NEW YORK (TheStreet) -- Shares of Anavex Life Sciences (AVXL) - Get Anavex Life Sciences Corp. Reportwere surging 22.99% to $3.21 on heavy trading volume early-Thursday afternoon after the company announced that data indicate its Anavex 2-73 may successfully treat Parkinson's disease.
The drug, which affects proteins in the central nervous system, restored motor function in mice modeling Parkinson's disease.
"Significant improvements were seen on all measures: behavioral, histopathological and neuroinflammatory endpoints," the New York-based biopharmaceutical company said in a statement.
Parkinson's disease is a progressive central nervous system disorder that impacts movement and affects more than 10 million people worldwide.
Results from the study will be presented at the World Parkinson Congress 2016 in Portland this month.
More than 7.43 million shares of Anavex have traded hands so far on Thursday vs. the 30-day average volume of roughly 635,000 shares.