Full Press Release Details
Anavex announces a Consulting Agreement and closes a Private
Athens, Greece, November 24, 2009 Anavex Life Sciences
Corp. ( ANAVEX or the Company ) (OTCBB: AVXL) announced that it has closed a
US $600,000 private placement and entered into a consultant services
Consultant Services Agreement
Effective July 1, 2009, ANAVEX entered into a one-year
consultant services agreement with NAD Ltd., a Cyprus corporation to provide us
with investor relations and investor programme implementation services.
Consideration for the agreement is a monthly cash fee of $4,000 and the issuance
of 120,000 stock options exercisable at $2.50 per option until July 1, 2014. The
options are subject to vesting provisions.
On October 2, 2009, we closed a private placement with two
purchasers providing for the purchase of 266,666 units of the Company at a price
of US$2.25 per unit raising gross proceeds of US$600,000. Each unit consists of
one share of common stock and 1.125 non-transferable share purchase warrant.
Each whole warrant entitles the holder to purchase one additional share of
common stock of the Company at a price of US$2.25 per warrant share for a period
of two years. We intend to use the private placement funds towards general
About Anavex Life Sciences Corp.
Anavex Life Sciences
Corp. (www.anavex.com) is an emerging biopharmaceutical company engaged in the
discovery and development of novel drug targets for the treatment of cancer and
neurological diseases such as Alzheimer's, epilepsy and depression. The
company's proprietary SIGMACEPTOR Discovery Platform involves the rational
design of drug compounds that fulfill specific criteria based on unmet market
needs and new scientific advances. Selected drug candidates demonstrate high,
non-exclusive affinity for sigma receptors, which are involved in the modulation
of multiple cellular biochemical signaling pathways.
ANAVEX's SIGMACEPTOR -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 with strong evidence for anti-amnesic and neuroprotective
properties. The company believes that oxidative stress, not amyloid-beta, is the
cause of Alzheimer's. ANAVEX 1-41 and ANAVEX 2-73 modulate sigma receptors, a
unique class of receptor molecules, to guard against oxidative stress and repair
cells compromised by its effects. So far, through the advanced pre-clinical
phase of development, 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 -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. ANAVEX 7-1037 has already
demonstrated its ability to significantly delay the growth of cancerous tumors
in patient-derived xenografts during advanced pre-clinical 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.
For Further Information
Anavex Life Sciences Corp.
Research & Business Development
Email: info@anavex.com
Shareholder & Media Relations
Outside North America: +1 (416) 489-0092
Email: ir@anavex.com