Anavex Soars on Positive Alzheimer’s Results
Anavex Life Sciences was one of the stocks helping to prop up the market in Monday’s session.
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Anavex Life Sciences Corp. (NASDAQ: AVXL) was one of the stocks helping to prop up the market in Monday’s session. The company reported a positive dose-response relationship has been observed in a pre-planned interim analysis of data from the ongoing Phase 2a trial of Anavex 2-73 for treatment of mild to moderate Alzheimer’s disease.
Among 32 patients treated with doses of Anavex 2-73 ranging from 3 mg to 50 mg a day, the Mini Mental State Examination (MMSE) score data showed a positive slope with confidence intervals not including the zero-value, consistent with a dose dependent improvement in MMSE scores over five weeks.
Norman Relkin, MD, PhD, an Alzheimer clinical trialist and an advisor to Anavex, commented:
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. Evidence of a dose-response relationship is one of the factors taken into account by regulatory agencies when ultimately considering medications for approval.
Christopher U. Missling, PhD, president and CEO of Anavex, added:
Our team is encouraged by these findings and we look forward to advancing ANAVEX 2-73 into a larger Phase 2/3 study for Alzheimer’s as well as initiating a double-blinded, randomized, placebo-controlled Phase 2 trial for ANAVEX 2-73 in an additional indication associated with cognitive impairment.
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Previously the company announced positive data for its Anavex 3-71, which is also involved in the treatment of Alzheimer’s. Despite the positive data that this company has been releasing surrounding its Alzheimer’s study, the stock has dropped nearly 30% in the past month and 17% year to date.
Shares of Anavex were last seen trading up 10.4% at $5.08, with a consensus analyst price target of $10.16 and a 52-week trading range of $3.16 to $14.84.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
