Anavex Reports Fiscal First Quarter 2017 Financial Results
February 07 2017 - 7:00AM
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
Anavex Life Sciences (NASDAQ:AVXL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Anavex Life Sciences (NASDAQ:AVXL)
Historical Stock Chart
From Sep 2023 to Sep 2024