AVXL lost 9 cents a share, says they have lots of money in the bank to pay for Phase 2 clinical trial.
Quote:Cash and equivalents of $24.8 million at June 30, 2017, compared to $9.2 million at September 30, 2016.Cash used to fund operations was $3.0 million, compared to $2.2 million for the comparative quarter last year. This is in line with the Company s cash utilization guidance.Operating expenses of $3.7 million compared to $2.3 million for the comparative quarter last year. This increase was a result of increased spending on research and development, including clinical trial preparatory activities.Net loss for the quarter of $3.6 million, or $0.09 per share, compared to a net loss of $2.2 million, or $0.06 per share, for the comparative quarter.
We are entering the second half of 2017 with our strongest balance sheet to
date, which allows the Company to execute the Phase 2 clinical trial in Rett
syndrome, for which ANAVEX 2-73 has been granted Orphan Drug Designation by the
FDA, as well as the Phase 2/3 clinical trial in Alzheimer s disease and the
Phase 2 clinical trial in Parkinson s disease, said Christopher U. Missling,
PhD, President and Chief Executive Officer of Anavex Life Sciences. We look
forward to initiating these placebo-controlled clinical trials. The respective
trial designs are based on broad genomic and biomarker characterization,
pharmacokinetic and pharmacodynamic modeling including data from patients in
previous ANAVEX 2-73 trials, as well as preclinical translational science. To
our knowledge, this is the first use of this approach in the design of clinical
trials for Alzheimer s disease, Parkinson s disease and Rett syndrome, and marks
a shift towards advancing implementation of precision medicine for these and
other neurodegenerative and neurodevelopmental diseases."
