Anavex Life Sciences Corp (OTCMKTS:AVXL) a biopharmaceutical entity in clinical stage advancing Anavex 2-73 for treatment of Alzheimer’s disease released financial report for the three and nine months concluded June 30, 2015.
Anavex reported that it cash and cash equivalents came at nearly $8.0 million at the end of third quarter this fiscal compared to $6.3 million as of March 31, 2015. The company raised cash of nearly $3.0 million through the warrants exercised in 3Q2015.
Cash was used in the advancement of clinical trials and for meeting operational needs. The company confirmed that it has adequate cash for approximately 2 years. It is significant achievement as the company is busy advancing its clinical trial of Anavex 2-73 targeting Alzheimer’s disease. The drug has proved to be effective in initial trials.
Anavex stated that operating expenses for 3Q2015 came at approximately $1.5 million against approximately $1 million for the three-months period concluded June 30, 2014. This increase in operating expenses can be primarily assigned to higher research and development expenses in 3Q, mainly related to the ongoing Anavex 2-73 Phase 2a clinical trial.
The President and CEO, Mr. Christopher U. Missling, PhD said that Anavex team is pleased with the progress to date. Anavex 2-73 Phase 2a clinical trial for the treatment of Alzheimer’s is progressing on schedule. The encouraging aspect is that PART A is projected to be finished by the end of 2015.
Also, they are working on PART B, and expanding the extension period from initial 26 weeks to 52 weeks depending on positive first clinical data. The period extension was also considered at the request of trial participants.
Anavex Life Sciences Corp (OTCMKTS:AVXL) recovered all the losses made in the previous session as it finished the last trading session with a gain of 2.85%. The volume of 2 million was not that notable against the daily average of 2.4 million as has been the larger pattern in the last few weeks. The volume has been very dry and occasional spikes failed to improve the picture. As long as the corrective phase inside the range of $1.00-$1.70 goes on, the volume will remain low. In the immediate timeframe, the resistance lies around $1.45 with the major support unchanged at $1.00 levels.