Report of Alzheimer’s patient regaining ability to play piano after taking Anavex 2-73 boosts Aussie company’s shareprices by 23%

By @vitthernandez on
Pianist
Gyorgy Kurtag, world famous Hungarian composer of classical music and pianist, plays the piano during his 90th birthday celebration in Budapest's Music Center, Hungary February 18, 2016. Reuters/Laszlo Balogh

A story about an Alzheimer’s patient in Sydney, Australia, who regained the ability to play the piano boosted on Tuesday shareprices of an Australian company by 23 percent. The patient is part of Phase 2 clinical trial of Anavex Life Sciences (NASDAQ:AVXL).

The patient took Anavex 2-73, an oral medication that showed potential to reverse memory loss in Phase 1 of the clinical trial, reports SeekingAlpha. The patient is Pauline Stevens, a pianist, who was part of the first trial of the Alzheimer’s medication at the Caufield Hospital, reports Daily Telegraph.

In March, Anavex Life Sciences got the green light from the Ethics Committee in Australia to extend its ongoing Phase2a trial of the Alzheimers drug upon the request of the patients and their caregivers. With the approval, patients who finished the 52-week period in Part B of the trial would move on to a new 102-week trial, reports Bidnessetc.

Anavex 2-73 showed significant potential to improve neuroprotection and cognition for Alzheimer’s patients. The company says the action mechanism of the experimental drug is sigma-1 receptor activation and M1 muscarinic allosteric modulation. The medication also showed it has the ability to protect post-synaptic dendritic spines and to reverse synaptic loss in hippocampal neurons that are important for learning and memory.

Anavex Life Sciences is a micro-cap biopharmaceutical company engaged in the development of drug candidates to treat Alzheimer’s and other ailments affecting the central nervous system, pain and various cancers.

Its share is trading at $6.20 as of 11:17 am EDT. Reckoned since Jan 1, the stock of Anavex Life Sciences gained 10.91 percent.