NEW YORK, Aug. 15, 2013 /PRNewswire/ - Anavex Life Sciences Corp. ("Anavex" or the "Company") (OTCQB: AVXL) released the following letter to its shareholders:
Dear Fellow Shareholders:
Amid its advancement over the past few years, Anavex Life Sciences Corp. ("Anavex") has experienced some change. One of these changes led to my hiring as Chief Executive Officer ("CEO") and I am extremely excited to be leading our Company into the future. We have also had the opportunity to update our corporate strategy in a way that will create the most value for Anavex and its shareholders. To that end, while I have served as Anavex's CEO for just over one month, I felt it important to write and provide you with a general update on our activities, how we are refocusing our efforts in the short-term and where we see opportunities for long-term growth of the Company.
I am pleased to report that, in the second half of 2013, we successfully addressed the financial stability of the Company by raising cash as well as significantly reducing outstanding liabilities in exchange for shares of Anavex. In addition, we obtained a $10-million funding commitment, which gives Anavex flexibility for the future. As a result, we can now focus on strategic aspects of our business.
We have moved our offices to New York, NY and plan to gradually expand our team. It is our intention to selectively add new qualified members with public company experience and/or healthcare and specific medical backgrounds to both our Board of Directors as well as our Scientific Advisory Board. We believe this will increase the Company's corporate governance standard and complement our existing expertise in clinical development.
Anavex is now in a position to present and attend investor conferences more frequently and build an active dialogue with healthcare investors. With this in mind, we are planning a more proactive role in our investor communications and plan to attend at least one investor conference in 2013 and several more in 2014.
The Company will continue clinical trials by advancing ANAVEX 2-73, developed to treat Alzheimer's disease, into a Phase Ib/IIa study in patients. Our successful Phase I human clinical trial of ANAVEX 2-73 demonstrated a solid safety signal and encouraging data with which to move forward. We are poised to continue the clinical development of ANAVEX 2-73 and have mapped out a detailed plan to do so. Hence, we intend to move forward with the Phase Ib/IIa in patients, which we expect to be announced within the next several months.
Anavex intends to expand its core development capabilities through the use of experienced consultants and contract research organizations. In addition, we are actively exploring additional synergistic in-licensing opportunities, which is a critical prerequisite to broaden the pipeline and move the development program forward. Throughout development we will be looking to partner with medium to large pharmaceutical companies as key milestones are achieved.
I am genuinely excited about Anavex's assets, its science and its future. We are continuing to test ANAVEX 2-73 and other ANAVEX 2-73 molecule derivatives in other indications in order to maximize its potential for addressing several critical medical conditions.
Please stay tuned for future announcements. In the meantime, I thank you for your ongoing support of our Company.
With warm regards,
Christopher U. Missling, PhD
Chief Executive Officer
About Anavex Life Sciences Corp.
Anavex Life Sciences Corp. (www.anavex.com) is a pharmaceutical company engaged in the development of novel drug candidates. ANAVEX 2-73, a drug candidate developed to treat Alzheimer's disease through disease modification, has undergone an initial Phase 1 human clinical trial and was well tolerated in doses up to 55mg. Conducted pre-clinical studies indicate that ANAVEX 2-73 demonstrates anti-amnesic and neuroprotective properties. Anavex is a publicly traded corporation quoted as AVXL.
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks set forth in the Company's most recent Annual Report on Form 10-K filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and Anavex Life Sciences Corp. undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
Anavex Life Sciences Corp.
Research & Business Development
SOURCE Anavex Life Sciences Corp.