Anavex Life Sciences Corp (OTCMKTS:AVXL) has recorded a major accomplishment as it completed patient enrollment for its much-awaited Phase 2a Alzheimer’s study. The main reason behind increased excitement is the completion of enrollment process ahead of schedule. This fully enrolled study will be assessing investigational drug ‘ANAVEX 2-73’ as an oral therapy for Alzheimer’s disease. With the completed enrollment, the company projects to release top line results from the Phase 2a Alzheimer’s trial before 2015 end.
Anavex’s Phase 2a study has enrolled total thirty-two patients. The primary objective of the Phase 2a study is evaluation of the MTD of ANAVEX 2-73, which has already demonstrated potential in preclinical trials to prevent, halt, and/or reverse the course of AD. ANAVEX 2-73, along with standard drug care donepezil, can even probably treat Alzheimer’s because of its action mechanism.
The Phase 2a study also has numerous secondary endpoints however, the main objective right now is to assess the tolerability of the investigational drug. Still, the top line results from the Phase 2a study could serve as a major catalyst. Anavex stock had recorded massive gains in July this year after the company released positive preliminary Phase 2a study results with ANAVEX 2-73 at the AAIC 2015 in Washington DC. The results presented back then confirmed early proof of improving cognition in people with Alzheimer’s disease.
After the gains in July though, the shares have been consolidating and moving sideways. This is primarily been due to absence of any major catalyst in last couple of months. The release of top line report later in 2015 could act as a catalyst.
In last trading session, the stock price of Anavex gained more than 6% to close the trading session at $1.41. The gains came at a share volume of 2.24 million compared to monthly average share volume of 2.42 million.
Anavex Life Sciences Corp (OTCMKTS:AVXL) continues the corrective price action even though it has ended the last trading session with a gain of 6.42%. The real clue comes from the volume of 2.2 million for the day, barely higher than the daily average of 2 million. The volume has remained very low for the last 2 months, almost the entire duration of the ongoing sideways phase. The boundaries of this wide intermediate range are clearly marked at $1.00 and $1.70 levels, as seen on the chart attached. Most of the candles are taking the form of Doji, reflecting indecision and that may continue for a few more days.