Anavex Comments on Recent Stock Volume and Price Increase

TORONTO, ONTARIO--(Marketwired - June 12, 2013) - Anavex Life Sciences Corp. ("Anavex" or the "Company") (OTCQB:AVXL) has been advised by the British Columbia Securities Commission (the "BCSC") that the Company is the subject of an advertising initiative, which has been paid and distributed by a third party "as part of a new subscriber effort" (The "Promotion"). The material being distributed contains claims pertaining to the Company's business, activities, future prospects and share price valuations.

The distribution of this material coincided with, and appears to have effected, a significant increase in the volume of trading activity in the Company's shares beginning June 4, 2013. In response to the Promotion and trading activity, the BCSC issued its Halt Trade Order on June 5, 2013.

The Company has reviewed these third-party claims and finds some of the statements made are exaggerated and/or inaccurate and may be misleading in regards to the Company's business prospects and anticipated share price. Given the inherent risks of biotech research and new discoveries, the Company does not comment on the potential value of its drug research or share price. Anavex urges any investors seeking information about the Company to review its public disclosure filings with the Securities and Exchange Commission and the BCSC, available electronically on EDGAR and SEDAR respectively.

The content of the material that the Company is aware of to date appears to be published by K Street Financial, and disseminated via email by Wyatt Investment Research. The advertising material and disseminating email disclosed that they are part of a paid advertisement. However, contrary to the statement made by Wyatt Investment Research in its email to subscribers stating it was paid "on behalf of Anavex," the Company's sole officer and director, Athanasios Skarpelos, confirms that the Company did not pay for, authorize, permit, or otherwise participate in the Promotion.

The Company and Mr. Skarpelos were unaware of the Promotion until the BCSC brought its existence to their attention. The Company, its officers and directors, employees, and shareholder relations firm confirm that they did not participate in, or benefit from, trading in shares of the Company during the Promotion.

About Anavex Life Sciences Corp.

Anavex Life Sciences Corp. (www.anavex.com) is a pharmaceutical company engaged in the development of novel drug candidates. ANAVEX 2-73, a drug candidate developed to treat Alzheimer's disease through disease modification, has undergone an initial Phase 1 human clinical trial and was well tolerated in doses up to 55mg. Sponsored pre-clinical studies indicate that ANAVEX 2-73 demonstrates anti-amnesic and neuroprotective properties. Anavex is a publicly traded corporation quoted as AVXL.

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 pass clinical trials so as to move on to the next phase, our ability to finance development or satisfy the rigorous regulatory requirements for new drugs, our ability to attract and retain quality personnel, and that despite positive results, our competitors may offer better or cheaper alternatives. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. 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.