{"success":true,"data":{"pressRelease":{"id":"139372","rtpr_id":"nGNX7JpDdq-20260909","ticker":"AVXL","exchange":"NASDAQ","all_tickers":["AVXL"],"title":"PVG Asset Management Issues Important Information About Anavex Life Sciences (AVXL)","author":"Globe Newswire","published_at":"2026-09-09T13:53:50.127Z","article_body":"CENTENNIAL, Colo., Sept. 09, 2026 (GLOBE NEWSWIRE) -- PVG Asset Management\nCorp. (\"PVG\"), a stockholder of Anavex Life Sciences Corp. (Nasdaq: AVXL\n\"Anavex\" or the \"Company\"), believes the Anavex Board of Directors should be\nreplaced and an experienced CEO should be hired. The “rookie” CEO held\nfive positions across four organizations in seven years, none held longer than\nabout 27 months.((1)) On 27 February 2026, during her tenure as Aardvark's EVP\nof Regulatory Affairs, that company announced a voluntary pause of its Phase 3\nHERO trial.((1)) This was the first big decision of the Anavex Board after\nfiring the CEO in April 2026.\n\nFellow Stockholders, we need your support to turn Anavex around. We are\nseeking change; therefore, please vote the Gold Card for the six PVG Nominees\n(AnavexVotePVG.com).\n\nBeing experienced investors in the biotechnology sector for a long time, we\nhave seen these spiral-down stock declines before when inexperienced or not\nmarket knowledgeable CEOs and boards with a lack of experience cannot raise\nmoney because they have little credibility with the investor community. We\nbelieve the market has spoken regarding Anavex. We do not want to see this\ncompany have to do a 10/1 or higher reverse stock split to get the share price\nhigh enough to do a stock offering; this course of action is a slippery slope\nfor stockholders.\n\nWe do not believe Anavex can obtain the funding they need to advance the\nblarcamesine Phase 2b/3 trial with the existing team, “funded through\nmid-fiscal 2028,” which is March 2028, when the cash could be nearly\nexhausted. If the Alzheimer’s Phase 3 trial starts in early 2027 and costs\nat least $150 million, they only have $118 million now; the trial simply\ncannot start. By the time the trial starts the cash will be significantly\nlower.\n\nWe believe we can hire an experienced Central Nervous System CEO that has a\nfollowing, and raise money nondilutive or at higher prices.\n\nWe believe the internal controls deficiency since September 30, 2025, SEC late\nreporting and Nasdaq compliance alone is reason enough to change the entire\nBoard. First, the Company disclosed in an amended fiscal year 2025 10-K filing\nthat it had a material weakness in internal control over financial reporting.\nAnavex admits in its recent SEC filing (Form 10-Q for the quarter ended June\n30, 2026) that it has begun remediation efforts but fixing the weakness\nrequires significant time, cost, and management attention and that there is no\nguarantee the corrective actions will fully resolve the problem. Also, because\nAnavex was late in filing its March 31, 2026, 10-Q, Nasdaq issued a deficiency\nnotice that was only recently remedied. Anavex indicates in its June 30, 2026,\n10-Q that consequences may include: Increased expenses related to resolving\nfiling issues, lower stock price and difficulty hiring or retaining employees.\n\nVery important in our view, Anavex now has a reduced ability to raise capital,\nas set forth in the June 30, 2026 10-Q. Because of the SEC late filings,\nAnavex has lost its eligibility to use its effective Form S-3 registration\nstatement for 12 months, via its at-the-market financing program that raised\napproximately $36 million during the nine months ended June 30, 2026,\ndisclosed in the June 30, 2026 10-Q.\n\nThe Anavex proxy statement filed with the SEC on August 11, 2026 (the\n“Anavex Proxy Statement”) states that its recently formed Board Executive\nCommittee consists of Jiong Ma, Claus van der Velden and Axel Paeger, and the\nCommittee is authorized to exercise the power of the Board in the management\nof the Company’s business and affairs to the fullest extent permitted by\nlaw, with the Committee continuing until it recommends its own dissolution or\nthe Board determines otherwise. This appears relevant to the Company’s\ncharacterization of its proposed slate as a “refreshed” Board, since the\nproxy does not appear to state that this Executive Committee structure will\nterminate following the September 24, 2026 Annual Meeting. Based upon review\nof the Anavex Proxy Statement, we believe these three have no experience in\nmanaging a biotechnology company and have shown little ability to do so\neither.\n\nWe don’t understand why the Board did not direct the management to move\nforward with the Phase 3 trial relating to its proposed Alzheimer’s drug\nthat would have been required even if the Company received conditional\napproval by the European Commission. We believe that Anavex's assets remain\nvaluable but require experienced leadership capable of advancing development\nprograms and restoring credibility. Regrettably, we do not see this team\ncapable of advancing the Company’s drugs. The Anavex Proxy Statement\nindicates that two of the four existing Board members are from the\ntelecommunications industry. One of the new director nominees has experience\nrelating to cancer but not central nervous system (“CNS”) products; there\nappears to be no expertise in CNS; this is not helpful.\n\nThe Company’s blarcamesine Phase 2b/3 trial for early onset Alzheimer’s\ndata was released in December of 2023, and we believe little of any\nsignificance has been accomplished since then. The Company coasted for years,\nincurring net losses for the fiscal years ended September 30, 2023, 2024, and\n2025 of $47.5 million, $43.0 million, and $46.4 million, respectively (see its\n10-Ks for those fiscal years). These losses are significant, but we believe\nthey pale in comparison to having years of this potentially significant drug\napproved and marketed.\n\nSince April 2026, there has been a significant brain drain at the Company with\nlittle transition of critical information, already written papers and\ncontacts…with the firing of Kun Jin PhD, VP Head of Biostatistics; Adebayo\nLaniyonu, PhD, SVP of Nonclinical Development; Wolfgang Liedtke, MD, PhD, SVP,\nGlobal Head of Neurology (we believe this gentleman knows all the issues with\nthe Alzheimer’s drug and how to derisk it for Phase 3); Felix Lauscher,\nChief Operating Officer; Anthony Sileno, SVP Clinical Operations and\nTranslational Sciences; William Chezem, PhD, Manager of Clinical Trial\nInformatics; Alessandro Mammoli, Senior Manager Project Management; David\nGould, MD, MBA; and Nell Rebowe, Sr Director of Business Development and IR.\nThis is not the telecommunications industry where cutting staff overseeing a\nhard asset is cheered. In our view, this was the brains and history of the\nCompany’s drug pipeline. Also, the firing of the CEO has resulted in two\npotentially significant legal actions.\n\nAnother poor decision, the Company also disclosed in its June 30, 2026 Form\n10-Q that it terminated the Michael J. Fox grant for Parkinson’s Research of\n$0.8 million. Given the funding was available and the Company had positive\nresults in a Phase 2 clinical trial, this money could have been used to\ngenerate further data to advance the drug for Parkinson’s. A press release\nby Anavex on March 17, 2026, stated “Significant treatment effects of\nblarcamesine were detected using both a test of impaired motor function and a\nbiomarker of dopaminergic nerve fiber density, indicating fiber regrowth in\nthe striatum after 6 weeks of blarcamesine treatment. Results were presented\nat the AD/PD(TM) 2026 Conference”.\n\nWe believe the current Anavex Board has played a key part in the substantial\ndestruction of stockholder value; just look at the recent stock price, $3.11\nas of August 24, 2026. On June 28, 2021, the stock price was $28.86. The\nsituation needs to be quickly fixed as there is a finite life to the\nCompany’s intellectual property; time is literally money.\n\nJiong Ma is the current Chairman of the Board. We could not find any thing in\nthe Anavex Proxy Statement regarding her biotechnology experience. Recently,\nshe was involved in a SPAC, founded and led by Chavant Capital Acquisition\nCorporation, which merged with Mobix Labs, a semiconductor company which went\nfrom about $100 per share to about $1.70 in just a few years, a -98% decline,\nwith the semiconductor sector being very strong. This is the type of Board\nMember we are NOT looking for.\n\nWe believe Anavex needs to be turned around quickly, or its stock could fall\nto levels that will make it very difficult to recover from. We have a slate of\ndirectors with experience in capital markets, with career focuses on investing\nin biotechnology, investment banking, public company leadership, drug\ndevelopment, regulatory interaction, corporate governance, CEO of a\nbiotechnology company, and launching of drugs such as Prozac and Claritin.\n\nThe Anavex Board is being disingenuous in implying that PVG is seeking control\nwithout a credible plan and without paying stockholders a premium. We simply\nwant to protect our investment for the benefit of all stockholders. The\ncurrent 4 Board Nominees own just 5,000 shares, 3 of which own Zero! It’s\nnot their money, it is our money.\n\nWe have six highly qualified Board Nominees that know what needs to be done\nand that have very significant and relevant experience. We think the current\nBoard did not and does not know what questions to ask the management in\nseeking to move the Company forward.\n\nThe Company has disclosed a budget of $1.3 million for this proxy fight to\nsave their jobs! Is this how you want your money spent?\n\nIf you have already voted your proxy with the Company’s white card, and you\nwant to change your vote, please use the PVG Gold Card and change your vote.\nThe Company desperately needs new leadership!\n\n_________________\n   (1)    Anavex Proxy Statement filed with the SEC on August 11, 2026.\n\n If you have any questions, require assistance in voting your GOLD universal proxy card, or need additional copies of PVG’s proxy materials, please contact:   1055 Washington Boulevard, Suite 520 Stamford, CT 06901  Stockholders may call toll-free: (877) 972-0090 Banks and brokers call collect: (203) 972-9300 E-mail: proxy@investor-com.com    \n\nParticipants in the Solicitation\n\nThe participants in PVG’s solicitation of proxies are PVG Asset Management\nCorporation, Patrick S. Adams, Jason Kolbert, Ralf von Ziegesar, Rene Mora,\nJohn Boris and Curtis Hogue (collectively, the “Participants”).\nInformation concerning the identity of the Participants and a description of\ntheir direct or indirect interests, by security holdings or otherwise, is\nincluded in PVG’s Definitive Proxy Statement and related SEC filings.\n\nForward-Looking Statements\n This release and any related communications contain forward-looking\nstatements within the meaning of the Private Securities Litigation Reform Act\nof 1995. Forward-looking statements include statements that are not historical\nfacts, including statements regarding PVG’s plans, objectives, beliefs,\nstrategies and expectations relating to the 2026 Annual Meeting, the proxy\nsolicitation, the Company, the Company Board of Directors, the PVG nominees,\nstockholder value and the potential outcome of PVG’s solicitation.\n\nThese statements may be identified by words such as “believes,”\n“expects,” “anticipates,” “plans,” “intends,” “estimates,”\n“may,” “will,” “would,” “could,” “should” and similar\nexpressions, or the negative thereof. Actual results may differ materially\nfrom those projected or contemplated by these forward-looking statements due\nto various risks and uncertainties, including those described in applicable\nfilings made by the Company and PVG with the SEC.\n\nStockholders are cautioned not to place undue reliance on forward-looking\nstatements, which speak only as of the date made. PVG and the Participants do\nnot undertake any obligation to update or revise any forward-looking\nstatements, except as required by applicable law.\n\nImportant Additional Information and Where to Find It\n\nPVG, together with the other Participants, has filed a definitive proxy\nstatement on Schedule 14A and accompanying GOLD Universal Proxy Card with the\nSEC in connection with the solicitation of proxies from stockholders of the\nCompany relating to the 2026 Annual Meeting.\n\nSTOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE DEFINITIVE PROXY STATEMENT,\nTHE ACCOMPANYING GOLD UNIVERSAL PROXY CARD, ANY AMENDMENTS OR SUPPLEMENTS\nTHERETO, AND ANY OTHER DOCUMENTS FILED BY PVG WITH THE SEC CAREFULLY AND IN\nTHEIR ENTIRETY BEFORE MAKING ANY VOTING DECISION BECAUSE THEY CONTAIN\nIMPORTANT INFORMATION.\n\nThe Definitive Proxy Statement, GOLD Universal Proxy Card and other relevant\nmaterials filed by PVG with the SEC are available at no charge at the SEC’s\nwebsite at https://www.sec.gov/.\n  \n\nContact:\nPatrick S. Adams\nPVG Asset Management Corporation\nPadams@pvgasset.com\n\nA photo accompanying this announcement is available at\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/264a886e-1e8d-4daa-bda2-7d1ce073dce8\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/b4f6bfc8-9909-4bc6-aac4-86047be7a228)\nInvestorcom Shareholder Intelligence \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/264a886e-1e8d-4daa-bda2-7d1ce073dce8/en)\nInvestorcom Shareholder Intelligence\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX7JpDdq-20260909","title":"PVG Asset Management Issues Important Information About Anavex Life Sciences (AVXL)","author":"Globe Newswire","ticker":"AVXL","created":"2026-09-09T13:53:50.127Z","tickers":["AVXL"],"exchange":"NASDAQ","article_body":"CENTENNIAL, Colo., Sept. 09, 2026 (GLOBE NEWSWIRE) -- PVG Asset Management\nCorp. (\"PVG\"), a stockholder of Anavex Life Sciences Corp. (Nasdaq: AVXL\n\"Anavex\" or the \"Company\"), believes the Anavex Board of Directors should be\nreplaced and an experienced CEO should be hired. The “rookie” CEO held\nfive positions across four organizations in seven years, none held longer than\nabout 27 months.((1)) On 27 February 2026, during her tenure as Aardvark's EVP\nof Regulatory Affairs, that company announced a voluntary pause of its Phase 3\nHERO trial.((1)) This was the first big decision of the Anavex Board after\nfiring the CEO in April 2026.\n\nFellow Stockholders, we need your support to turn Anavex around. We are\nseeking change; therefore, please vote the Gold Card for the six PVG Nominees\n(AnavexVotePVG.com).\n\nBeing experienced investors in the biotechnology sector for a long time, we\nhave seen these spiral-down stock declines before when inexperienced or not\nmarket knowledgeable CEOs and boards with a lack of experience cannot raise\nmoney because they have little credibility with the investor community. We\nbelieve the market has spoken regarding Anavex. We do not want to see this\ncompany have to do a 10/1 or higher reverse stock split to get the share price\nhigh enough to do a stock offering; this course of action is a slippery slope\nfor stockholders.\n\nWe do not believe Anavex can obtain the funding they need to advance the\nblarcamesine Phase 2b/3 trial with the existing team, “funded through\nmid-fiscal 2028,” which is March 2028, when the cash could be nearly\nexhausted. If the Alzheimer’s Phase 3 trial starts in early 2027 and costs\nat least $150 million, they only have $118 million now; the trial simply\ncannot start. By the time the trial starts the cash will be significantly\nlower.\n\nWe believe we can hire an experienced Central Nervous System CEO that has a\nfollowing, and raise money nondilutive or at higher prices.\n\nWe believe the internal controls deficiency since September 30, 2025, SEC late\nreporting and Nasdaq compliance alone is reason enough to change the entire\nBoard. First, the Company disclosed in an amended fiscal year 2025 10-K filing\nthat it had a material weakness in internal control over financial reporting.\nAnavex admits in its recent SEC filing (Form 10-Q for the quarter ended June\n30, 2026) that it has begun remediation efforts but fixing the weakness\nrequires significant time, cost, and management attention and that there is no\nguarantee the corrective actions will fully resolve the problem. Also, because\nAnavex was late in filing its March 31, 2026, 10-Q, Nasdaq issued a deficiency\nnotice that was only recently remedied. Anavex indicates in its June 30, 2026,\n10-Q that consequences may include: Increased expenses related to resolving\nfiling issues, lower stock price and difficulty hiring or retaining employees.\n\nVery important in our view, Anavex now has a reduced ability to raise capital,\nas set forth in the June 30, 2026 10-Q. Because of the SEC late filings,\nAnavex has lost its eligibility to use its effective Form S-3 registration\nstatement for 12 months, via its at-the-market financing program that raised\napproximately $36 million during the nine months ended June 30, 2026,\ndisclosed in the June 30, 2026 10-Q.\n\nThe Anavex proxy statement filed with the SEC on August 11, 2026 (the\n“Anavex Proxy Statement”) states that its recently formed Board Executive\nCommittee consists of Jiong Ma, Claus van der Velden and Axel Paeger, and the\nCommittee is authorized to exercise the power of the Board in the management\nof the Company’s business and affairs to the fullest extent permitted by\nlaw, with the Committee continuing until it recommends its own dissolution or\nthe Board determines otherwise. This appears relevant to the Company’s\ncharacterization of its proposed slate as a “refreshed” Board, since the\nproxy does not appear to state that this Executive Committee structure will\nterminate following the September 24, 2026 Annual Meeting. Based upon review\nof the Anavex Proxy Statement, we believe these three have no experience in\nmanaging a biotechnology company and have shown little ability to do so\neither.\n\nWe don’t understand why the Board did not direct the management to move\nforward with the Phase 3 trial relating to its proposed Alzheimer’s drug\nthat would have been required even if the Company received conditional\napproval by the European Commission. We believe that Anavex's assets remain\nvaluable but require experienced leadership capable of advancing development\nprograms and restoring credibility. Regrettably, we do not see this team\ncapable of advancing the Company’s drugs. The Anavex Proxy Statement\nindicates that two of the four existing Board members are from the\ntelecommunications industry. One of the new director nominees has experience\nrelating to cancer but not central nervous system (“CNS”) products; there\nappears to be no expertise in CNS; this is not helpful.\n\nThe Company’s blarcamesine Phase 2b/3 trial for early onset Alzheimer’s\ndata was released in December of 2023, and we believe little of any\nsignificance has been accomplished since then. The Company coasted for years,\nincurring net losses for the fiscal years ended September 30, 2023, 2024, and\n2025 of $47.5 million, $43.0 million, and $46.4 million, respectively (see its\n10-Ks for those fiscal years). These losses are significant, but we believe\nthey pale in comparison to having years of this potentially significant drug\napproved and marketed.\n\nSince April 2026, there has been a significant brain drain at the Company with\nlittle transition of critical information, already written papers and\ncontacts…with the firing of Kun Jin PhD, VP Head of Biostatistics; Adebayo\nLaniyonu, PhD, SVP of Nonclinical Development; Wolfgang Liedtke, MD, PhD, SVP,\nGlobal Head of Neurology (we believe this gentleman knows all the issues with\nthe Alzheimer’s drug and how to derisk it for Phase 3); Felix Lauscher,\nChief Operating Officer; Anthony Sileno, SVP Clinical Operations and\nTranslational Sciences; William Chezem, PhD, Manager of Clinical Trial\nInformatics; Alessandro Mammoli, Senior Manager Project Management; David\nGould, MD, MBA; and Nell Rebowe, Sr Director of Business Development and IR.\nThis is not the telecommunications industry where cutting staff overseeing a\nhard asset is cheered. In our view, this was the brains and history of the\nCompany’s drug pipeline. Also, the firing of the CEO has resulted in two\npotentially significant legal actions.\n\nAnother poor decision, the Company also disclosed in its June 30, 2026 Form\n10-Q that it terminated the Michael J. Fox grant for Parkinson’s Research of\n$0.8 million. Given the funding was available and the Company had positive\nresults in a Phase 2 clinical trial, this money could have been used to\ngenerate further data to advance the drug for Parkinson’s. A press release\nby Anavex on March 17, 2026, stated “Significant treatment effects of\nblarcamesine were detected using both a test of impaired motor function and a\nbiomarker of dopaminergic nerve fiber density, indicating fiber regrowth in\nthe striatum after 6 weeks of blarcamesine treatment. Results were presented\nat the AD/PD(TM) 2026 Conference”.\n\nWe believe the current Anavex Board has played a key part in the substantial\ndestruction of stockholder value; just look at the recent stock price, $3.11\nas of August 24, 2026. On June 28, 2021, the stock price was $28.86. The\nsituation needs to be quickly fixed as there is a finite life to the\nCompany’s intellectual property; time is literally money.\n\nJiong Ma is the current Chairman of the Board. We could not find any thing in\nthe Anavex Proxy Statement regarding her biotechnology experience. Recently,\nshe was involved in a SPAC, founded and led by Chavant Capital Acquisition\nCorporation, which merged with Mobix Labs, a semiconductor company which went\nfrom about $100 per share to about $1.70 in just a few years, a -98% decline,\nwith the semiconductor sector being very strong. This is the type of Board\nMember we are NOT looking for.\n\nWe believe Anavex needs to be turned around quickly, or its stock could fall\nto levels that will make it very difficult to recover from. We have a slate of\ndirectors with experience in capital markets, with career focuses on investing\nin biotechnology, investment banking, public company leadership, drug\ndevelopment, regulatory interaction, corporate governance, CEO of a\nbiotechnology company, and launching of drugs such as Prozac and Claritin.\n\nThe Anavex Board is being disingenuous in implying that PVG is seeking control\nwithout a credible plan and without paying stockholders a premium. We simply\nwant to protect our investment for the benefit of all stockholders. The\ncurrent 4 Board Nominees own just 5,000 shares, 3 of which own Zero! It’s\nnot their money, it is our money.\n\nWe have six highly qualified Board Nominees that know what needs to be done\nand that have very significant and relevant experience. We think the current\nBoard did not and does not know what questions to ask the management in\nseeking to move the Company forward.\n\nThe Company has disclosed a budget of $1.3 million for this proxy fight to\nsave their jobs! Is this how you want your money spent?\n\nIf you have already voted your proxy with the Company’s white card, and you\nwant to change your vote, please use the PVG Gold Card and change your vote.\nThe Company desperately needs new leadership!\n\n_________________\n   (1)    Anavex Proxy Statement filed with the SEC on August 11, 2026.\n\n If you have any questions, require assistance in voting your GOLD universal proxy card, or need additional copies of PVG’s proxy materials, please contact:   1055 Washington Boulevard, Suite 520 Stamford, CT 06901  Stockholders may call toll-free: (877) 972-0090 Banks and brokers call collect: (203) 972-9300 E-mail: proxy@investor-com.com    \n\nParticipants in the Solicitation\n\nThe participants in PVG’s solicitation of proxies are PVG Asset Management\nCorporation, Patrick S. Adams, Jason Kolbert, Ralf von Ziegesar, Rene Mora,\nJohn Boris and Curtis Hogue (collectively, the “Participants”).\nInformation concerning the identity of the Participants and a description of\ntheir direct or indirect interests, by security holdings or otherwise, is\nincluded in PVG’s Definitive Proxy Statement and related SEC filings.\n\nForward-Looking Statements\n This release and any related communications contain forward-looking\nstatements within the meaning of the Private Securities Litigation Reform Act\nof 1995. Forward-looking statements include statements that are not historical\nfacts, including statements regarding PVG’s plans, objectives, beliefs,\nstrategies and expectations relating to the 2026 Annual Meeting, the proxy\nsolicitation, the Company, the Company Board of Directors, the PVG nominees,\nstockholder value and the potential outcome of PVG’s solicitation.\n\nThese statements may be identified by words such as “believes,”\n“expects,” “anticipates,” “plans,” “intends,” “estimates,”\n“may,” “will,” “would,” “could,” “should” and similar\nexpressions, or the negative thereof. Actual results may differ materially\nfrom those projected or contemplated by these forward-looking statements due\nto various risks and uncertainties, including those described in applicable\nfilings made by the Company and PVG with the SEC.\n\nStockholders are cautioned not to place undue reliance on forward-looking\nstatements, which speak only as of the date made. PVG and the Participants do\nnot undertake any obligation to update or revise any forward-looking\nstatements, except as required by applicable law.\n\nImportant Additional Information and Where to Find It\n\nPVG, together with the other Participants, has filed a definitive proxy\nstatement on Schedule 14A and accompanying GOLD Universal Proxy Card with the\nSEC in connection with the solicitation of proxies from stockholders of the\nCompany relating to the 2026 Annual Meeting.\n\nSTOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE DEFINITIVE PROXY STATEMENT,\nTHE ACCOMPANYING GOLD UNIVERSAL PROXY CARD, ANY AMENDMENTS OR SUPPLEMENTS\nTHERETO, AND ANY OTHER DOCUMENTS FILED BY PVG WITH THE SEC CAREFULLY AND IN\nTHEIR ENTIRETY BEFORE MAKING ANY VOTING DECISION BECAUSE THEY CONTAIN\nIMPORTANT INFORMATION.\n\nThe Definitive Proxy Statement, GOLD Universal Proxy Card and other relevant\nmaterials filed by PVG with the SEC are available at no charge at the SEC’s\nwebsite at https://www.sec.gov/.\n  \n\nContact:\nPatrick S. Adams\nPVG Asset Management Corporation\nPadams@pvgasset.com\n\nA photo accompanying this announcement is available at\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/264a886e-1e8d-4daa-bda2-7d1ce073dce8\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/b4f6bfc8-9909-4bc6-aac4-86047be7a228)\nInvestorcom Shareholder Intelligence \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/264a886e-1e8d-4daa-bda2-7d1ce073dce8/en)\nInvestorcom Shareholder Intelligence\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-09-09T13:53:50.165666696Z","server_sent_at_ms":1788962030165},"received_at":"2026-09-09T13:53:50.220Z","source_url":null},"analysis":{"id":"128210","press_release_id":"139372","analysis_json":{"industry":{"label":"Biotechnology","sector":"Health Care"},"redFlags":["Material weakness in internal control over financial reporting disclosed since September 30, 2025; remediation uncertain per June 30, 2026 10-Q","Lost Form S-3 eligibility for 12 months due to late SEC filings, disabling the ATM program that raised ~$36 million","Nasdaq deficiency notice from late March 31, 2026 10-Q (since remedied)","Cash of $118 million below PVG's estimated ≥$150 million cost of the Alzheimer's Phase 3 trial — funding gap","Mass departure of senior scientific and operational staff since April 2026, including neurology, biostatistics, and COO roles","Two potentially significant legal actions stemming from the CEO firing","Dissident warns of potential 10/1-or-higher reverse split to enable future offerings","Stock down ~89% from $28.86 (June 2021) to $3.11 (August 24, 2026)"],"eventType":"board_change","narrative":"PVG Asset Management, an Anavex Life Sciences stockholder, publicly launched a proxy contest urging stockholders to vote its Gold Card for six PVG nominees at the September 24, 2026 annual meeting, arguing the entire board and the 'rookie' CEO should be replaced.\n\nThe dissident letter cites a material weakness in internal controls disclosed since September 30, 2025, late SEC filings that triggered a Nasdaq deficiency notice, and the resulting loss of Form S-3 eligibility for 12 months — cutting off an ATM program that raised about $36 million in the nine months ended June 30, 2026.\n\nPVG argues Anavex cannot fund the blarcamesine Phase 2b/3 Alzheimer's trial, estimating a cost of at least $150 million against $118 million of cash, and warns a 10/1-or-higher reverse split would be a slippery slope for stockholders.\n\nThe release also flags an exodus of senior scientific staff since April 2026, two potential legal actions from the CEO's firing, and a stock price that has fallen from $28.86 in June 2021 to $3.11 as of August 24, 2026.","sentiment":"bearish","agentHooks":{"shouldPost":true,"suggestedAngle":"Activist PVG seeks full board control at Anavex ahead of the Sept 24 vote, citing internal-control failures, lost ATM eligibility, and a Phase 3 funding gap."},"keyFigures":{"customDimensions":{"cash":"$118 million","net_loss_fy2023":"$47.5 million","net_loss_fy2024":"$43.0 million","net_loss_fy2025":"$46.4 million","reverse_split_risk":"10/1 or higher","annual_meeting_date":"September 24, 2026","funding_runway_claim":"mid-fiscal 2028 (March 2028)","stock_price_2021_06_28":28.86,"stock_price_2026_08_24":3.11,"s3_ineligibility_period":"12 months","phase3_trial_cost_estimate":"at least $150 million","proxy_fight_budget_disclosed":"$1.3 million","atm_proceeds_9m_ended_jun_2026":"$36 million","terminated_michael_j_fox_grant":"$0.8 million","company_board_nominees_shares_owned":5000}},"quotedText":"Fellow Stockholders, we need your support to turn Anavex around.","namedEntities":{"people":[{"name":"Patrick S. Adams","role":"PVG proxy participant and contact"},{"name":"Jason Kolbert","role":"PVG proxy participant"},{"name":"Ralf von Ziegesar","role":"PVG proxy participant"},{"name":"Rene Mora","role":"PVG proxy participant"},{"name":"John Boris","role":"PVG proxy participant"},{"name":"Curtis Hogue","role":"PVG proxy participant"},{"name":"Jiong Ma","role":"Anavex Board Chairman and Board Executive Committee member"},{"name":"Claus van der Velden","role":"Anavex Board Executive Committee member"},{"name":"Axel Paeger","role":"Anavex Board Executive Committee member"},{"name":"Wolfgang Liedtke","role":"Former Anavex SVP, Global Head of Neurology (departed)"},{"name":"Kun Jin","role":"Former Anavex VP, Head of Biostatistics (fired)"},{"name":"Felix Lauscher","role":"Former Anavex Chief Operating Officer (departed)"},{"name":"Adebayo Laniyonu","role":"Former Anavex SVP of Nonclinical Development (departed)"},{"name":"Anthony Sileno","role":"Former Anavex SVP Clinical Operations and Translational Sciences (departed)"}],"products":["blarcamesine","Prozac","Claritin"],"companies":[{"name":"Anavex Life Sciences Corp.","ticker":"AVXL","relationship":"filer / target of dissident proxy contest"},{"name":"PVG Asset Management Corp.","relationship":"dissident stockholder / activist running proxy slate"},{"name":"Mobix Labs","relationship":"referenced — semiconductor company merged via Jiong Ma-led SPAC, stock fell ~98%"},{"name":"Chavant Capital Acquisition Corporation","relationship":"referenced — SPAC founded and led by Jiong Ma"},{"name":"Aardvark","relationship":"referenced — prior employer of Anavex CEO; paused Phase 3 HERO trial in Feb 2026"}],"dollarAmounts":[{"amount":"$118 million","context":"Anavex cash position per PVG"},{"amount":"$150 million","context":"PVG's estimated minimum cost of Alzheimer's Phase 3 trial"},{"amount":"$36 million","context":"ATM program proceeds during nine months ended June 30, 2026; S-3 eligibility now lost for 12 months"},{"amount":"$47.5 million","context":"fiscal 2023 net loss"},{"amount":"$43.0 million","context":"fiscal 2024 net loss"},{"amount":"$46.4 million","context":"fiscal 2025 net loss"},{"amount":"$0.8 million","context":"terminated Michael J. Fox grant for Parkinson's research"},{"amount":"$3.11","context":"AVXL stock price as of August 24, 2026"},{"amount":"$28.86","context":"AVXL stock price on June 28, 2021"},{"amount":"$1.3 million","context":"company-disclosed budget for the proxy fight"},{"amount":"about $100 per share to about $1.70","context":"Mobix Labs stock decline cited against Jiong Ma's board record"}]},"materialImpact":{"score":4,"reasoning":"Contested proxy fight for full board control of the filer ahead of the September 24, 2026 annual meeting, backed by substantive allegations: material internal-control weakness, lost S-3/ATM eligibility from late SEC filings, a Nasdaq deficiency notice, a Phase 3 funding shortfall, and mass executive departures. Control-relevant governance event, though not an M&A or binary clinical catalyst."},"tickerRelevance":{"others":[],"primary":"AVXL"},"globalImportance":38,"audienceRelevance":45,"eventTypeSecondary":["executive_change"],"importanceComponents":{"tickerTier":"small-cap biotech with active retail following","eventGravity":"contested proxy fight for full board control","sectorWeight":"biotech / CNS drug developer","activistCampaign":true,"retailFavoriteBoost":"AVXL has a retail-heavy shareholder base; proxy fight likely to draw attention","governanceIssuesCited":["material weakness","late SEC filings","Nasdaq deficiency notice","S-3/ATM ineligibility","executive brain drain"]}},"event_type":"board_change","event_type_secondary":["executive_change"],"sentiment":"bearish","material_impact_score":4,"narrative":"PVG Asset Management, an Anavex Life Sciences stockholder, publicly launched a proxy contest urging stockholders to vote its Gold Card for six PVG nominees at the September 24, 2026 annual meeting, arguing the entire board and the 'rookie' CEO should be replaced.\n\nThe dissident letter cites a material weakness in internal controls disclosed since September 30, 2025, late SEC filings that triggered a Nasdaq deficiency notice, and the resulting loss of Form S-3 eligibility for 12 months — cutting off an ATM program that raised about $36 million in the nine months ended June 30, 2026.\n\nPVG argues Anavex cannot fund the blarcamesine Phase 2b/3 Alzheimer's trial, estimating a cost of at least $150 million against $118 million of cash, and warns a 10/1-or-higher reverse split would be a slippery slope for stockholders.\n\nThe release also flags an exodus of senior scientific staff since April 2026, two potential legal actions from the CEO's firing, and a stock price that has fallen from $28.86 in June 2021 to $3.11 as of August 24, 2026.","key_figures":{"customDimensions":{"cash":"$118 million","net_loss_fy2023":"$47.5 million","net_loss_fy2024":"$43.0 million","net_loss_fy2025":"$46.4 million","reverse_split_risk":"10/1 or higher","annual_meeting_date":"September 24, 2026","funding_runway_claim":"mid-fiscal 2028 (March 2028)","stock_price_2021_06_28":28.86,"stock_price_2026_08_24":3.11,"s3_ineligibility_period":"12 months","phase3_trial_cost_estimate":"at least $150 million","proxy_fight_budget_disclosed":"$1.3 million","atm_proceeds_9m_ended_jun_2026":"$36 million","terminated_michael_j_fox_grant":"$0.8 million","company_board_nominees_shares_owned":5000}},"named_entities":{"people":[{"name":"Patrick S. 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Fox grant for Parkinson's research"},{"amount":"$3.11","context":"AVXL stock price as of August 24, 2026"},{"amount":"$28.86","context":"AVXL stock price on June 28, 2021"},{"amount":"$1.3 million","context":"company-disclosed budget for the proxy fight"},{"amount":"about $100 per share to about $1.70","context":"Mobix Labs stock decline cited against Jiong Ma's board record"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-09T13:55:12.168Z","global_importance":38,"audience_relevance":45,"importance_components":{"tickerTier":"small-cap biotech with active retail following","eventGravity":"contested proxy fight for full board control","sectorWeight":"biotech / CNS drug developer","activistCampaign":true,"retailFavoriteBoost":"AVXL has a retail-heavy shareholder base; proxy fight likely to draw attention","governanceIssuesCited":["material weakness","late SEC filings","Nasdaq deficiency notice","S-3/ATM ineligibility","executive brain drain"]}},"durationMs":81938,"modelName":"glm-5.3-flash"}}