Anavex Life Sciences Corp (OTCMKTS:AVXL), a prominent clinical stage biopharmaceutical company developing various solutions to cure life-threatening diseases has reported financial results for fiscal second quarter 2015. As a result of systematic proceeding of all the projects, Anavex managed to end the quarter with $6.3 million cash and cash equivalents in hand.
Financial Insights on Fiscal Second Quarter:
Its cash position was affected negatively to a limited extent during the three-month period ending March 31. Total cash and cash equivalents in hand for the fiscal second quarter 2-15 were $6.3 million compared to $7 million as of December 31, 2014. The primary reason for the reduction in the cash was operational use.
As per the reports, Anavex used a significant amount of money for the advancement of operational and clinical trial work. The cash position of Anavex has affected negatively, but still the company assures its shareholders that it has enough cash to carry out operations for next two years. Anavex looks forward to using the maximum of its cash to finish the ongoing Phase 2a clinical trial of ANAVEX PLUS and ANAVEX 2-73.
The company managed to bring down operational expenses for the March quarter. It incurred total $0.8 million operating expenses in the previous quarter compared to $1 million for the three-month period ending March 31, 2014. Anavex suffered one-time, noncash charges in the starting of 2014, which led to increased operating expenses during March 2014 quarter. These charges were offset by increased R&D expenses in the March 2015 quarter.
The net loss for fiscal 2015’s second quarter was $0.03 per share or $1.7 million compared to previous year’s $0.03 per share or $1 million loss. The loss amount increased in the previous quarter on YOY basis due to non-cash charges.
The senior management team of the company is delighted to announce these financial results. According to Christopher U. Missling, CEO & President, Anavex Life Sciences Corp (OTCMKTS:AVXL), the company grew at an amazing rate in the previous quarter, both in terms of strategic and clinical advancement. It will look forward to continuing the same performance in the coming quarters.