Anavex Reports Sigma Receptor Review Published in Leading Journal

Geneva, Switzerland — August 27, 2009 — Anavex Life Sciences Corp. (“ANAVEX” or the “Company”) (OTCBB: AVXL) reports the publication of a comprehensive review of the pharmacology of sigma receptors and their possible clinical application in the peer-reviewed Journal of Pharmacology & Therapeutics.

The paper provides new insight into sigma-1 receptors and their potential ability to alter the course of Alzheimer’s disease, other CNS conditions and cancer.  In their review, leading scientists Dr. Tangui Maurice and Dr. Tsung-Ping Su emphasize that sigma-1 receptors effect the modulation of various ion channels, including calcium, potassium, sodium and chloride ions, which allow atoms to enter or leave a cell and change its behavior.  Further work may show the impact on mitochondria, a cell’s principal energy source.  Dysfunction in the mitochondria is a known contributor to neurodegenerative diseases such as Alzheimer’s and a wide range of other diseases.  ANAVEX believes that mitochondrial dysfunction can be modified using sigma receptors to guard against oxidative stress, which damages and destroys neurons and is believed to be a primary cause of Alzheimer’s disease.

“This review sheds new light on the field of sigma receptors,” said Dr. Herve de Kergrohen, CEO of ANAVEX. “ANAVEX is pleased that academic leaders are communicating the hope that this new understanding of mechanisms of action in the field of sigma receptors could bring to a range of conditions. This is particularly relevant to Alzheimer’s patients, their families and caregivers.”

ANAVEX is the leader in the discovery and development of new drugs that specifically target sigma receptors.  The company’s lead compound for Alzheimer’s disease, ANAVEX 2-73, is being prepared to enter clinical trials in 2010.  ANAVEX 2-73 is a selective sigma-1 receptor agonist (Vamvakides, 2002; Espallergues et al., 2007) and has demonstrated potent neuroprotective, anti-amnesic, anti-convulsive and anti-depressive activity in pre-clinical studies.

To read the complete report by Drs Maurice and Su, visit the publications section at www.anavex.com.

About Anavex Life Sciences Corp.

Anavex Life Sciences Corp. (www.anavex.com) is a global company with headquarters in Switzerland. The company is engaged in the discovery and development of novel drug targets for the treatment of neurological diseases and cancer.  ANAVEX’s proprietary SIGMACEPTOR™ Discovery Platform involves the rational design of drug compounds that fulfill specific criteria based on unmet medical and market needs and new scientific advances.

ANAVEX’s SIGMACEPTOR™-N program involves the development of novel drugs that target neurological and neurodegenerative diseases, such as Alzheimer’s disease, epilepsy, depression, pain and neuropathic pain. The company’s lead candidates have shown strong evidence for anti-amnesic and neuroprotective properties in studies conducted to date.  ANAVEX believes that mitochondrial dysfunction can be modulated via sigma receptors, a unique class of receptor molecules, to guard against oxidative stress.

ANAVEX’s SIGMACEPTOR™-C program involves the development of novel drugs targeting cancer. The company’s lead candidates have shown strong evidence for selective pro-apoptotic, anti-metastatic and low toxicity properties in various types of solid cancers.  ANAVEX 7-1037 has already demonstrated its ability to significantly delay the growth of cancerous tumors in patient-derived xenografts during advanced pre-clinical studies.

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. 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. 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.

For Further Information

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