VANCOUVER, June 26, 2012 /CNW/ - Anavex Life Sciences Corp. ("Anavex")
(OTCBB: AVXL) today announced the appointment of Robert Chisholm as
Chief Financial Officer ("CFO") of the company effective June 26,
2012. Mr. Chisholm will remain on the Anavex Board of Directors, on
which he has served since May 2011. A veteran finance and
administration executive with more than 25 years of experience, Mr.
Chisholm has significant expertise in corporate finance, strategic
business initiatives and the unique requirements of growth-oriented
public companies. He also serves as a director and audit committee
member for a number of other public companies.
"We are extremely pleased that Robert has agreed to expand his role with
Anavex," said Sean Lowry, Director of Anavex. "I have found Robert to
be extremely professional and capable in our dealings together on the
Anavex audit committee. His financial expertise is exactly what the
company needs as we work to improve operational efficiency in
preparation for future clinical trials of ANAVEX 2-73, our lead
"I am excited to be working with the Anavex leadership team as we drive
forward our important work in Alzheimer's drug research and
development," said Mr. Chisholm. "We plan to focus on implementing
strong internal controls and effective management. As well, we look
forward to expanding our capable and committed leadership team."
Mr. Chisholm has been the Chief Financial Officer and a director of both
Savary Capital Corp. and OMT Inc. since March 2011 and July 2011,
respectively. Mr. Chisholm has been a member of the Board of Directors
of Rare Earth Industries Ltd since March 2011 is currently the Chief
Financial Officer of TMT Resources Inc. and Ripper Oil and Gas Inc.
since November 2011 and May 2012, respectively. Mr. Chisholm is also
the Chief Financial Officer and a partner of Emprise Capital Corp.
Between September 2001 and March 2009 Mr. Chisholm served as CFO for PNI
Digital Media (formerly PhotoChannel Networks Inc.) and subsequently
joined its Board of Directors in April 2009, where he is currently the
Chairman of its audit committee.
In addition, Mr. Chisholm's background includes previous appointments as
CFO and/or director for Chantrell Ventures Corp. (formerly Tiger
Pacific Mining Corp.), Windamere Ventures Ltd. (formerly Advanced
Vision Systems Corp.), Brookwater Ventures Inc., Ocean Park Ventures
Corp and SCS Solars Computing Systems Inc.
He holds a professional accounting designation and received his BBA with
a major in accounting from Saint Francis Xavier University in Nova
Additionally, Anavex announces that Harvey Lalach has resigned as a
director and officer of the company effective June 26, 2012. Mr.
Lalach's consulting agreement has been terminated and the Company will
pay out the agreement through the issuance of 75,000 shares in its
capital. Mr. Chisholm will serve as interim President.
About Anavex Life Sciences Corp.
Anavex Life Sciences Corp. (www.anavex.com) is a pharmaceutical company engaged in the development of novel drug
candidates. Anavex utilizes its proprietary SIGMACEPTOR™ Platform to
develop drug candidates targeting specific clinical indications. Lead
compound ANAVEX 2-73, developed to treat Alzheimer's through disease
modification, is in human clinical trials. A Phase 1 single ascending
dose study of ANAVEX 2-73 was successfully completed in Germany in
2011. Studies indicate that ANAVEX 2-73 demonstrates anti-amnesic and
neuroprotective properties, and that it is well tolerated in doses up
to 55mg. The company is preparing to embark on a multiple ascending
dose clinical trial of ANAVEX 2-73 in 2012. Anavex is a publicly traded
corporation quoted as AVXL.
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 moving forward with
clinical trials; that data from a prior trial indicates that the
compound is well tolerated; and that a portfolio of back-up compounds
to ANAVEX-2-73 are also in development. 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, our ability to finance development or satisfy the rigorous
regulatory requirements for new drugs, our ability to attract and
retain quality personnel, and that despite positive results, our
competitors may offer better or cheaper alternatives. 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.
SOURCE Anavex Life Sciences Corp.
For further information:
Anavex Life Sciences Corp.
Research & Business Development
Shareholder & Media Relations
Outside North America: +1 (416) 489-0092