Anavex Life Sciences Corp (OTCMKTS:AVXL) has started to regain some of its financial strength as the company has begun producing preclinical data for two of its drugs. The company produces drugs for the treatment of central nervous system diseases and as well as cancer. The two drugs in question are undergoing Phase-2 of clinical trials for Alzheimer’s.
Anavex recently announced that the company’s CEO, Christopher U. Missling, would be presenting at the Marcum Microcap Conference. The results from trials of the two drugs would be presented at this conference. The CEO’s presentation would also include current developments in the company and its products. The preliminary data for the two drugs is expected to be available by 3Q2015. Additionally, the company also plans to use the platform to arrange one-to-one meetings with investors at the conference.
Anavex had also released its 2Q2015 results, with some disappointments to the investors. Cash available fell from $7 million at the start of the year to $6.3 million. The company revealed in its report that the cash has been used for clinical trials and product developments. As per the report, the cash is enough for the company to operate for two more years. The company plans to use this cash to push the two drugs through the clinical phase and towards the market.
Operating costs declined from $1 million to $0.8 million, as compared to the same period in the previous year. The net loss for the current quarter has been reported to be $1.7 million, which was an increase from $1 million for the same period in 2014. Although the financial results do not help the stock to restore itself to its former glory, the company does seem to have a plan to push the two promising drugs out of the pipeline. Once the two products reach the market, it could be a turning point for the company.
Anavex Life Sciences Corp (OTCMKTS:AVXL) closed at $0.36 on May 15. The company has 56.44 million shares being traded in the market, with a 52-week range of $0.15-$0.47. AVXL has a market cap of $21.08 million.
