Anavex Life Sciences (AVXL) Stock Climbs on Latest Alzheimer's Drug Results
NEW YORK (TheStreet) -- Anavex Life Sciences Corp. (AVXL) - Get Report stock is popping 29.50% to $7.77 on heavy trading volume on Monday, after the bio-pharmaceutical company announced new findings regarding its Alzheimer's treatment.
The company develops treatments for central nervous system diseases such as Alzheimer's disease.
Anavex's drug, ANAVEX 3-71, has tested to be a potent cognitive enhancer in Alzheimer's disease models, Anavex said in a statement on Monday.
The pre-clinical results for the drug will be published in the scientific journal "Neurodegenerative Diseases," Anavex added.
"At very low doses, it mitigates cognitive deficits and normalizes major pathological hallmarks in Alzheimer's disease models indicating that ANAVEX 3-71 exerts a comprehensive disease-modifying effect," study author Abraham Fisher said in a statement. "This data adds to the strong foundation of preclinical evidence to support the potential use of ANAVEX 3-71 in Alzheimer's disease and a wide array of other central nervous system diseases."
So far today, 11.8 million shares of Anavex have traded, versus its 30-day average of 5.04 million shares.
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