NEW YORK, Feb. 07, 2017 (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 diseases including Alzheimer’s disease, other central nervous system (CNS) diseases, pain and various types of cancer, today reported financial results for the three months ended December 31, 2016.
Financial Highlights:
- Cash of approximately $21.2 million at December 31, 2016, compared to approximately $9.2 million at September 30, 2016.
- During the quarter, cash of $3.2 million was used to fund operations, which was within the Company’s spending plan guidance.
- Operating expenses of approximately $3.2 million compared to approximately $4.5 million for the comparative quarter. This decrease was primarily attributable to one-time charges incurred in the comparative quarter.
- Net loss for the quarter of approximately $3.2 million, or $0.08 per share, compared to a net loss of approximately $4.0 million, or $0.12 per share for the comparative quarter.
“We are entering 2017 with a strong balance sheet and a strengthened corporate and scientific advisory team coupled with encouraging 57-week safety and tolerability data for ANAVEX 2-73 in a Phase 2a clinical trial in Alzheimer’s disease,” said Christopher U. Missling, PhD, President and Chief Executive Officer of Anavex. “We are now able to initiate subsequent placebo-controlled efficacy and safety trials in Alzheimer’s and Parkinson’s disease as well as Rett syndrome, the latter of which ANAVEX 2-73 was granted Orphan Drug Designation (ODD) by the U.S. Food and Drug Administration (FDA).”
Corporate Highlights
- February 7, 2017 -- Dr. Missling will participate today in a video roundtable panel titled Pharma Outlook for 2017, hosted by The Deal. The video roundtable will be available via webcast at http://www.thedeal.com/pharma-outlook-for-2017/ starting at 1:00 p.m. Eastern Time.
- January 30, 2017 -- Dr. Missling presented a corporate overview at the Noble Capital Markets Annual Investor Conference 2017. A video webcast replay of the presentation is available on the Company’s website at www.anavex.com.
- January 19, 2017 -- Anavex announced that the Rettsyndrome.org has committed a financial grant of a minimum of $0.6 million to cover the majority of a planned U.S. multicenter Phase 2 clinical trial of ANAVEX 2-73 for the treatment of Rett syndrome.
- January 3, 2017 -- Anavex announced the dismissal with prejudice in its entirety of the Cortina v. Anavex Life Sciences Corp. et al. lawsuit. In addition, the Judge refused to allow the plaintiff to amend their complaint.
The financial information for the three months ended December 31, 2016, should be read in conjunction with the Company’s condensed consolidated interim financial statements, which will appear on EDGAR and will be available on the Anavex website at 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 diseases including Alzheimer’s disease, other central nervous system (CNS) diseases, pain and various types of cancer. Anavex’s lead drug candidate, ANAVEX 2-73, recently completed successfully a Phase 2a clinical trial for Alzheimer’s disease. ANAVEX 2-73 is an orally available drug candidate that restores cellular homeostasis by targeting sigma-1 and muscarinic receptors and successfully completed Phase 1. Preclinical studies demonstrated its potential to halt and/or reverse the course of Alzheimer’s disease. It has also exhibited anticonvulsant, anti-amnesic, neuroprotective and anti-depressant properties in animal models, indicating its potential to treat additional CNS disorders, including epilepsy and others. The Michael J. Fox Foundation for Parkinson’s Research has awarded Anavex a research grant to develop ANAVEX 2-73 for the treatment of Parkinson’s disease to fully fund a preclinical study, which could justify moving ANAVEX 2-73 into a Parkinson’s disease clinical trial. ANAVEX 3-71, also targeting sigma-1 and M1 muscarinic receptors, is a promising preclinical drug candidate demonstrating disease modifications against the major Alzheimer’s hallmarks in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid and tau pathologies, and also with beneficial effects on neuroinflammation and mitochondrial dysfunctions. Further information is available at www.anavex.com and 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 BALANCE SHEETS | ||||||||
| December 31, | September 30, | |||||||
| ASSETS | 2016 | 2016 | ||||||
| Current | ||||||||
| Cash | $ | 21,161,460 | $ | 9,186,814 | ||||
| Sales Tax Recoverable | 49,130 | 79,347 | ||||||
| Prepaid expenses and deposits | 110,996 | 180,124 | ||||||
| Total current assets | 21,321,586 | 9,446,285 | ||||||
| Deposits | 52,396 | 52,396 | ||||||
| Total assets | $ | 21,373,982 | $ | 9,498,681 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current | ||||||||
| Accounts payable and accrued liabilities | $ | 2,163,465 | $ | 3,119,993 | ||||
| Deferred grant income | 31,481 | 70,532 | ||||||
| Total liabilities | 2,194,946 | 3,190,525 | ||||||
| Common stock | 40,670 | 36,169 | ||||||
| Additional paid-in capital | 100,303,178 | 84,290,140 | ||||||
| Accumulated deficit | (81,164,812 | ) | (78,018,153 | ) | ||||
| Total stockholders' equity | 19,179,036 | 6,308,156 | ||||||
| Total liabilities and stockholders' equity | $ | 21,373,982 | $ | 9,498,681 | ||||
| ANAVEX LIFE SCIENCES CORP. | ||||||
| CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS | ||||||
| THREE MONTHS ENDED DECEMBER 31, 2016 AND 2015 | ||||||
| (Unaudited) | ||||||
| 2016 | 2015 | |||||
| Operating Expenses | ||||||
| General and administrative | $ | 1,126,184 | $ | 3,368,756 | ||
| Research and development | 2,042,490 | 1,163,678 | ||||
| Total operating expenses | 3,168,674 | 4,532,434 | ||||
| Operating Loss | (3,168,674 | ) | (4,532,434 | ) | ||
| Other income (expenses) | ||||||
| Grant income | 35,286 | 610,148 | ||||
| Interest income (expense), net | 3,655 | 2,142 | ||||
| Financing related charges and adjustments | - | (1,095 | ) | |||
| Foreign exchange loss | 14,082 | (15,655 | ) | |||
| Total other income (expenses) | 53,023 | 595,540 | ||||
| Net loss before income taxes | (3,115,651 | ) | (3,936,894 | ) | ||
| Income tax expense - current | (31,008 | ) | (17,615 | ) | ||
| Net loss | $ | (3,146,659 | ) | $ | (3,954,509 | ) |
| Net loss per Share | ||||||
| Basic | $ | (0.08 | ) | $ | (0.12 | ) |
| Diluted | $ | (0.08 | ) | $ | (0.12 | ) |
| Weighted Average Number of Shares Outstanding | ||||||
| Basic | 38,393,910 | 33,971,913 | ||||
| Diluted | 38,393,910 | 33,971,913 | ||||