Anavex Life Sciences Corp. (NASDAQ:AVXL) has recently entered into a material transfer agreement with Biogen Inc (NASDAQ:BIIB), enabling the latter to study ANAVEX 2-73, the lead drug candidate of the former, in an oligodendrocyte precursor cell (OPC) differentiation assay.
Positive results from the study can potentially lead to an in vivo remyelination study with a chemical demyelination model. The studies are crucial in determining the therapeutic capabilities of ANAVEX 2-73 when it comes to remyelination.
Last week, Anavex Life Sciences has presented at the World Parkinson Congress(WPC) 2016 the preclinical data of ANAVEX 2-73 for the potential treatment of Parkinson’s disease, which is entitled “Investigating the potential neurorestorative effects of a clinical Sigma-1 receptor agonist in a mouse model of Parkinson’s disease”.
The lead drug candidate has exhibited significant behavioral, histopathological, and neuroinflammatory improvements as derived from preclinical tests on an animal model. Consequently, the safety and tolerability of ANAVEX 2-73 among humans have already been established.
Christopher Missling, Ph.D., Anavex Life Sciences CEO and President, is strongly encouraged by the preclinical results, believing that they can advance the progress of the clinical development of the lead drug candidate for the treatment of Parkinson’s disease.
The company’s efforts are funded by The Michael J. Fox Foundation, the biggest nonprofit organization funding Parkinson’s disease research and development (R&D) initiatives. To date, it has already released over $600 million in R&D fundings.
The progressive disease affects the nervous system and is characterized by imprecise movements, muscular rigidity, and tremors. It is common among the elderly. Presently, over 10 million individuals are suffering from Parkinson’s disease.
Anavex Life Sciences has closed at $4.13 on Wednesday after touching a high of $4.88 and a low of $4. Presently, the stock holds a 12-month high of $14.84 and a 12-month low of $2.43. It has a current market capitalization of $147.49 million.
On the other hand, Biogen reached an intraday high of $315.99 and an intraday low of $308.74 before closing at $310.55. The stock currently holds a 12-month high of $333.65 and a 12-month low of $223.02. Its market capitalization presently stands at $68.05 billion.