Anavex Life Sciences Corp. (“Anavex”) (OTCQB: AVXL) today unveiled more promising new data regarding ANAVEX 2-73, the company’s drug candidate for the treatment and modification of Alzheimer’s disease currently in human clinical trials. The confidential status of the new ANAVEX 2-73 data has been lifted now that a formal presentation has been made at Neuroscience 2012 in New Orleans.

ANAVEX 2-73 demonstrated its ability to restore mitochondrial functionality, and prevent oxidative stress and apoptosis (cell death) in a scientific study at the University of Montpellier and INSERM, in France. Mitochondrial dysfunction caused by amyloid peptide toxicity has been consistently reported as an early event in Alzheimer’s physiopathology and a telltale sign of the disease, appearing before amyloid-beta plaque deposits and memory deficits in patients.

“This new study emphasizes the effective mitochondrial neuroprotection provided by ANAVEX 2-73,” said Tangui Maurice, PhD, CNRS Research Director, Head of Team 2 ‘Endogenous Neuroprotection in Neurodegenerative Diseases’, at the University of Montpellier and INSERM. “The Anavex compound effectively restored mitochondrial respiration and integrity. This restorative effect decreases oxidative stress and disrupts Alzheimer’s disease well before plaques can start to accumulate and memory loss begins.”

A selective sigma-1 agonist reference drug showed similar results in the study, confirming the sigma-1 chaperone protein activation by ANAVEX 2-73.

This new data was presented at Neuroscience 2012, the premier venue for neuroscientists from around the world to debut cutting-edge research on the brain and nervous system, held this week in New Orleans. The presentation is titled, “Mitochondrial protection is induced by the novel tetrahydrofuran derivative ANAVEX 2-73 after ICV injection of oligomeric Aß25-35 peptide in mice, a nontransgenic Alzheimer’s disease model.”

The study was jointly conducted by Valentine Lahmy, PharmD, Romain Long, PhD, Didier Morin, PhD, team leader at INSERM, Institut Henri Modor, Créteil, Vanessa Villard, PhD, CEO of Amylgen, Alexandre Vamvakides, PhD, Chief Scientific Officer and Scientific Founder of Anavex, and Tangui Maurice, PhD. Full details of the study are described on Anavex’s website at https://anavex.com//files/2012-10-17_ANAVEX_2-73_poster_Neuroscience_2012.pdf.

About Anavex Life Sciences Corp.

Anavex Life Sciences Corp. (www.anavex.com) is a pharmaceutical company engaged in the development of novel drug candidates. Lead compound ANAVEX 2-73, developed to treat Alzheimer’s through disease modification, is in human clinical trials. A Phase 1 single ascending dose study of ANAVEX 2-73 was successfully completed in Germany in 2011. Studies indicate that ANAVEX 2-73 demonstrates anti-amnesic and neuroprotective properties, and that it is well tolerated in doses up to 55mg. The company is preparing to embark on a multiple ascending dose clinical trial of ANAVEX 2-73 in 2012. Anavex is a publicly traded corporation quoted as 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. 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, our ability to finance development or satisfy the rigorous regulatory requirements for new drugs, our ability to attract and retain quality personnel, and that despite positive results, our competitors may offer better or cheaper alternatives. 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.

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