Released on: January 22, 2008, 7:08 am

Press Release Author: ANAVEX LIFE SCIENCES Corp.

Industry: Biotech

Press Release Summary: Anavex Life Sciences Corp. (\"ANAVEX\") (OTCBB: AVXL) has
reported that the company achieved significant development of its lead drug
candidates and in the growth of its management and scientific teams during 2007.

Press Release Body: GENEVA, SWITZERLAND, Jan. 22 /PRNewswire-FirstCall/ - Anavex
Life Sciences Corp. (\"ANAVEX\") (OTCBB: AVXL - News) reported today that the company
achieved significant development of its lead drug candidates and in the growth of
its management and scientific teams during 2007. The company further disclosed key
corporate objectives for 2008.

\"This past year has been extremely successful for ANAVEX, with important
achievements in all business areas. As a result, we are well positioned for
excellent progress in 2008 and beyond,\" said Dr. Kontzalis, Chief Executive Officer
for ANAVEX. \"This year ANAVEX is planning to file Investigational New Drug (IND)
applications for three lead drug candidates, commence Phase 1 clinical trials of our
lead Alzheimer\'s compound, explore stock exchange opportunities in the United
States, and expand our scientific collaborations beyond the European community to
include American research and academic institutions. In addition, we are proceeding
with an accelerated pre-clinical development program to advance several additional
compounds that are in the discovery or lead optimization stage.\"

2008 OBJECTIVES
Pre-clinical studies for three of ANAVEX\'s lead drug candidates are nearing
completion, including those for Alzheimer\'s, epilepsy and colorectal cancer. At the
same time, other compounds targeting depression and other forms of cancer (prostate,
breast, lung) are being quickly advanced through the pre-clinical stages.
In 2008, once pre-clinical studies have been completed, ANAVEX plans to submit IND
applications for three compounds so that we can commence Phase 1 clinical trials. We
expect to submit IND filings for ANAVEX 1-41 (Alzheimer\'s) in April 2008, followed
by an application for ANAVEX 2-73 (epilepsy) in August 2008, and ANAVEX 7-1037
(colorectal cancer and other solid tumors) by December 2008. ANAVEX 1-41 is expected
to be the first compound to reach Phase 1 clinical trials, with human testing
expected to commence in late 2008 or early 2009.

Also in 2008, ANAVEX plans to strategically explore marketplace choices and
opportunities in the United States. The company believes that the benefits of
listing on a senior stock exchange would include expanded relationships with the
American investment community and the support of a larger, more liquid trading
market.

ANAVEX is aiming to sign licensing agreements for its lead CNS candidates following
Phase 1 clinical trials. The company is motivated to pursue licensing agreements for
its oncology drug candidates at an earlier stage.

World-Class Strategic Partnerships
ANAVEX has forged strong scientific collaborations with leading European research
and academic institutions, including Universite Montpellier, Universite
Louis-Pasteur, EuroGENET Laboratories and the Academy of Athens\' Institute of
Biomedical Research. With these partnerships, ANAVEX is able to outsource parts of
the R&D process to drive capital efficiency while maintaining intellectual property
and research control. In 2008, ANAVEX plans to expand its scientific collaborations
to include major U.S. research and academic institutions.

Pipeline Highlights
ANAVEX\'s SIGMACEPTOR(TM)-N program pipeline is focused on developing
disease-modifying treatments for neurological conditions.

Considerable advancements have been made with ANAVEX 1-41. In recent pre-clinical
animal studies, the compound demonstrated significant neuroprotective benefits
through the prevention of oxidative stress, which damages and destroys cells and is
believed to be a primary cause of Alzheimer\'s disease. The novel mechanism of action
of ANAVEX 1-41 demonstrates that the compound may influence the course of
Alzheimer\'s disease and prevent or limit the creation of plaques that destroy brain
cells in the hippocampus, the part of the brain that regulates learning, emotion and
memory. Published results were presented at the Neuroscience 2007 conference in San
Diego, California. Testing on ANAVEX 1-41 is being conducted in cooperation with
Universite Montpellier in France. Phase 1 trials of ANAVEX 1-41 on humans are
scheduled to commence in late 2008 or early 2009.

The company has also made promising developments with ANAVEX 2-73, its lead drug
candidate to treat epilepsy. Results from epilepsy animal models reveal that both
compounds have significant anticonvulsant, anti-amnesic and neuroprotective
properties. These activities involve muscarinic and sigma-1 receptor components,
which is significant because it indicates a unique mode of action that may help
control epilepsy and prevent the process that causes long-term damage to tissue and
cells as well as biochemical and physiological alterations to the brain. Published
results were presented at the Neuroscience 2007 conference in San Diego. Ongoing
pre-clinical studies are being conducted in collaboration with Universite
Montpellier and are scheduled for completion by the end of May 2008.

ANAVEX\'s SIGMACEPTOR(TM)-C program pipeline involves the development of novel and
original drug candidates targeting cancer.

ANAVEX 7-1037, the company\'s lead drug candidate for the treatment of colorectal
cancer and other types of solid tumors, recently revealed chemotherapeutic potential
without toxic side effects in advanced pre-clinical studies. The compound has been
shown to kill human colon cancer cells and also significantly suppress tumor growth
in immune-deficient mice. Published results were presented at the 15th
Euroconference on Apoptosis in Portoroz, Slovenia. Testing on ANAVEX 7-1037 is being
conducted in cooperation with the Academy of Athens\' Institute of Biomedical
Research.

Published results for ANAVEX 1-41, ANAVEX 2-73 and ANAVEX 7-1037 are available at
www.anavex.com/publications.html.

Corporate Developments
On the corporate front in 2007, Dr. Panos Kontzalis was appointed as Chief Executive
Officer and Director, Dr. Alexandre Vamvakides became Chief Scientific Officer and
Director, and ANAVEX added a distinguished, medically trained MBA to its Board of
Directors. The company also attracted prominent scientists Dr. Jean Jacques
Bourguignon and Dr. Tangui Nicolas Maurice, who joined the company\'s scientific team
and were appointed as members of the scientific committee.

Dr. Kontzalis is a 38-year pharmaceutical-sector veteran. He has held various senior
positions at Novartis Pharma in Basel, Switzerland, including Market and Business
Analyst for the central nervous system (CNS) portfolio, Group Market and Business
Analyst for the transplantation, dermatology, rheumatology and cardiovascular
portfolio, and Market Research and Competitive Intelligence Manager for
transplantation, immunology and oncology. Dr. Kontzalis was appointed Head of
Novartis\' Global Market Research Department in 1998, Global Sales Forecasting
Manager in 1999, Deputy Head of Global Sales Forecasting in 2003, and was Head of
Global Sales Forecasting Operations until 2006.

Dr. Vamvakides has spent 30 years in research, focusing on the therapeutic and
pharmacological areas of nootropes, anti-neurodegenerative (anti-Alzheimer\'s),
anti-epileptic, anti-depressive and prototype molecules. The author of more than 80
published scientific papers, he has worked at the Institut National de la Sante et
de la Recherche Medicale in Paris, France, University of Athens (Greece), Ciba-Geigy
(Basel, Switzerland), Sanofi (Montpellier, France) and many other European research
labs for the discovery and development of new concepts in the therapeutic areas of
CNS, oncology and anti-inflammatory diseases. Dr. Vamvakides holds a M.Sc. in
chemistry from Bordeaux University, France, and a M.Sc. in pharmacology, a M.Sc. in
biochemistry and a Ph.D. in molecular pharmacology all from the University of Paris,
Medical School.

In December, Dr. Cameron Durrant, a medically trained MBA with an entrepreneurial
background and major international pharmaceutical experience, joined the company\'s
Board of Directors. Dr. Durrant is currently Worldwide Vice President of Virology
Global Strategic Marketing at Johnson & Johnson (NYSE: JNJ - News). Before joining
Johnson & Johnson, Dr. Durrant was President and CEO of PediaMed Pharmaceuticals.
Dr. Durrant\'s background also includes executive-level positions with Merck & Co.,
GlaxoSmithKline and Pharmacia (now Pfizer). He was a regional winner and national
finalist for Ernst & Young\'s Entrepreneur of the Year award in 2005. Dr. Durrant
holds a MBA from Henley Management College at Oxford and a MB and BCh (equivalent to
an American MD degree) from the Welsh National School of Medicine in Cardiff, U.K.

Scientific team member Dr. Bourguignon has 30 years experience in medicinal
chemistry, including expertise in drug design and optimization as well as organic
and physical chemistry. Dr. Bourguignon is a Research Director (CNRS) at the Faculty
of Pharmacy, Strasbourg-Illkrich, France. His background also includes work as a
senior scientist at the Center of Neurochemistry (Strasbourg, France), post-doctoral
fellow with the department of chemistry at the State University of Buffalo, and as a
research associate at the Faculty of Pharmacy in Strasbourg. Dr. Bourguignon holds a
Ph.D. in polymer physical chemistry from the Universite Louis-Pasteur in Strasbourg.

The latest addition to the ANAVEX scientific team, Dr. Maurice has 15 years of
experience in the field of neurosciences. His expertise is spread across a number of
areas, including behavioral and molecular neuropharmacology, sigma receptors,
neuropeptides, neurosteroids, neurotrophic factors, normal/pathological aging models
for Alzheimer\'s disease and related disorders, and behavioral phenotyping of rodent
models. Before joining ANAVEX, Dr. Maurice held research positions with Institut
National de la sante et de la recherche medicale (INSERM) U710 at Montpellier,
Centre National de la Recherche Scientifique (CNRS), INSERM U336, the department of
neuropsychopharmacology and hospital pharmacy at Meijo University (Nagoya, Japan),
and Jouveinal Research Institute (Fresnes, France). A past recipient of the CNRS
bronze medal, Dr. Maurice holds a Ph.D. in cellular and molecular biology with a
specialty in neuropharmacology from Universite Montpellier.

\"ANAVEX\'s work is led by a strong, proven management team and Board of Directors
supported by a highly skilled scientific team of biochemists, molecular
pharmacologists and biologists, working in collaboration with leading academic
institutions,\" said Dr. Kontzalis. \"With seven lead candidates and an additional 50
compounds at various early stages of discovery, ANAVEX has one of the industry\'s
most robust pipelines of disease-modifying drugs. We plan to continue to focus on
best-in-class products that take radically different approaches to drugs on the
market today which, in many cases, treat symptoms instead of the underlying causes
of a particular disease. Our team looks forward to a highly successful 2008.\"

About ANAVEX
Anavex Life Sciences Corp. (www.anavex.com) is an emerging biopharmaceutical company
engaged in the discovery and development of novel drug targets for the treatment of
cancer and neurological diseases. The company\'s proprietary SIGMACEPTOR(TM)
Discovery Platform involves the rational drug design of compounds that fulfill
specific criteria based on unmet market needs and new scientific advances. Selected
drug candidates demonstrate high, non-exclusive affinity for sigma receptors, which
are involved in the modulation of multiple cellular biochemical signaling pathways.

ANAVEX\'s SIGMACEPTOR(TM)-N program involves the development of novel and original
drug candidates, targeting neurological and neurodegenerative diseases (Alzheimer\'s
disease, epilepsy, depression, etc.). The company\'s lead drug candidates exhibit
high, non-exclusive affinity for sigma receptors with strong evidence for
anti-amnesic, neuroprotective, anti-apoptotic, anti-oxidative, anti-inflammatory,
anti-convulsive, anti-depressant and anxiolytic properties.

ANAVEX\'s SIGMACEPTOR(TM)-C program involves the development of novel and original
drug candidates targeting cancer. The company\'s lead drug candidates exhibit high,
non-exclusive affinity for sigma receptors with strong evidence for selective
pro-apoptotic, anti-metastatic and low toxicity properties in various types of solid
cancers such as colon, prostate, breast, lung, etc.

CONTACT: Anavex Life Sciences Corp., Research & Business Development, Email:
info@anavex.com; Shareholder & Media Relations, Toll-free: 1-866-505-2895, Outside
North America: (416) 489-0092, Email: ir@anavex.com, www.anavex.com

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. 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 file an IND
or commence clinical studies. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. This caution is
made under the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. 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.



Web Site: http://www.anavex.com

Contact Details: 14, Rue Kleberg, CH-1201, Geneva, Switzerland,
(416) 489-0092,Research & Business Development, Email: info@anavex.com; Shareholder
& Media Relations, Toll-free: 1-866-505-2895, ir@anavex.com