Anavex Life Sciences Corp (OTCMKTS:AVXL) saw its second quarter net loss widen to $1.7 million attributed to a non-cash charge incurred during the quarter. The net loss came as the clinical stage biopharmaceutical company continued to advance its clinical and business strategies.
Ongoing Clinical Trials
Anavex has been consolidating in the market after weeks of impressive gains. However, the stock is still short of its highs of $4.50 a share achieved back in 2011. Increased clinical trial work during the second quarter saw Anavex Life Sciences Corp (OTCMKTS:AVXL) cash balance come under immense pressure, coming in at $6.3 million, from highs of $7 million as of December.
The remaining cash according to the company should be enough to foresee the completion of the ongoing clinical trials of ANAVEX 2-73 and ANAVEX PLUS. The drugs are expected to expand Anavex Life Sciences hold of neurodegenerative diseases while also expanding a portfolio of drugs covering pain and cancer. Findings from the studies have been encouraging pointing to the third quarter as the earliest the drug could be ready for distribution.
Positive Outcome from Sigma-1-receptors
Anavex Life Sciences Corp (OTCMKTS:AVXL) is aggressively pursuing clinical trials and studies having issued a release last month that showed how sigma-1-receptors could be relied upon for suppressing harmful effects of microglial inflammation. Excess microglial have been known to cause neurodegenerative diseases. Findings of the study were posted in the scientific journal.
The clinical stage biopharmaceutical company is now paying more attention to ANAVEX 2-73 that is in phase II trial slated for use in combating Alzheimer disease. Anavex Life Sciences Corp (OTCMKTS:AVXL) is also looking to increase sigma-1-recptor activity through agonists with a view of clamping on the negative impact of Neuroinflammation.
The biopharmaceutical company has also confirmed the appointment of Jacqueline French, an expert on epilepsy into its scientific advisory board as well as Corinne Lasmezas, an expert in neurogenerative diseases.