Anavex
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
Anavex is engaged in the research, production, and marketing of pharmaceuticals aimed at treating disorders of the central nervous system. One of their developmental drugs, blarcamesine, is currently being evaluated for its effectiveness in treating Rett syndrome. A legal complaint has been filed against Anavex, accusing the company of either misrepresenting or omitting crucial details about its “Excellence” Phase II/Phase III clinical trial, which focused on blarcamesine’s effects on pediatric patients with Rett syndrome. The complaint contends that Anavex misled investors about the state of its research program and the potential success of its trials for Rett syndrome.
On January 2, 2024, Anavex disclosed the results of the Excellence trial. The complaint points out that for the first time, Anavex admitted to employing a statistical approach not previously used in blarcamesine studies to analyze the trial outcomes. Additionally, despite the new method, the trial did not demonstrate statistically significant improvements in most of the evaluated metrics. Following this announcement, Anavex’s stock price plummeted by 35%, closing at $6.05 per share on January 2, 2024.
