Anavex Life Sciences Corporation (AVXL) saw its loss widen to $14.74 million, or $0.42 a share for the year ended Sep. 30, 2016. In the previous year period, the company reported a loss of $12.11 million, or $0.65 a share.
The company has not recorded any revenues for the current as well as previous year.
Operating loss for the year was $15.59 million, compared with an operating loss of $7.11 million in the previous year.
"We are entering into 2017 with a stronger balance sheet and a strengthened corporate and scientific advisory team coupled with recently reported encouraging 57-week safety and tolerability data for ANAVEX 2-73, which restores cellular homeostasis, in a Phase 2a clinical trial in Alzheimer's disease," said Christopher U. Missling, PhD, president and chief executive officer of Anavex. "We are now analyzing the significant correlations observed between cognition, function and behavior in combination with PK/PD modeling of the population as well as of each individual patient in order to derive the optimal parameters for the subsequent planned placebo-controlled efficacy trials. We believe this coherent approach should reduce future clinical development risk."
Working capital drops significantly
Anavex Life Sciences Corporation has witnessed a decline in the working capital over the last year. It stood at $6.26 million as at Sep. 30, 2016, down 51.16 percent or $6.55 million from $12.81 million on Sep. 30, 2015. Current ratio was at 2.96 as on Sep. 30, 2016, down from 5.81 on Sep. 30, 2015.
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