Anavex Life Sciences Announces Change of Auditor to Grant Thornton LLP

Rhea-AI Summary

Anavex Life Sciences Corp. (Nasdaq: AVXL) has announced a change in auditors from BDO USA LLP to Grant Thornton LLP, effective immediately. This decision follows a thorough evaluation process by the Audit Committee and is not due to any disagreements with BDO, which served the company for nine years. CEO Christopher U. Missling expressed gratitude to BDO for their service and optimism about the new partnership with Grant Thornton as Anavex progresses with its growth plans. The company specializes in developing therapeutics for neurodegenerative disorders.

Positive

• Change of auditors to Grant Thornton LLP may indicate a strategic shift for enhanced financial oversight.
• The new partnership could potentially improve investor confidence and align with the company's growth strategies.

Negative

• None.

NEW YORK, March 04, 2022 (GLOBE NEWSWIRE) -- Anavex Life Sciences Corp. (“Anavex” or the “Company”) (Nasdaq: AVXL), a clinical-stage biopharmaceutical company developing differentiated therapeutics for the treatment of neurodegenerative and neurodevelopmental disorders including Alzheimer’s disease, Parkinson’s disease, Rett syndrome and other central nervous system (CNS) diseases, today announced that it has changed its auditors from BDO USA LLP (“BDO“) to Grant Thornton LLP (“Grant Thornton“).

The change in independent auditor was not related to any disagreement between the Company and BDO. The Company is thankful to BDO USA LLP for its 9 years of service as the Company’s independent auditor.

The change of the Company’s independent auditor was made after careful consideration and an evaluation process carried out by the Audit Committee of the Board of Directors of the Company.

“We would like to thank BDO USA LLP for the services they provided for almost a decade. We are pleased to announce that Grant Thornton LLP will be our new auditors in the evolution of Anavex as we embark upon the next stages of our Company’s growth plans,” stated Christopher U Missling, PhD, President and Chief Executive Officer of Anavex.

About Anavex Life Sciences Corp.

Anavex Life Sciences Corp. (Nasdaq: AVXL) is a publicly traded biopharmaceutical company dedicated to the development of differentiated therapeutics for the treatment of neurodegenerative and neurodevelopmental disorders including Alzheimer’s disease, Parkinson’s disease, Rett syndrome and other central nervous system (CNS) diseases, pain, and various types of cancer. Anavex’s lead drug candidate, ANAVEX®2-73 (blarcamesine), has successfully completed a Phase 2a clinical trial for Alzheimer’s disease, a Phase 2 proof-of-concept study in Parkinson’s disease dementia and both a Phase 2 and a Phase 3 study in adult patients with Rett syndrome. ANAVEX®2-73 is an orally available drug candidate that restores cellular homeostasis by targeting sigma-1 and muscarinic receptors. Preclinical studies demonstrated its potential to halt and/or reverse the course of Alzheimer’s disease. ANAVEX®2-73 also exhibited anticonvulsant, anti-amnesic, neuroprotective, and anti-depressant properties in animal models, indicating its potential to treat additional CNS disorders, including epilepsy. The Michael J. Fox Foundation for Parkinson’s Research previously awarded Anavex a research grant, which fully funded a preclinical study to develop ANAVEX®2-73 for the treatment of Parkinson’s disease. ANAVEX®3-71, which targets sigma-1 and muscarinic M1 receptors, is a promising clinical stage drug candidate demonstrating disease-modifying activity against the major hallmarks of Alzheimer’s disease in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid, and tau pathologies. In preclinical trials, ANAVEX®3-71 has shown beneficial effects on mitochondrial dysfunction and neuroinflammation. Further information is available at www.anavex.com. You can also connect with the company on Twitter, Facebook, Instagram and LinkedIn.

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 set forth in the Company’s most recent Annual Report on Form 10-K filed with the SEC. 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
Toll-free: 1-844-689-3939
Email: info@anavex.com

Investors:
Andrew J. Barwicki
Investor Relations
Tel: 516-662-9461
Email: andrew@barwicki.com

FAQ

Why did Anavex Life Sciences change auditors?

Anavex changed auditors from BDO USA LLP to Grant Thornton LLP after a thorough evaluation process by the Audit Committee, with no disagreements cited.

Who is the new auditor for Anavex Life Sciences?

The new auditor for Anavex Life Sciences is Grant Thornton LLP.

How long did BDO serve as Anavex Life Sciences' auditor?

BDO served as Anavex Life Sciences' auditor for nine years.

What is Anavex Life Sciences focused on?

Anavex Life Sciences is focused on developing therapeutics for neurodegenerative and neurodevelopmental disorders, including Alzheimer's and Parkinson's diseases.