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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 interact with regulators 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.
