Anavex Life Sciences Corp (OTCMKTS:AVXL) shares were up 22.52% to $3.70 on Friday and flat in after-hours trading. The company has a market cap of $174.65 million and shares have been trading in a 52-week range of $2.91 to $14.84.

Anavex Life Sciences Corp is  a clinical-stage biopharmaceutical company that is engaged in the development of differentiated therapeutics for the treatment of neurodegenerative diseases, including drug candidates to treat Alzheimer’s disease and other central nervous system diseases. Its lead compounds ANAVEX 2-73 and ANAVEX PLUS, a combination of ANAVEX 2-73 with donepezil, are being developed to treat Alzheimer’s while its product pipeline includes ANAVEX 3-71, ANAVEX 1-41 and ANAVEX 1037.

In its latest fiscal quarter, Anavex Life Sciences Corp reported a net loss of approximately $2.2 million or $0.06 per share, compared to a net loss of approximately $4.2 million or $0.22 per share in the same period a year ago. Cash and cash equivalents of approximately $9.7 million were reported for the June quarter, lower compared to approximately $15.3 million at September 30, 2015. Operating expenses were also higher, mostly due to ongoing clinical trial activities, preclinical work and increased legal fees.

We are encouraged by the ongoing Phase 2a Alzheimer’s trial data and are especially excited about the observed reduction in insomnia, a condition correlated with multiple underlying psychiatric diseases. We look forward to the upcoming 9-month data release and the update of the clinical development plan for Phase 2 study for the treatment of Rett syndrome with ANAVEX 2-73,” remarked Anavex Life Sciences Corp President and CEO Christopher U. Missling, PhD.

Towards the end of July, the company presented 31-week safety and efficacy data from the ongoing Phase 2a study of ANAVEX 2-73 in Alzheimer’s patients at the Alzheimer’s Association International Conference 2016. Data demonstrated favorable safety, maximum tolerated dose, positive dose response and sustained efficacy response through 31 weeks for both cognitive and functional measures, as well as positive unexpected therapeutic response events.

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