Anavex relocates executive management office to New Jersey

Jun 07, 2010, 09:00 ET from Anavex Life Sciences Corp.

CALIFON, NJ, June 7 /PRNewswire-FirstCall/ - Anavex Life Sciences Corp. ("ANAVEX") (OTCBB: AVXL) today announced that, effective immediately, the company's executive management office will be relocated from Geneva, Switzerland to Califon, New Jersey.

Dr. Cameron Durrant, Executive Chairman of ANAVEX, said the decision to move executive management offices to New Jersey was a strategic one, placing a key part of the company within a major hub of pharma industry activity.

"In addition to furthering ANAVEX's visibility, being located in a premier biopharmaceutical location will help us generate corporate and business development opportunities for the company and assist in our corporate finance goals," said Dr. Durrant. "We have been encouraged by discussions with prospective industry partners and the proximity to such players will be an important benefit for Anavex as we move forward with ANAVEX 2-73 and our other compounds."

The relocation to New Jersey follows on Anavex's recent report of promising results from animal studies with ANAVEX 2-73, the company's lead compound for the treatment and modification of Alzheimer's disease. ANAVEX 2-73 is a first of a new class of oral, disease-modifying drugs for the treatment of Alzheimer's disease, which employ an approach that targets neither amyloid, nor tau, nor mitochondrial pore blockade. ANAVEX is preparing to enter Phase 1 clinical trials with ANAVEX 2-73, later this year.

About Anavex Life Sciences Corp.

Anavex Life Sciences Corp. (www.anavex.com) is a publicly traded biopharmaceutical company engaged in the discovery and development of novel drug candidates for the treatment of neurological diseases such as Alzheimer's, epilepsy, depression and pain, as well as cancer. The company's proprietary SIGMACEPTOR(TM) Discovery Platform involves the rational design of drug compounds that fulfill specific criteria to target specific receptors involved in the modulation of multiple cellular biochemical signaling pathways.

ANAVEX's SIGMACEPTOR(TM)-N program involves the development of novel and original drug candidates that target neurological and neurodegenerative diseases (Alzheimer's disease, epilepsy, depression, pain). The company's lead drug candidates exhibit high, non-exclusive affinity for sigma receptors, which have been extensively documented as potentially valuable drug targets and have demonstrated evidence for anti-amnesic and neuroprotective properties. The company is developing non-amyloid focused approaches to disease modification in Alzheimer's disease. ANAVEX 2-73 and the company's several back up compounds modulate sigma receptors and may guard against oxidative stress and mitochondrial dysfunction via ion signaling modulation. So far the compounds have performed extremely well in well-recognized animal models of Alzheimer's disease, underscoring the promise of the company's new alternative approach to the disease.

ANAVEX's SIGMACEPTOR(TM)-C program involves the development of novel and original drug candidates targeting cancer. The company's lead drug candidates exhibit high, non-exclusive affinity for sigma receptors with strong evidence for selective pro-apoptotic, anti-metastatic and low toxicity properties in various types of solid cancers. Several of the company's compounds have demonstrated an ability to significantly delay the growth of cancerous tumors in patient-derived xenografts in advanced preclinical studies.

Forward-Looking Statements

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. Forward-looking statements in this press release include that our drug compounds show promise to combat certain diseases. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks and uncertainties inherent in drug discovery and development, which include, without limitation, the potential failure of development candidates to advance through preclinical studies or demonstrate safety and efficacy in clinical testing and the ability to file an IND or commence clinical studies. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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.

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