enrollment target for the ANAVEX®2-73 (blarcamesine) U.S. Phase 2 study in Rett syndrome. The Company expects to announce topline results from this study in calendar Q4 2020.

  • In July 2020, Anavex announced that the first pediatric patient was dosed in the Phase 2/3 ANAVEX®2-73-RS-003 EXCELLENCE clinical trial for the treatment of Rett syndrome with ANAVEX®2-73 (blarcamesine).

  • In July 2020, Anavex announced the enrollment of the first participant in a Phase 1 clinical trial of ANAVEX®3-71 (AF710B), an orally-administered small molecule targeting sigma-1 and M1 muscarinic receptors that is designed to be beneficial for neurodegenerative diseases, with topline data anticipated in the first half of 2021.

Financial Highlights:

  • Cash and cash equivalents of $27.6 million at June 30, 2020, compared to $22.2 million at fiscal year ended September 30, 2019.

  • Research and development expenses of $6.7 million for the quarter, compared to $5.8 million in the comparable quarter in 2019.

  • General and administrative expenses of $1.4 million for the quarter as well as for the comparable quarter in 2019.

  • Net loss of $6.5 million, or $0.11 per share for the quarter, compared to net loss of $6.5 million, or $0.13 per share in the comparable quarter of 2019.

The financial information for the fiscal quarter ended June 30, 2020 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.

Conference Call / Webcast Information

Anavex will host a conference call and webcast today at 11:00 a.m. ET.

The live webcast of the conference call can be accessed online at https://wsw.com/webcast/cc/avxl14.

To join the conference call, live via telephone, interested parties within the U.S. should dial, toll-free, 1 (866) 901-2585 and international callers should dial 1 (404) 835-7099. Please use confirmation number 49865428, followed by the pound sign (#).

A replay of the conference call will also be available on www.anavex.com.

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), recently completed a successful Phase 2a clinical trial for Alzheimer’s disease. ANAVEX®2-73 (blarcamesine) 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 (blarcamesine) 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 (blarcamesine) for the treatment of Parkinson’s disease. ANAVEX®3-71, which targets sigma-1 and muscarinic receptors, is a promising clinical 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 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 BALANCE SHEETS

As at June 30, 2020 and September 30, 2019

Expressed in US Dollars

June 30,
2020

September 30,
2019

(Unaudited)

ASSETS

Current

Cash and cash equivalents

$

27,619,145

$

22,185,630

Incentive and taxe receivables

3,547,972

2,642,745

Prepaid expenses and deposits

438,631

500,998

Deferred costs

24,508

-

Total assets

$

31,630,256

$

25,329,373

LIABILITIES AND STOCKHOLDERS' EQUITY

Current

Accounts payable

$

3,980,204

$

3,523,332

Accrued liabilities

2,968,994

1,516,342

Total liabilities

6,949,198

5,039,674

Common stock

60,083

52,652

Additional paid-in capital

178,332,979

153,633,807

Accumulated deficit

(153,712,004)

(133,396,760)

Total stockholders' equity

24,681,058

20,289,699

Total liabilities and stockholders' equity

$

31,630,256

$

25,329,373

ANAVEX LIFE SCIENCES CORP.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2020 and 2019

(Unaudited)

Expressed in US Dollars

2020

2019

Operating Expenses

General and administrative

$

1,381,477

$

1,388,729

Research and development

6,725,002

5,758,446

Total operating expenses

8,106,479

7,147,175

Operating Loss

(8,106,479

)

(7,147,175

)

Other income

Grant income

-

74,944

Research and development incentive income

1,319,913

552,335

Interest income, net

56,096

34,838

Gain on settlement of accounts payable

-

36,978

Foreign exchange gain (loss), net

248,665

(54,546

)

Total other income

1,624,674

644,549

Net loss before income taxes

(6,481,805

)

(6,502,626

)

Income tax expense, current

(4,817

)

(19,300

)

Net loss

$

(6,486,622

)

$

(6,521,926

)

Net loss per Share

Basic and Diluted

$

(0.11

)

$

(0.13

)

Weighted Average Number of Shares Outstanding

Basic and Diluted

59,105,399

49,622,465


ANAVEX LIFE SCIENCES CORP.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

NINE MONTHS ENDED JUNE 30, 2020 AND 2019

(Unaudited)

Expressed in US Dollars

2020

2019

Operating Expenses

General and administrative

$

4,453,654

$

5,211,287

Research and development

19,126,717

17,549,442

Total operating expenses

23,580,371

22,760,729

Other income

Grant income

149,888

223,999

Research and development incentive income

2,980,456

1,727,007

Interest income, net

172,996

165,103

Gain on settlement of accounts payable

-

36,978

Foreign exchange gain (loss), net

(24,182

)

(4,854

)

Total other income

3,279,158

2,148,233

Net loss before income taxes

(20,301,213

)

(20,612,496

)

Income tax expense, current

(14,031

)

(76,065

)

Net loss

$

(20,315,244

)

$

(20,688,561

)

Net loss per Share

Basic and Diluted

$

(0.35

)

$

(0.43

)

Weighted Average Number of Shares Outstanding

Basic and Diluted

57,401,387

47,691,921

For Further Information:

Anavex Life Sciences Corp.
Research & Business Development
Toll-free: 1-844-689-3939
Email: info@anavex.com

Investors & Media:
Email: ir@anavex.com