Anavex Shares Fall 35% After Negative EU Trend Vote On Alzheimer's Drug

(RTTNews) - Anavex Life Sciences Corp. (AVXL) dropped 35.15% to $3.69, down $2.00, after regulatory updates revealed that the Committee for Medicinal Products for Human Use - CHMP issued a negative trend vote on its Marketing Authorisation Application for oral blarcamesine in early Alzheimer's disease. A formal decision is expected in December.

The company said it will request a re-examination of the CHMP opinion and intends to submit additional biomarker data. Meanwhile, the U.S. Food and Drug Administration's CDER advised the company to seek a meeting to discuss its Alzheimer's trial results.

On the day of the announcement, AVXL experienced unusually heavy trading volume as investors reacted to the regulatory setback. The stock's 52-week range is $2.65 - $4.50.