Anavex Comments on President Obama’s Signing of National Alzheimer’s Project Act into Law

Hoboken, NJ — January 18, 2011 — Anavex Life Sciences Corp. (“Anavex”, AVXL.OB) today commented on President Obama’s signing of the National Alzheimer’s Project Act (NAPA) into law.  The passage of this landmark legislation lays the foundation for the first coordinated national plan to overcome Alzheimer’s disease.

“NAPAis the largest legislative victory in many years for the Alzheimer’s community and we are strong supporters of this new law,” said Dr. Cameron Durrant, Executive Chairman of Anavex Life Sciences Corp.  “Alzheimer’s disease has a devastating impact on individuals, on families and on society as a whole.  In addition, as many baby boomers begin turning 65, the age at which the risk of developing Alzheimer’s significantly increases, the economic burden can only continue to multiply. NAPAis a much-needed plan which comprehensively addresses and coordinates federal efforts to enhance Alzheimer’s-related care and services.  It also supports the research that is necessary to bring novel solutions to market.”

To potentially help address the disease that currently affects an estimated 5.3 million Americans, Anavex is advancing ANAVEX 2-73, its lead drug candidate for Alzheimer’s disease.  On the verge of beginning a Phase I clinical trial in humans, ANAVEX 2-73 was recently chosen by Alzheimer’s Weekly as the number one most promising trial drug in Alzheimer’s disease[1].  Preclinical animal studies have shown early signs of efficacy, improvement in the memory of animals and a disease-modifying effect in some cases.

“Anavex is proud to be doing its part in the battle against Alzheimer’s,” added Dr. Durrant.  “Our unique approach, which may potentially prevent, halt and/or reverse the course of Alzheimer’s disease, is both exciting and encouraging based on the data we have generated from our extensive preclinical program and as we approach Phase I trials.”

About Alzheimer’s

While Alzheimer’s is most common in people over the age of 65, it can strike adults of any age irrespective of their gender, background or socioeconomic status.  According to the Alzheimer’s Association an estimated 5.3 million Americans are currently living with Alzheimer’s disease. The number of Americans aged 65 and over with Alzheimer’s is estimated to reach 7.7 million in 2030.  By 2050, between 11 million and 16 million Americans over 65 are expected to have Alzheimer’s disease.

About ANAVEX 2-73

ANAVEX 2-73 is the first of a new class of oral, disease-modifying drugs being studied  to potentially treat Alzheimer’s disease itself, versus treating its symptoms.

About Anavex Life Sciences Corp.

Anavex Life Sciences Corp. (www.anavex.com) is a biopharmaceutical company engaged in the discovery and development of novel drug candidates for the treatment of neurological diseases and cancer.  The Anavex proprietary SIGMACEPTOR™ Discovery Platform involves the rational design of drug compounds targeted to specific receptors involved in the modulation of multiple cellular biochemical signaling pathways.

[1] Noted in a recent research article (http://www.AlzWeek.com/node/970).

The SIGMACEPTOR™-N program involves the development of novel drug candidates that target neurological and neurodegenerative diseases (Alzheimer’s disease, epilepsy, depression, pain).  The company’s lead drug candidates exhibit high affinity for sigma receptors, which have been extensively documented as potentially valuable drug targets and have demonstrated anti-amnesic and neuroprotective properties.

Anavex is a publicly traded company under the symbol “AVXL”.

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. Forward-looking statements in this press release include that Anavex is advancing ANAVEX 2-73, its lead drug candidate for Alzheimer’s disease; that  we are on the verge of beginning a Phase I clinical trial in humans; that our unique approach, which may potentially prevent, halt and/or reverse the course of Alzheimer’s disease and that ANAVEX 2-73 is the first of a new class of oral, disease-modifying drugs being studied  to potentially treat Alzheimer’s disease itself, versus treating its symptoms.  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 pass clinical trials so as to move on to the next phase, and our ability to finance development or satisfy the rigorous regulatory requirements for new drugs. 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
Email: info@anavex.com

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