Biogen Agreement Further Validates Anavex Life Sciences (AVXL) AV2-73 - FBR
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FBR Capital analyst Christopher James weighed in on Anavex Life Sciences (NASDAQ: AVXL) after the company announced that it has signed a material transfer agreement with Biogen under which Biogen will test AV2-73 in a validated preclinical CNS assay. As a reminder, AV2-73 is a sigma-1 receptor antagonist with potential to promote recovery of motor function and reactivation of neuroplasticity in patients suffering from neurocognitive diseases.
James commented, "We believe these early studies could lead to its advancement into other neurodegenerative and demyelination diseases such as Parkinson's disease and multiple sclerosis. We view this agreement with BIIB as additional validation for AV2-73's potential in multiple CNS-related disorders, but remain focused on the development plan for the Phase II study with AV2-73 in Rett syndrome, an orphan disease with no approved therapies."
The firm maintained an Outperform rating and price target of $10.00
Shares of Anavex Life Sciences closed at $3.14 yesterday.
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