AVXL Shares Slump Pre-market After EMA Committee Fails To Recommend Approval For Alzheimer’s Drug
Synopsis
The CHMP released its meeting highlights on Friday and recommended approval for ten new medicines, but Blarcamesine was not included in the list.
Shares of Anavex Life Sciences (AVXL) slumped 8% in the premarket session on Friday after a European Medicines Agency (EMA) committee did not recommend a much-awaited approval for the company’s Alzheimer’s drug Blarcamesine.
Retail investors were looking forward to the Committee for Medicinal Products for Human Use’s opinion on the drug after it placed Blarcamesine on its agenda for oral explanations and regulatory review during the session scheduled from Nov. 10 to Nov.13, with the oral explanation held behind closed doors on Nov. 11.
However, the CHMP released its meeting highlights on Friday and recommended approval for ten new medicines, but Blarcamesine did not feature on the list. CHMP provides recommendations to the EMA on human medicines, which the agency uses to approve or reject a drug.
The lack of a positive recommendation dampens chances for an EMA approval for the drug.
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