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Prospector
Profile
2-5-003
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| Anavex Life Sciences Corp. |
NAICS |
541710 |
| 14 Rue Kleberg
CH-1201 Geneva, Switzerland |
Description |
Biotechnology |
| 011-41-2271-65-300 |
Employees |
7 |
| http://anavex.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-1.5790 |
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Assets |
(mil) |
0.0020 |
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Liability |
(mil) |
0.4620 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
Amisano Hanson Chartered Accountants raised substantial doubt on Anavex Life Sciences Corp.'s ability to continue as a going concern after auditing its financial statements for the years ended September 30, 2007 and 2006. The auditor points out that the Company is in the development stage, has no established source of revenue and is dependent on its ability to raise capital from stockholders or other sources to sustain operations. The Company posted a net loss of $1,579,993 for the year ended September 30, 2007, much higher than the $25,532 net loss reported during the year ended September 30, 2006. At September 30, 2007, the Company's balance sheet showed an accumulated deficit of $1,711,545 and stockholders' deficit of $462,504.
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Intellectual Property:
On January 31, 2007, the Company purchased from Dr. Alexandre Vamvakides intellectual property for the research and development of new drug formulations or components, including three patents and one patent application. The Company's proprietary technology is protected by a group of three patents and one patent application that is owned exclusively by the Company and filed with Greek National Office of Industrial Property. The Company also relies on trade secrets and unpatentable know-how that it seeks to protect, in part, by confidentiality agreements. The Company requires its employees, consultants, contractors, manufacturers, outside scientific collaborators and sponsored researchers, board of directors and other advisors to execute confidentiality agreements upon the commencement of employment, advisory, or consulting relationships with the Company. [SEC Filing 10-KSB 01-15-08]
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Description:
Anavex Life Sciences Corp. is a biopharmaceutical company engaged in the discovery and development of novel drug targets for the treatment of cancer, inflammatory and neurological diseases (CNS).
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Officers:
Panos Kontzalis (CEO); Harvey Lalach (Pres. & CFO); Alexandre Vamvakides (Chief Scientific Officer); Cameron Durrant (Dir.)
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Auditor:
Amisano Hanson Chartered Accountants
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Securities:
Common Stock-Symbol AVXL.OB; OTC BB; 19,724,722 common shares outstanding as of December 31, 2007.
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