ANAVEX APPOINTS DR. RACHELLE DOODY TO SCIENTIFIC ADVISORY BOARD

HOBOKEN, NJ, Feb. 23 /PRNewswire-FirstCall/ – Anavex Life Sciences Corp. (“Anavex”)
(AVXL.OB) today announced the appointment of Dr. Rachelle Doody to the
Scientific Advisory Board (SAB) as a clinical expert.  The SAB works
closely with the company to support development of the Anavex product
pipeline, including its lead compound ANAVEX 2-73, which is being
studied for Alzheimer’s disease and is scheduled to enter Phase I
clinical trials shortly.  Dr. Doody is the second clinical expert
serving on the Anavex SAB, alongside Dr. Paul Aisen.

Dr. Doody is the Effie Marie Cain Chair in Alzheimer’s Disease Research
and Professor of Neurology at Baylor College of Medicine, where she
received an M.D.. She completed internship and residency training at
the Royal Victoria Hospital and Montreal Neurologic Institute in
Montreal, and at Baylor College of Medicine. Dr. Doody has a Ph.D. in
Cognitive Anthropology from Rice University and has published over 135
original articles. She participates in national and international
collaborative efforts, review boards, and advisory boards including
Steering Committees for the NIH AD Cooperative Study and the AD
Neuroimaging Initiative.

The Alzheimer’s Disease and Memory Disorders Center (ADMDC) at Baylor
College of Medicine was established in 1989 and is headed by Dr. Doody
and the center participates in the design or supervision of many
Alzheimer’s disease or memory disorders trials taking place in the
world. Dr. Doody is recognized nationally and internationally for her
contributions to the diagnosis and treatment of Alzheimer’s disease.
The ADMDC was involved in the development of all five of the
commercially available, FDA-approved drugs for Alzheimer’s disease, and
was the lead site for the development of the most widely prescribed
Alzheimer’s disease drug worldwide.  

We are very excited that Dr. Doody has joined our Scientific Advisory
Board.  Her extensive knowledge of Alzheimer’s disease clinical trials
will help support our clinical development efforts of ANAVEX 2-73.
Clearly, with Dr. Doody’s center having participated in the clinical
trials of all of the currently available therapies in Alzheimer’s
disease, she will add significant expertise to Anavex,” said Dr.
Cameron Durrant, Executive Chairman of Anavex. 

“I am pleased to be able to support Anavex in their clinical development
plans and join this Scientific Advisory Board.  I would certainly like
to see ANAVEX 2-73 successfully complete the upcoming Phase I study and
then progress into the next phases of development.  We, treating
physicians, as well as patients, are in need of new Alzheimer’s drugs,”
said Dr. Doody.

About Alzheimer’s Disease

While Alzheimer’s disease is most common in people over the age of 65,
it can strike adults of any age irrespective of their gender,
background or socioeconomic status. According to the Alzheimer’s
Association an estimated 5.3 million Americans are currently living
with Alzheimer’s disease. The number of Americans aged 65 and over with
Alzheimer’s disease is estimated to reach 7.7 million in 2030.  By
2050, between 11 million and 16 million Americans over 65 are expected
to have Alzheimer’s disease.

About ANAVEX 2-73

ANAVEX 2-73 is the first of a new class of oral, disease-modifying drugs
being studied to potentially treat Alzheimer’s disease itself, versus
treating its symptoms. 

About Anavex Life Sciences Corp.

Anavex Life Sciences Corp. (www.anavex.com) is a specialty
pharmaceutical company engaged in the discovery and development of
novel drug candidates for the treatment of neurological diseases and
cancer. The Anavex proprietary SIGMACEPTOR(TM) Discovery Platform involves
the rational design of drug compounds targeted to specific receptors
involved in the modulation of multiple cellular biochemical signaling
pathways.

The SIGMACEPTOR(TM)-N program involves the development of novel drug
candidates that target neurological and neurodegenerative diseases
(Alzheimer’s disease, epilepsy, depression, pain). The company’s lead
drug candidates exhibit high affinity for sigma receptors, which have
been extensively documented as potentially valuable drug targets and
have demonstrated anti-amnesic and neuroprotective properties.

Anavex is a publicly traded company under the symbol “AVXL”.

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. Forward-looking statements in this
press release include that ANAVEX 2-73 is scheduled to enter Phase I
clinical trials shortly; that Dr. Doody’ contributions in the
development of ANAVEX 2-73 will be of great importance; that ANAVEX
2-73 will have an impact on the disease process and treatment in
patients and that ANAVEX 2-73 is the first of a new class of oral,
disease-modifying drugs being studied to potentially treat Alzheimer’s
disease itself, versus treating its symptoms. 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 retain key employees and our ability to
finance development or satisfy the rigorous regulatory requirements for
new drugs. 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.

For Further Information

Anavex Life Sciences Corp.

Research & Business Development

Email: info@anavex.com

Shareholder & Media Relations

Toll-free: 1-866-505-2895

Outside North America: +1 (416) 489-0092

Email: ir@anavex.com

www.anavex.com

SOURCE Anavex Life Sciences Corp.