ATHENS, GREECE, April 9, 2009 - Anavex Life Sciences Corp. ("ANAVEX" or the "Company") (OTCBB: AVXL) is pleased to announce that it recently closed three convertible loan agreements and completed two private placements in which it raised an aggregate total of $2,144,301.

ANAVEX intends to use the funds towards the scale-up manufacturing of ANAVEX 2-73, research and development, the payment of outstanding promissory notes and general working capital.

"This financing enables us to continue aggressively advancing ANAVEX 2-73, our lead compound for the treatment of Alzheimer's disease, towards Phase 1 clinical trials, which are scheduled to commence in 2009," said Harvey Lalach, President of ANAVEX.  "Results from our pre-clinical studies have demonstrated that ANAVEX 2-73 has significant potential to slow or reverse the course of Alzheimer's disease.  This is a much more powerful form of treatment than current medications that are generally designed to treat symptoms rather than the underlying disease itself."

ANAVEX 2-73 uses sigma ligands -- molecules that have the ability to protect and enhance neurons -- to guard against oxidative stress.  Overwhelming research establishes oxidative stress as one of the main contributing factors, if not the most significant factor, in the initiation and progression of Alzheimer's disease.

Convertible loan agreements
The Company entered into three convertible loan agreements wherein two investors agreed to loan the Company $1,919,418.  The loans are unsecured and convertible into units comprising of common shares and common share purchase warrants of the Company.  The loans bear interest at a rate of 0% and are to be paid in full one year from the advancement date.  At any time until the loans are repaid, the lenders may exercise their right to convert all or a portion of the total outstanding amount of the loan as of that date into units of our Company at $2.25 per unit.  Each unit consists of one common share and one non-transferable share purchase warrant exercisable at $4.00 for a period of 12 months after the date of issue of the units.

Private Placements
On March 6, 2009, ANAVEX closed a private placement with five purchasers providing for the purchase of 89,148 units of the Company at a price of $2.25 per unit raising gross proceeds of $200,583.  Each unit consists of one share of common stock and one non-transferable share purchase warrant exercisable at $4.00 for a period of 12 months.

On March 20, 2009, ANAVEX closed a private placement with one purchaser providing for the purchase of 10,800 units of the Company at a price of $2.25 per unit raising gross proceeds of $24,300.  Each unit consists of one share of common stock and one non-transferable share purchase warrant exercisable at $4.00 for a period of 12 months. 

There were no finders and the Company did not pay any finders' fees, commissions or similar compensation in connection with the private placements.

For additional details about these financings, please refer to the Form 8-K filed by Anavex on the Securities and Exchange Commission's EDGAR web site on April 3, 2009.

About Anavex Life Sciences Corp.
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 such as Alzheimer's, epilepsy and depression. The company's proprietary SIGMACEPTOR™ Discovery Platform involves the rational design of drug 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™-N program involves the development of novel and original drug candidates that target neurological and neurodegenerative diseases (Alzheimer's disease, epilepsy, depression, pain). 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. The company believes that oxidative stress, not amyloid-beta, is the cause of Alzheimer's. ANAVEX 1-41 and ANAVEX 2-73 modulate sigma receptors, a unique class of receptor molecules, to guard against oxidative stress and repair cells compromised by its effects. So far, through the advanced pre-clinical phase of development, the compounds have performed extremely well in well-recognized animal models of Alzheimer's disease, underscoring the promise of the company's new alternative approach to the disease.

ANAVEX SIGMACEPTOR™-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 and lung. ANAVEX 7-1037 has already demonstrated its ability to significantly delay the growth of cancerous tumors in patient-derived xenografts during advanced pre-clinical studies.

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.

For Further Information
Anavex Life Sciences Corp.
Research & Business Development
Email: info@anavex.com

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