|By PR Newswire||
|July 8, 2013 09:02 AM EDT||
NEW YORK, July 8, 2013 /PRNewswire/ - Anavex Life Sciences Corp. ("Anavex" or the "Company") (OTCQB: AVXL) today announced the closing of $2.6-million in a private placement financing and conversion of liabilities and an agreement with institutional investor Lincoln Park Capital Fund, LLC ("Lincoln Park Capital") for a funding commitment of up to $10-million with an initial investment of $100,000. Additionally, Anavex is pleased to announce the appointment of seasoned healthcare executive Dr. Christopher U. Missling as Chief Executive Officer ("CEO") of the Company.
"We are thrilled that Dr. Missling has joined Anavex," said Tom Skarpelos, director of Anavex. "He has a broad range of experience and leadership qualities, along with a deep compassion for patients and their challenges. This exceptional skill set makes him the ideal leader to take Anavex to the next level as a clinical development company focusing on Alzheimer's disease."
"I am excited to have joined Anavex and to be leading the efforts to advance ANAVEX 2-73 to its next phase of human clinical trials," said Dr. Christopher Missling, CEO of Anavex. "The financing agreements provide us with a foundation to help build the company and the flexibility to raise additional capital to help advance our lead Alzheimer's drug. We believe it is important to push forward with ANAVEX 2-73 in part because of the lack of therapies that address Alzheimer's disease."
Dr. Missling has over 20 years of healthcare industry experience within large pharmaceutical companies, the biotech industry and investment banking. He has been an investment banker in the healthcare practice at Deutsche Bank, serving pharmaceutical, biotech, and diagnostic companies, and most recently was head of healthcare investment banking at Brimberg & Co. in New York. At Aventis (now Sanofi), Dr. Missling worked as head of financial planning on all aspects of financial strategy and M&A. He was the Chief Financial Officer of Curis (NASDAQ: CRIS) and ImmunoGen (NASDAQ: IMGN) where during his tenure shareholder value increased significantly. Dr. Missling has an MS and PhD from the University of Munich in Chemistry and an MBA from Northwestern University Kellogg School of Management.
Anavex announced a private placement offering and conversion of liabilities of units at a price of $0.40 per unit. Each unit is comprised of one common share of Anavex and one share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of $0.75 per share for a period of five years from the date of issuance of the warrant. At the closing the Company will issue 6,406,043 units for aggregate gross proceeds and conversion of liabilities totaling $2,562,017. The closing of the private placement and conversion of liabilities is subject to the satisfaction of customary closing conditions.
R. F. Lafferty & Co., Inc. served as the Company's exclusive financial advisor and placement agent for the offering.
$10-Million Financing Commitment
Anavex has also entered into a $10-million common stock purchase agreement with Lincoln Park Capital, a Chicago-based institutional investor. Under the agreement, Lincoln Park Capital initially purchased 250,000 shares for $100,000. The Company has agreed to file a registration statement with the U.S. Securities & Exchange Commission ("SEC") covering the shares that may be issued to Lincoln Park Capital under the terms of the common stock purchase agreement. After the SEC has declared the registration statement related to the transaction effective, the Company has the right, at its sole discretion over a period of three years, to sell up to an additional $9.9-million of its common stock to Lincoln Park Capital under the terms set forth in the agreement. Proceeds from the transaction will be used to help advance human clinical trials of ANAVEX 2-73 and for general corporate purposes.
Under the terms of the agreement, there are no upper limits to the price that Lincoln Park Capital may pay to purchase Anavex's common stock. Anavex will control the timing and the amount of shares to be sold. Lincoln Park Capital has no right to require any sales and is obligated to purchase common stock as directed by Anavex. Under the terms of the agreement, Lincoln Park Capital has agreed not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of Anavex's shares of common stock. In consideration for entering into the agreement, Anavex has issued shares of common stock to Lincoln Park Capital as a commitment fee and will issue additional commitment fee shares in proportion to the amount of shares purchased by Lincoln Park Capital under the agreement.
Additional details regarding the private placement and conversion of liabilities and Lincoln Park Capital commitment are included in a Current Report on Form 8-K filed by Anavex with the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security. The shares of common stock are being sold pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and applicable state securities laws.
About Anavex Life Sciences Corp.
Anavex Life Sciences Corp. (www.anavex.com) is a pharmaceutical company engaged in the development of novel drug candidates. ANAVEX 2-73, a drug candidate developed to treat Alzheimer's disease through disease modification, has undergone an initial Phase 1 human clinical trial and was well tolerated in doses up to 55mg. Conducted pre-clinical studies indicate that ANAVEX 2-73 demonstrates anti-amnesic and neuroprotective properties. Anavex is a publicly traded corporation quoted as AVXL.
About Lincoln Park Capital Fund, LLC ("LPC")
LPC is an institutional investor headquartered in Chicago, Illinois. LPC's experienced professionals manage a portfolio of investments in public and private entities. These investments are in a wide range of companies and industries emphasizing life sciences, specialty finance, energy and technology. LPC's investments range from multiyear financial commitments to fund growth to special situation financings to long-term strategic capital offering companies flexibility and consistency. For more information, visit www.lpcfunds.com.
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 in closing the transactions relating to the funding commitment, the private placement and conversion of liabilities, 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, the risks and uncertainties in our ability to finance our 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.
Anavex Life Sciences Corp.
Research & Business Development
Email: [email protected]
SOURCE Anavex Life Sciences Corp.
IBM has announced a new strategic technology services agreement with Anthem, Inc., a health benefits company in the U.S. IBM has been selected to provide operational services for Anthem's mainframe and data center server and storage infrastructure for the next five years. Among the benefits of the relationship, Anthem has the ability to leverage IBM Cloud solutions that will help increase the ease, availability and speed of adding infrastructure to support new business requirements.
Jan. 25, 2015 08:00 AM EST Reads: 1,069
CodeFutures has announced Dan Lynn as its new CEO. Lynn assumes the role from Founder Cory Isaacson, who has joined RMS and will now serve as chairman of CodeFutures. Lynn brings more than 14 years of advanced technology and business success experience, and will help CodeFutures build on its industry leadership around its Agile Big Data initiatives. His technical expertise will be invaluable in advancing CodeFutures’ AgilData platform and new processes for streamlining and gaining value from gro...
Jan. 25, 2015 07:00 AM EST Reads: 1,324
Datapipe has acquired GoGrid, a provider of multi-cloud solutions for Big Data deployments. GoGrid’s proprietary orchestration and automation technologies provide 1-Button deployment for Big Data solutions that speed creation and results of new cloud projects. “GoGrid has made it easy for companies to stand up Big Data solutions quickly,” said Robb Allen, CEO, Datapipe. “Datapipe customers will achieve significant value from the speed at which we can now create new Big Data projects in the clou...
Jan. 25, 2015 03:30 AM EST Reads: 1,497
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 25, 2015 03:00 AM EST Reads: 2,072
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 25, 2015 03:00 AM EST Reads: 1,707
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your o...
Jan. 25, 2015 02:00 AM EST Reads: 2,633
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
Jan. 25, 2015 01:45 AM EST Reads: 2,224
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial C...
Jan. 25, 2015 01:00 AM EST Reads: 2,434
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by minin...
Jan. 25, 2015 12:30 AM EST Reads: 3,368
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...
Jan. 24, 2015 11:45 PM EST Reads: 2,327
“This win means a great deal to us because it is decided by the readers – the people who understand how use of our technology enables new insights that drive the business,” said Matt Davies, senior director, EMEA marketing, Splunk. “Splunk Enterprise enables organizations to improve service levels, reduce operations costs, mitigate security risks, enhance DevOps collaboration, create new product and service offerings and obtain deeper insight into customer behavior. Being named Best Business App...
Jan. 24, 2015 11:45 PM EST Reads: 1,648
SYS-CON Media announced today that PagerDuty has launched a popular blog feed on DevOps Journal. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done.
Jan. 24, 2015 11:00 PM EST Reads: 1,264
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP ...
Jan. 24, 2015 11:00 PM EST Reads: 2,339
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
Jan. 24, 2015 11:00 PM EST Reads: 1,443
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
Jan. 24, 2015 11:00 PM EST Reads: 2,648