Anavex (AVXL.US) welcomes good news: application for new drug for Alzheimer's disease accepted by the European Union.

Biotech company Anavex Life Sciences (AVXL.US) saw its stock price rise by 30% on Monday after the company released its third-quarter financial report and announced that the European Union regulatory agency has accepted its application for the market authorization of its Alzheimer's disease candidate drug blarcamesine. The company stated that the European Medicines Agency has accepted its application for its early-stage Alzheimer's disease oral treatment drug blarcamesine. Anavex stated that the safety profile of the drug indicates that it does not require magnetic resonance imaging (MRI) monitoring. Given its different mechanism of action, blarcamesine can provide supplementary or alternative treatment to injectable anti- amyloid monoclonal antibody drugs. The company also reported that the third-quarter loss per share widened to $0.14, with no revenue, compared to a net loss of $0.12 per share with no revenue in the same period in 2023. Analysts on average expected a loss of $0.16 per share and zero revenue. Anavex further added that as of the end of September, the company had cash and equivalents of $132.2 million, providing approximately four years of cash reserves.