ANAVEX LIFE SCIENCES (OTCMKTS:AVXLD) a biopharmaceutical company in its clinical stage working on novel medications to cure cancers, CNS diseases, Alzheimer’s and pain recently announced about its plan to list on the NASDAQ platform. The company common stock initiated its trading on NASDAQ platform under the same AVXL symbol on October 28.
In an attempt to fulfill the listing conditions, Anavex completed a 1-for-4 reverse stock split process of its issued, authorized and outstanding common shares in this month. Following the completion of process, every 4 shares of AVXL common stock were turned into 1 post-reverse split stock. The reverse stock split process lowered authorized shares of company’s common stock to 100 million from 400 million.
Anavex common stock was trading under the symbol “AVXLD” after the company reported its plans to list on the NASDAQ exchange. Now, after being listed on the NASDAQ exchange, the ‘D” has been removed and the stock is one again trading under symbol AVXL. The company stated that a new CUSIP number was given to its common stock after the reverse split.
The CEO speaks
Christopher U. Missling, PhD, who is the CEO of Anavex, expressed that listing on the world-renowned exchange is a remarkable accomplishment for company. As an entity listed on the NASDAQ, the company will be able to highlight its recent achievement and future plans to a broader audience. This will further expand the visibility of company and its prospective products, and will create increase value for ANAVEX LIFE SCIENCES (OTCMKTS:AVXLD) shareholders.
Anavex’s management expressed that uplisting on NASDAQ capital market had came at a time when the company intends to release results from its full PART A study and initial results from Anavex 2-73 PART B Phase 2a clinical trial at the upcoming CTAD conference on November 7.