Anavex closes 2 private placements for $290,000 (U.S.) 2009-08-11 16:31 ET - News Release An anonymous director reports: ANAVEX ANNOUNCES PRIVATE PLACEMENT Athens, Greece

Anavex closes 2 private placements for $290,000

2009-08-11 16:31 ET - News Release

An anonymous director reports:

ANAVEX ANNOUNCES PRIVATE PLACEMENT

Athens, Greece, August 11, 2009 - Anavex Life Sciences Corp.

("ANAVEX" or the "Company") (OTCBB: AVXL) is pleased to announce that it has

closed two private placements in which it raised an aggregate total of US

On July 9, 2009 we closed a private placement with one

purchaser providing for the purchase of 40,000 units of the Company at a price

of US$2.25 per unit raising gross proceeds of US$90,000. Each unit consists of

one share of common stock and one non-transferable share purchase warrant. Each

warrant entitles the holder to purchase one additional share of common stock of

the Company at a price of US$4.00 per warrant share for a period of one year.

On August 4, 2009, we closed a private placement with one

purchaser providing for the purchase of 88,888 units of the Company at a price

of US$2.25 per unit raising gross proceeds of US$200,000. 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

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

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. 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

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