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The shares of Anavex Life Sciences (NASDAQ: AVXL) hit the highest level since early December on Tuesday after the Alzheimer’s drug maker announced financials for the first quarter of fiscal 2023 highlighting its near-term catalysts.
Anavex (AVXL), headquartered in New York, reported ~$143.6M in cash and cash equivalents at the end of the quarter, indicating a ~4% decrease from the end of FY22, as net loss increased ~19% YoY to $13.0M.
Reiterating the guidance, management said the company’s cash trail is adequate to fund operations and clinical programs beyond the next four years.
On the clinical front, Anavex (AVXL) looks forward to sharing the full data set from its Phase 2b/3 clinical trial for the Alzheimer’s disease candidate ANAVEX 2-73. Citing top-line data, the company said in December that the orally bioavailable molecule met the primary endpoint in patients with early Alzheimer’s.
Chief Executive Christopher Missling stressed the importance of obtaining comprehensive data to engage with regulators for further advancement of ANAVEX 2-73, also known as blarkamesine. “…That’s why we’re looking forward to completing that as well, as I just mentioned, because that’s how you can interact with the FDA and with the European agency EMA,” 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 FDA approval. for Alzheimer’s recently.
