Anavex Life Sciences Erases 5% Gain, Company Released Of Encouraging Preclinical Results

Shares of Anavex Life Sciences Corp. AVXL, a clinical-stage biopharmaceutical company that focuses on therapies for Alzheimer's Disease, were trading higher by more than 5 percent Thursday morning - only to give up gains and trade flat by the afternoon.

Investors and traders were initially encouraged by the company's preclinical results of its ANAVEX 2-73 in an exploratory study in a Rett syndrome model.

The company noted, "Chronic oral daily dosing of ANAVEX 2-73 starting at ~5.5 weeks of age was conducted in the MECP2 Rett syndrome disease mouse model and continued through a 12‐week behavioral testing time point 60 minutes pre‐treatment during the behavioral testing. Behavioral paradigms measure different aspects of muscular coordination, balance, motor learning and muscular strengths, some of the core deficits observed in Rett syndrome."

"The data demonstrates dose related and significant improvements in an array of behavioral and gait paradigms in a mouse model with a MECP2-null mutation that causes neurological symptoms that mimic Rett syndrome. There is a tremendous need for therapeutic solutions for the individuals living with Rett syndrome and their families, and we are very encouraged by the data we have seen with ANAVEX 2-73," said Steven Kaminsky, PhD, Chief Science Officer of Rettsyndrome.org.