Anavex Life Sciences Corp (NASDAQ: AVXL) shares are on the rise following the US Food and Drug Administration’s approval of its Investigational New Drug application for its Phase 2 trial of its drug Anavex2-73 for the treatment of Rett Syndrome.
Rett Syndrome is a rare, non-inherited neurological disorder that occurs mainly in girls and can lead to severe impairments, including losing the ability to speak, walk, eat and breathe.
“The acceptance of this IND by the FDA is a significant milestone for Anavex2-73,” stated CEO Christopher U. Missling in the company’s press release.
“This is an important step toward achieving clinical data for the third indication for Anavex2-73 also incorporating genomic precision medicine biomarkers.”
Shares of the New York-based biopharmaceutical company jumped nearly 14% to $2.81 in Friday morning trading.
Anavex will proceed with a double-blind, randomized Phase 2 study using Anavex2-73 for the treatment of patients with Rett syndrome.
The company also has clinical development programs for the drug for the treatment of Alzheimer’s disease and Parkinson’s disease dementia.
Contact Lenore Fedow at [email protected]