Anavex Life Sciences Corp. (NASDAQ: AVXL) shares dipped Tuesday after the company announced plans to initiate a Phase 2 clinical trial of lead candidate ANAVEX®2-73 in Parkinson’s Disease Dementia.
The New York-based company submitted an investigational new drug application to the Food and Drug Administration for ANAVEX 2-73 Phase 2 in Rett syndrome. Anavex is currently developing differentiated therapeutics for the treatment of neurodegenerative and neurodevelopmental diseases including Alzheimer’s disease, Parkinson’s disease, Rett syndrome and other central nervous system (CNS) diseases.
According to CEO Christopher Missling, “As many as 80% of people with Parkinson’s will experience Parkinson’s disease dementia and treatment options are limited.
"We are excited to progress our program to Phase 2, with a focus on the many patients with Parkinson’s disease dementia, and we remain focused on the discovery and development of potential treatments for neurological diseases with unmet needs, including Alzheimer’s disease and Rett syndrome."
Parkinson's disease is a fairly common neurological disorder in older adults, estimated to affect nearly 2% of those older than age 65. The Parkinson's Foundation estimates that one million Americans have Parkinson's disease. It is estimated that 50% to 80% of those with Parkinson's disease eventually experience Parkinson's disease dementia.
The brain changes caused by Parkinson's disease begin in a region that plays a key role in movement. As Parkinson's brain changes gradually spread, they often begin to affect mental functions, including memory and the ability to pay attention, make sound judgments and plan the steps needed to complete a task.
Shares in AVXL dangled lower 14 cents, or 6.4%, to $2.09 Tuesday.
