Full Press Release Details
ANAVEX announces convertible loan agreements and
Athens, Greece, June 26, 2009 Anavex Life Sciences
Corp. ( ANAVEX or the Company ) (OTCBB: AVXL) is pleased to announce that it
has closed two convertible loan agreements and a private placement in which it
raised an aggregate total of US$1,283,000.
Convertible Loan Agreements
On June 19, 2009, ANAVEX entered into two convertible loan
agreements wherein two investors agreed to loan the Company an aggregate total
of US$168,000. The loans are unsecured and convertible into units comprising of
common shares and common share purchase warrants of the Company. The loans bear
interest at a rate of 8% and are to be paid in full on June 19, 2011. At any
time until the loans are repaid, the lenders may exercise their right to convert
all or a portion of the total outstanding amount of the loan as of that date
into units of our Company at US$2.25 per unit. Each unit consists of one common
share and one-half of one non-transferable common 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$3.50 per warrant share for a period of two
years after the conversion of the loan. We intend to use the funds towards
general working capital.
On June 19, 2009, we closed a private placement with two
purchasers providing for the purchase of 495,556 units of the Company at a price
of US$2.25 per unit raising gross proceeds of US$1,115,000. Each unit consists
of one share of common stock and one and one-eighth of one 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 working capital.
About Anavex Life Sciences Corp.
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
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. 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
Toll-free: 1-866-505-2895
Outside North America: +1 (416) 489-0092
Email: ir@anavex.com