- The shares of Anavex Life Sciences ( NASDAQ: AVXL ) reached the highest level since early December on Tuesday after the Alzheimer's drug developer announced financials for Q1 fiscal 2023 highlighting its near-term catalysts.
- Anavex ( AVXL ), based in New York, reported ~$143.6M in cash and equivalents at the end of the quarter, indicating a ~4% decline from the end of FY22 as net loss climbed ~19% YoY to $13.0M.
- Reiterating the guidance, the management said that the company's cash runway is adequate to fund operations and clinical programs beyond the next four years.
- On the clinical front, Anavex ( AVXL ) expects to share the complete dataset from its Phase 2b/3 clinical trial for Alzheimer's candidate ANAVEX 2-73. Citing topline data, the company said in December that the orally bioavailable molecule met the main goal in patients with early Alzheimer's.
- Chief Executive Christopher Missling highlighted the importance of obtaining complete data to engage the FDA for further advancement of ANAVEX 2-73, also known as blarcamesine. "…. That's why we're also keen to complete that, as I just mentioned, because that's how you can engage with the FDA as well as with the European EMA, agency," Missling said during the earnings call.
- Citing trial data, Seeking Alpha contributor The Political Economist argues that ANAVEX 2-73 "appears more effective, cheaper and safer" than Leqembi, for which Biogen ( BIIB )/ Eisai ( OTCPK:ESALY ) ( OTCPK:ESALF ) obtained the FDA nod for Alzheimer's recently.
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Anavex hits two-month high after Q1 FY23 results