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Alzheimer’s Weekly Names ANAVEX 2-73 the Number One Most Promising Trial Drug in Alzheimer’s Disease

Hoboken, NJ — January 6, 2011

Anavex Life Sciences Corp. (“Anavex”, AVXL.OB) announced today that ANAVEX 2-73 has been named 2010’s “most promising trial drug” by the editorial staff at Alzheimer’s Weekly. The publication selected the ANAVEX 2-73 trial from a field of over 100 trials that treat dementias such as Alzheimer’s and following the review of more than 10,000 articles. Staffers and clinical experts of Alzheimer’s Weekly said that Anavex stands out when scrutinized against their key criteria for potential treatments, including small molecule drugs, oral bioavailability, possibility for disease modification, targeting multiple pathways, near-term availability and entering human trials.

“It is extremely rewarding for our team to receive such significant and independent third-party recognition for ANAVEX 2-73 and our unique approach in Alzheimer’s disease,” said Dr. Cameron Durrant, Executive Chairman of Anavex Life Sciences Corp. “The data generated from our extensive preclinical program suggests that ANAVEX 2-73 has the potential to be safe and well tolerated. Furthermore, it has shown encouraging early signs of efficacy in preclinical animal studies.” The full Alzheimer’s Weekly article is available here:

ANAVEX 2-73 is the first of a new class of compounds that act through sigma-1 receptor agonism as well as muscarinic cholinergic effects and modulation of endoplasmic reticulum stress thought to trigger a series of intracellular effects which modify ion channel signaling at the mitochondrial level.

Anavex has filed the regulatory submission to begin clinical studies of ANAVEX 2-73. The Phase I study will evaluate the maximum tolerated dose, pharmacokinetics, pharmacodynamics, safety and bioavailability of ANAVEX 2-73. A Phase IIa study in patients with Alzheimer’s disease and Mild Cognitive Impairment, currently scheduled to commence in mid 2011, may provide efficacy data as well as further safety data.

About Anavex Life Sciences Corp. Anavex Life Sciences Corp. ( is a biopharmaceutical company engaged in the discovery and development of novel drug candidates for the treatment of neurological diseases and cancer. The Anavex proprietary SIGMACEPTOR™ Discovery Platform involves the rational design of drug compounds targeted to specific receptors involved in the modulation of multiple cellular biochemical signaling pathways.

The SIGMACEPTOR™-N program involves the development of novel drug candidates that target neurological and neurodegenerative diseases (Alzheimer’s disease, epilepsy, depression, pain). The company’s lead drug candidates exhibit high affinity for sigma receptors, which have been extensively documented as potentially valuable drug targets and have demonstrated anti-amnesic and neuroprotective properties.

Anavex is a publicly traded company under the symbol “AVXL”.

Forward-Looking Statements Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Forward-looking statements in this press release include that ANAVEX 2-73 has the potential to be safe and well tolerated and effective in the treatment of Alzheimer’s disease; that we will complete a Phase I and IIa study, that Phase I will evaluate certain aspects of our drug compound; that Phase IIa is currently scheduled to commence in mid 2011 and may provide further efficacy and safety data, and that our drug compounds show potential promise to combat certain diseases. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks and uncertainties inherent in drug discovery and development, which include, without limitation, the potential failure of development candidates to advance through preclinical studies or demonstrate safety and efficacy in clinical testing and the ability to pass clinical trials so as to move on to the next phase, and our ability to finance development or satisfy the rigorous regulatory requirements for new drugs. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and Anavex Life Sciences Corp. undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

For Further Information

Anavex Life Sciences Corp. Research & Business Development Email:

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