Anavex Life Sciences Corp.
OTC Bulletin Board : AVXL

Anavex Life Sciences Corp.

June 05, 2007 12:38 ET

Annual General Meeting of the Shareholders of Anavex Life Sciences Corp.

The Annual General Meeting of Anavex Life Sciences Corp. shareholders was held on May 25, 2007 in Geneva, Switzerland

GENEVA, SWITZERLAND--(Marketwire - June 5, 2007) - Anavex Life Sciences Corp. (the "Company") (OTCBB:AVXL) a biopharmaceutical company, announced the results of its recently held Annual General Meeting.

At the Annual General Meeting shareholders elected Dr. Panos Kontzalis, Mr. Harvey Lalach and Dr. Alexandre Vamvakides as directors of the Corporation, ratified the election of Amisano Hanson Chartered Accountants as the Company's independent registered public accounting firm, as well as ratified and approved the company's 2007 Stock Option Plan unanimously of the 9,975,000 shares cast by shareholders

In his address to shareholders, Dr. Kontzalis, CEO of the company, provided an update on the latest in vivo preclinical data for ANAVEX 1-41 and ANAVEX 2-73 lead candidates as they were presented in a poster at the 8th Colloque de la Societe des Neurosciences meeting held in Montpellier, France (Press Release, May 23, 2007).

Dr. Kontzalis went on to say that, "The results of our two lead candidates (ANAVEX 1-41 and ANAVEX 2-73) have shown potent anti-amnesic and neuroprotective activity in Alzheimer's Disease animal models. By measuring the Aß25-35 peptide-induced oxidative stress, it was shown that both drug candidates reversed the learning deficits and lipid peroxidation in the hippocampus. Both compounds are in a late preclinical development and it is expected to be filed for an IND (Investigational New Drug application) towards the end of the year. Moreover, the Company's current Oncology program, Sigmaceptor-C, has demonstrated encouraging results with regards to efficacy on tumor growth as it was derived from preliminary xenograft studies (data to be published). It is anticipated to initiate discussions with leading pharmaceutical companies which have already expressed strong interest for both Anavex's Sigmaceptor-N and Sigmaceptor-C programs."

About Anavex

Anavex Life Sciences Corp. is a biopharmaceutical company engaged in the discovery and development of novel drug targets for the treatment of cancer and neurological diseases utilizing its proprietary drug discovery Sigmaceptor Technology Platform consisting of a fairly new class of receptors, (sigma receptors), involved in the modulation of multiple cellular biochemical signaling pathways.

Anavex's Sigmaceptor-N program involves the discovery and development of novel and original drug candidates targeting neurological and neurodegenerative diseases. The Company's lead drug candidates exhibit high affinity for sigma receptors with strong evidence for anti-amnesic, nooanaleptic, neuroprotective, anti-apoptotic, anti-oxidatitive, anti-inflammatory, anti-convulsive, anti-depressant, anti-fatigue, anti-addictive and anxiolytic properties.

Anavex's Sigmaceptor-C program involves the discovery and development of novel and original drug candidates targeting cancer. The Company's lead drug candidates exhibit high affinity for sigma receptors with strong evidence for selective pro-apoptotic, anti-metastatic and low toxicity properties in various types of cancer such as, colon, prostate, breast and lung.

Legal Notice regarding Forward-Looking Statements

Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements include, but are not limited to, statements related to ANAVEX1-41, ANAVEX 2-73, 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 file an IND or commence clinical studies in the referenced time frames. The results of early preclinical studies or clinical trials may not be predictive of future results, and the Company cannot provide any assurances that any of its development candidates will have favorable results in preclinical studies or future clinical trials. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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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