Case Summary

Anavex Life Sciences

NASDAQ: AVXL

Case Details

  • Blum v. Anavex Life Sciences Corporation et al.
  • Class Period:February 01, 2022 - January 01, 2024
  • Date Filed:March 13, 2024
  • Jurisdiction:U.S. District Court, Southern District of New York
  • Docket Number: 1:24-cv-01910
  • Lead Plaintiff Deadline: May 13, 2024
Days Left to
Seek Plaintiff
20

Overview

A class action lawsuit has been filed against Anavex Life Sciences Corporation (“Anavex” or the “Company”) (NASDAQ: AVXL) and certain of the Company’s current and former senior executive officers alleging violations of the Securities Exchange Act of 1934.  The Anavex lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired stock between February 1, 2022 and January 1, 2024, both dates inclusive (the “Class Period”), and investors have until May 13, 2024 to seek appointment as lead plaintiff of the Anavex class action lawsuit.

Anavex investigates, manufactures, and markets pharmaceuticals for central nervous system (“CNS”) disorders.  Anavex’s primary product is blarcamesine (Anavex 2-73[SC1] ). Blarcamesine aims to modify specific genetic pathways associated with some CNS disorders.  Anavex has sponsored several research studies concerning blarcamesine’s suitability to treat various CNS disorders.  One such disorder Anavex has investigated is Rett syndrome, a neurodevelopmental disorder affecting primarily females.

The lawsuit alleges that on December 2, 2022, Anavex announced positive topline results from its Phase 2b/3 ANAVEX2-73-AD-004 clinical trial of oral ANAVEX2-73 (blarcamesine) for the treatment of mild cognitive impairment due to Alzheimer’s disease (“AD”) and mild AD (collectively known as early AD).  ANAVEX2-73 met the primary endpoints ADAS-Cog1 and ADCS-ADL2 and key secondary endpoint CDR-SB3 with statistically significant results.  An analyst questioned the Company’s claim, noting “there are several key factors that point us to believe the data is provocative, but not yet compelling, given the choice of statistical analyses and other trial design/conduct ‘complexifiers.’”

Additionally, a biotech journalist commented on Anavex’s findings, stating “what sets Anavex apart from all the other biotech’s on my radar screen is its habit of shifting the goalposts on clinical trials Anavex announced ‘positive’ outcomes from studies of its drug called blarcamesine except the results were derived from efficacy endpoints that were not part of the original study designs.”  Following this news, Anavex’s stock price fell by $2.47 per share, or approximately 20% to close at $9.58.  Further on January 3, 2024, Anavex announced that results from its Phase 2/3 EXCELLENCE clinical trial for its candidate ANAVEX2-73 in pediatric patients with Rett syndrome failed to show statistical significance towards its primary endpoints.  Biotech analysts commented that “the negative study outcome was never in doubt Anavex is a serial dissembler of clinical trial results.”  Following this news, Anavex’s stock price fell by $3.26 per share, or approximately 35%.

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If you purchased or otherwise acquired Anavex (NASDAQ: AVXL) stock between February 1, 2022 and January 1, 2024, both dates inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Anavex lawsuit is May 13, 2024.

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