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  
     
For Further Information:

Anavex Life Sciences Corp.
Research & Business Development
Toll-free: 1-844-689-3939
Email:  info@anavex.com

Investors:
Matthew Haines
River East Investor Relations, LLC
917-733-9297
mhaines@rivereastir.com

Media:
Dennis Dobson, Jr.
Dobson Media Group
203-258-0159
dennisdobsonjr@dobsonmediagroup.com
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