Anavex drops 16% after fiscal 2022 update
Anavex Life Sciences Corp. (NASDAQ:AVXL), a neurology-focused biotech, lost ~16% on Monday Morning after the company announced fiscal 2022 financials and issued a business update, highlights of which include an upcoming data readout for its Alzheimer’s candidate ANAVEX 2-73.
ANAVEX 2-73 is currently undergoing a placebo-controlled Phase 2b/3 study for early Alzheimer’s disease at 52 sites across North America, Europe, and Australia.
The company expects to share its topline data on December 01 at the upcoming Clinical Trials on Alzheimer’s Disease (CTAD) Congress, which is scheduled to be held in San Francisco, CA.
Chief Executive Christopher Missling is upbeat about the upcoming results. “….we just have powered the study according to our knowledge from previous clinical trials. So we think we are in good shape. I would recommend to wait for December 01,” he said during the earnings call.
In terms of Q4 fiscal 2022 financials, Anavex (AVXL) missed Street forecasts for the bottom line as net loss jumped ~22% YoY to $14.3M, driven by a ~21% YoY rise in R&D expenses. However, cash and equivalents remained relatively steady at $149.2M compared to $152.1M at fiscal 2021 year-end.