The leading clinical-stage biopharmaceutical company, Anavex Life Sciences Corp (OTCMKTS:AVXL), has reported financial results for the fiscal second quarter 2015. The cash position of Anvex Life Sciences was affected negatively in the previous quarter. As per the reports, it had $7 million in cash and cash equivelants on December 31, 2014, which came down to $6.3 million on March 31, 2015.
Anavex used cash for the advancement of clinical trial work and other operational activities. The company focuses on developing drug candidate to get rid of Alzheimer’s disease, cancer and central nervous system diseases. The management of Anavex Life Sciences Corp claims to have enough cash for the next two years, which is to be used in the Phase 2a clinical trial of ANAVEX PLUS and ANAVEX 2-73.
Insights of Financial Results:
Anavex Life Sciences managed to bring its operational expenses down to $0.8 million in the previous quarter compared to $1 million in the March 2014 quarter. The primary reason behind this reduction in operational expenses was due to one-time non-cash charges that occurred in March 2014 quarter. These charges were offset by increased R&D expenses in the March 2015 quarter. As per the reports, these R&D expenses are part of the ongoing Phase 2a clinical trial of ANAVEX PLUS and ANAVEX 2-73.
The company ended the previous quarter with a loss of $0.03 per share or $1.7 million compared to a loss of $0.03 per share or $1.0 million during the same period in 2014. A significant amount of non-cash charges in the last three months played a major part in increased the loss.
Management’s Take On These Financial Results:
The senior leadership team of the company is delighted to achieve these numbers. According to Christopher U. Missling, CEO & President, Anavex Life Sciences Corp (OTCMKTS:AVXL), the company made an exceptional progress in implementing business and clinical strategies during the recent quarter. It will look forward to doing the same in the coming quarters as well.
