Anavex Soars on Positive Alzheimer’s Results
Anavex Life Sciences Corp. (AVXL) was one of the stocks helping to prop up the market in Monday’s session. The company reported a positive dose-response relationship has been observed in a pre-planned interim analysis of data from the ongoing Phase 2a trial of Anavex 2-73 for treatment of mild to moderate Alzheimer’s disease.
Among 32 patients treated with doses of Anavex 2-73 ranging from 3 mg to 50 mg a day, the Mini Mental State Examination (MMSE) score data showed a positive slope with confidence intervals not including the zero-value, consistent with a dose dependent improvement in MMSE scores over five weeks.
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Norman Relkin, MD, PhD, an Alzheimer clinical trialist and an advisor to Anavex, commented:
While we remain cautious about interpreting the results of an interim analysis, evidence of ANAVEX 2-73’s positive dose response at 5 weeks on the MMSE is a welcome signal. Evidence of a dose-response relationship is one of the factors taken into account by regulatory agencies when ultimately considering medications for approval.
Christopher U. Missling, PhD, president and CEO of Anavex, added:
Our team is encouraged by these findings and we look forward to advancing ANAVEX 2-73 into a larger Phase 2/3 study for Alzheimer’s as well as initiating a double-blinded, randomized, placebo-controlled Phase 2 trial for ANAVEX 2-73 in an additional indication associated with cognitive impairment.
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Previously the company announced positive data for its Anavex 3-71, which is also involved in the treatment of Alzheimer’s. Despite the positive data that this company has been releasing surrounding its Alzheimer’s study, the stock has dropped nearly 30% in the past month and 17% year to date.
Shares of Anavex were last seen trading up 10.4% at $5.08, with a consensus analyst price target of $10.16 and a 52-week trading range of $3.16 to $14.84.
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