Anavex Life Sciences announced preliminary electroencephalography biomarker results from the Part A of the ongoing placebo-controlled Phase 2 clinical study of ANAVEX 3-71 for the treatment of schizophrenia. Part A of the Phase 2 study ANAVEX 3-71-SZ-001, was a multiple ascending dose study in 16 participants treated with either oral placebo, oral ANAVEX 3-71 90 mg daily, or oral ANAVEX 3-71 180 mg daily for 10 days. Preliminary results demonstrated a dose-dependent effect of ANAVEX 3-71 on two key EEG biomarkers in patients with schizophrenia. Treatment with ANAVEX 3-71 compared to placebo resulted in improvements in 40 Hz Auditory Steady-State Response Inter Trial Coherence and Resting State Alpha Power, both of which were increased. These effects were most pronounced in the higher dose group demonstrating a dose-dependent pharmacodynamic effect. These results provide evidence of CNS target engagement and potential therapeutic effects of ANAVEX 3-71 in schizophrenia. The observed changes reversed known EEG and ERP biomarker abnormalities associated with schizophrenia. These EEG biomarkers correlate with positive, negative, and cognitive symptoms of schizophrenia. Individuals with schizophrenia typically have reduced neural synchrony as measured by 40 Hz ASSR ITC. Improvements in 40 Hz ASSR ITC indicate enhanced neural synchronization, potentially leading to reduced auditory hallucinations, improved executive function, and working memory. Individuals with schizophrenia also typically have decreased resting state alpha power correlating with sensory and behavioral problems. Increases in Resting State Alpha Power reflect improvements in thalamocortical circuits and sensory gating, potentially resulting in reduced irritability and anxiety. ANAVEX 3-71 was well tolerated, with no serious adverse events reported. Oral ANAVEX 3-71 is a dual SIGMAR1 receptor agonist and M1 positive allosteric modulator with agonistic effects. This novel mechanism of action offers the potential to treat all symptom domains of schizophrenia without the side effects of standard of care antipsychotics. ANAVEX 3-71 has previously demonstrated long-lasting, pro-cognitive effects and behavioral improvements in animal models of neurodegenerative diseases, an ability to prevent cognitive decline in animal models, and has shown robust safety signals in healthy volunteers at single doses ranging from 5 to 200 mg once daily. Recent research into the genetic underpinnings of schizophrenia has revealed links between this psychiatric disorder and neurodegenerative disease, suggesting the disorders may share certain mechanisms. Oral ANAVEX 3-71, in addition to the M1 muscarinic receptor activity, the combined SIGMAR1 receptor activity might offer a novel mechanism of action that may address multiple symptom domains without the motor side effects associated with traditional antipsychotics. The currently ongoing Part B of the placebo-controlled Phase 2 study, which includes more participants and a longer treatment duration, will provide more comprehensive data on the efficacy and safety of ANAVEX 3-71 in schizophrenia. Anavex expects data from Part B of the placebo-controlled Phase 2 study in the first half of 2025.