Anavex Life Sciences took seven months to admit the failure of a late-stage clinical trial in Rett syndrome. The announcement of the negative study outcome was not a surprise, but the company’s attempt at damage control was. Anavex has a history of misleading results, and the stock fell 31% as a result. The company’s drug in clinical development, called blarcamesine, has been deemed unsuccessful in trials for Rett syndrome, Alzheimer’s disease, and Parkinson’s disease. Despite the drop in share price, Anavex still has a market value of nearly $650 million.
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A single drug, study failures leave Anavex with nothing but cash
