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Actionable news in AVXL: Anavex Life Sciences Corp.,

Anavex Alzheimer's Drug Plays Losing Game Against the Placebo Effect

Shares of Anavex Life Sciences (AVXL) plunged Wednesday because the months-long stock promotion campaign claiming a cure for Alzheimer's disease lost its sizzle.

A small group of Alzheimer's patients treated with Anavex's experimental drug Anavex 2-73 are exhibiting signs of memory loss, faltering cognition and inability to take care of themselves over time, according to updated results of a clinical trial presented Wednesday.

Anavex, in a press release, claims the Alzheimer's patients are "stable" over 31 weeks of treatment with 2-73 and that this is a "positive outcome."

But a scientific poster of the study data presented at the Alzheimer's Association International Conference shows 31-week declines in the patients' MMSE score, a measure of memory loss, and the ADCS-ADL, an assessment of daily living activities.

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