Anavex Stock Jumps After Company Says Biogen Will Test Lead Drug Candidate

Anavex Life Sciences Corp. shares rose 37.7% in morning trade Wednesday to $4.35 per share after the biotech said it signed an agreement with Biogen Inc. to test its lead drug candidate. Biogen's testing will examine the remyelination ability of the drug, ANAVEX 2-73, in an effort to treat diseases such as multiple sclerosis. ANAVEX 2-73 is currently in midstage clinical trials for Alzheimer's disease, and has grant funding to be studied for Parkinson's disease, Anavex said. Anavex shares dropped 12.0% over the last three months, compared with a 6.2% rise in the S&P 500 .