Conference Call and Webcast Today at 4:30 p.m. ET
NEW YORK, Dec. 28, 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 year ended September 30, 2020.
Christopher U Missling, PhD, President and Chief Executive Officer of Anavex said: “Despite all of the new challenges, 2020 was an extraordinary year for Anavex, with significant progress across our portfolio, including our first positive, placebo-controlled, U.S. ANAVEX®2-73 (blarcamesine) Rett syndrome trial, a positive Parkinson’s disease dementia trial, and further progress in Alzheimer’s disease. I want to thank the patients, doctors, and the Anavex team who made all of this progress possible. We look forward to building on this momentum with key milestones expected from multiple programs, including data on the ongoing late-stage Rett syndrome trials AVATAR and EXCELLENCE, expanding the clinical biomarker-driven ANAVEX®2-73 rare disease program into additional late-stage studies with high unmet medical need, completing the late stage ANAVEX®2-73 Phase 2b/3 Alzheimer’s disease trial, and advancing ANAVEX®2-73 into clinical disease modifying testing in Parkinson’s disease.”
Key Clinical Updates:
Recent Business Highlights:
Financial Highlights:
The financial information for the fiscal year ended September 30, 2020 should be read in conjunction with the Company’s 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
The live webcast of the conference call can be accessed online at https://wsw.com/webcast/cc/avxl16/1496358.
To join the conference call, live via telephone, interested parties within the U.S. should dial, toll-free, 1 (866) 939-3921 and international callers should dial 1 (678) 302-3550. Please use confirmation number 50061077, 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 successfully a Phase 2a clinical trials for Alzheimer’s disease and a Phase 2 proof-of-concept study in Parkinson’s disease dementia and a Phase 2 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 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 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. | ||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
For the years ended September 30, 2020 and 2019 | ||||||
Expressed in US Dollars | ||||||
2020 | 2019 | |||||
Operating Expenses | ||||||
General and administrative | $ | 5,856,609 | $ | 6,846,599 | ||
Research and development | 25,231,623 | 22,260,349 | ||||
Total operating expenses | (31,088,232 | ) | (29,106,948 | ) | ||
Other income (expenses) | ||||||
Grant income | 149,888 | 298,943 | ||||
Research and development incentive income | 4,375,025 | 2,465,691 | ||||
Interest income, net | 179,973 | 207,280 | ||||
Gain on settlement of accounts payable | – | 115,758 | ||||
Financing related charges | – | (151,133 | ) | |||
Foreign exchange gain (loss), net | 125,540 | (42,389 | ) | |||
Total other income, net | 4,830,426 | 2,894,150 | ||||
Net loss before provision for income taxes | (26,257,806 | ) | (26,212,798 | ) | ||
Income tax expense, current | (22,664 | ) | (82,181 | ) | ||
Net loss and comprehensive loss | $ | (26,280,470 | ) | $ | (26,294,979 | ) |
Net loss per share | ||||||
Basic and diluted | $ | (0.45 | ) | $ | (0.54 | ) |
Weighted average number of shares outstanding | ||||||
Basic and diluted | 58,194,894 | 48,906,470 |
ANAVEX LIFE SCIENCES CORP. | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
As at September 30, 2020 and 2019 | ||||||
Expressed in US Dollars | ||||||
2020 | 2019 | |||||
ASSETS | ||||||
Current | ||||||
Cash and cash equivalents | $ | 29,249,018 | $ | 22,185,630 | ||
Incentive and tax receivables | 4,849,340 | 2,642,745 | ||||
Prepaid expenses and deposits | 443,839 | 500,998 | ||||
Total Assets | $ | 34,542,197 | $ | 25,329,373 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
Current Liabilities | ||||||
Accounts payable | $ | 3,989,054 | $ | 3,523,332 | ||
Accrued liabilities | 3,316,574 | 1,516,342 | ||||
Total Liabilities | 7,305,628 | 5,039,674 | ||||
Capital Stock | 62,047 | 52,652 | ||||
Additional paid-in capital | 186,851,752 | 153,633,807 | ||||
Accumulated deficit | (159,677,230 | ) | (133,396,760 | ) | ||
Total Stockholders’ Equity | 27,236,569 | 20,289,699 | ||||
Total Liabilities and Stockholders’ Equity | $ | 34,542,197 | $ | 25,329,373 | ||
For Further Information:
Anavex Life Sciences Corp.
Research & Business Development
Toll-free: 1-844-689-3939
Email: info@anavex.com
Investors & Media:
Clint Tomlinson
Email: ir@anavex.com
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