Biotechnology firm Anavex Life Sciences (AVXL, Financial) saw its stock rise by 30% after announcing that the European Medicines Agency accepted its application for the Alzheimer's drug candidate, blarcamesine. This oral treatment for early Alzheimer's does not require MRI monitoring, offering a potential alternative or supplement to injectable anti-beta amyloid monoclonal antibodies due to its unique mechanism.
In its third-quarter financial report, Anavex reported a widened loss of $0.14 per share, with no revenue, compared to a $0.12 per share loss in the same period in 2023. Analysts had expected a loss of $0.16 per share, with no revenue. The company also stated it holds $132.2 million in cash and equivalents, providing approximately four years of financial runway.
