Anavex Life Sciences Corp. (NASDAQ:AVXL) announced on Tuesday that the biopharma company is planning to initiate a Phase 2 clinical trial of its ANAVEX 2-73 treatment for Parkinson’s disease dementia (PDD), which is a type of dementia related to Alzheimer's disease.
Anavex Life Sciences jumped nearly 8.5% in pre-market trade.
“As many as 80% of people with Parkinson’s will experience Parkinson’s disease dementia and treatment options are limited,” said Christopher U Missling, CEO of Anavex Life Sciences Corp.
“We are excited to progress our program to Phase 2, with a focus on the many patients with Parkinson’s disease dementia, and we remain focused on the discovery and development of potential treatments for neurological diseases with unmet needs, including Alzheimer’s disease and Rett syndrome.”
Parkinson's disease is a common neurological disorder in older adults, estimated to affect nearly 2% of people older than 65.
The Parkinson's Foundation estimates that 1 million Americans have the disease