Anavex Life Sciences Corp (NASDAQ: AVXL) is having a relatively strong start to the trading session in the pre-market hours, finding its way up on news that was released just minutes ago. The news surrounds the Spanish regulatory approval of a clinical trial that proved to be a point of excitement for investors. Today, we’ll talk about:
- The news;
- what we’re seeing from AVXL as a result; and
- what we’ll be watching for ahead.
AVXL Announces Regulatory News
As mentioned above, Anavex Life Sciences is headed up in the pre-market hours this morning as the result of regulatory news. In a press release issued early this morning, the company announced that it has received approval from the Spanish Agency for Medicinal Products and Medical Devices (AEMPS) to initiate a Phase 2 clinical trial.
In the release, AVXL said that the trial will be a double-blind, placebo-controlled 14-week trial assessing the safety and efficacy of ANAVEX®2-73 as a treatment for patients with Parkinson’s disease dementia (PDD). It is expected that the company will enroll 120 patients who will be randomized on a 1:1:1 ration into two different ANAVEX®2-73 doses or placebo. The study will take place in up to 24 study sites and is expected to begin enrollment in the next few months. In a statement, Christopher U Missling, PhD, President and CEO at AVXL, had the following to offer:
We are excited about the approval to initiate the Phase 2 study of ANAVEX®2-73 for the treatment of Parkinson’s disease dementia, which will focus on the effect of ANAVEX®2-73 on both the cognitive and motor impairment of Parkinson’s disease… We continue leveraging our precision medicine approach to drug development to provide intelligence beyond many traditional neurology trials to disease areas with high unmet needs.
What We’re Seeing From The Stock
One of the first lessons that we learn as investors is that the news moves the market. In the case of Anavex Life Sciences, the news proved to be overwhelmingly positive. After all, the approval of the clinical trial means that the company can move forward with the continued development of a key asset. So, it’s no surprise that while the news was only released minutes ago, the stock is already trading in the green. At the moment (7:00), AVXL is trading at $3.47 per share after a gain of $0.03 per share or 0.87% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on AVXL. In particular, we’re interested in following the continued development of ANAVEX®2-73 and excited to see the movement in the stock as the Phase 2 clinical trial gets underway. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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