UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 4, 2022
ANAVEX
LIFE SCIENCES CORP.
(Exact name of registrant as specified in its charter)
Nevada | 001-37606 | 98-0608404 |
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File Number) | Identification No.) |
630 5th Avenue,
20th Floor New York, NY 10111 (Address of principal executive offices) (Zip Code) |
1-844-689-3939
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||
Common Stock, par value $0.001 per share | AVXL | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 4.01 | Change in Registrant’s Certifying Accountant. |
(a) Dismissal of Independent Registered Public Accounting Firm.
On March 1, 2022, the Audit Committee (the “Audit Committee”) of the Board of Directors of Anavex Life Sciences Corp., a Nevada corporation (the “Company”) dismissed BDO USA LLP (“BDO”) as the Company’s independent registered public accounting firm.
The reports of BDO on the Company’s consolidated financial statements for each of the two most recently completed fiscal years did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. During the fiscal years ended September 30, 2021 and 2020 and the subsequent interim period through March 1, 2022, there have been no disagreements with BDO on any matters of accounting principles or practices, financial statement disclosures or auditing scope and procedures that, if not resolved to the satisfaction of BDO, would have caused BDO to make reference to the matter in their reports. There were no reportable events (as that term is described in Item 304(a)(1)(v) of Regulation S-K) during the two most recently completed fiscal years ended September 30, 2021 and 2020, or in the subsequent interim period through March 1, 2022.
The Company has provided a copy of the foregoing disclosures to BDO and requested that BDO furnish it with a letter addressed to the Securities and Exchange Commission stating whether BDO agrees with the above statements. A copy of BDO’s letter, dated March 4, 2022, is filed as Exhibit 16.1 to this Form 8-K.
(b) Engagement of New Independent Registered Public Accounting Firm.
The Audit Committee has conducted a competitive process to select an accounting firm to serve as the Company’s independent registered public accounting firm for the fiscal year ending September 30, 2022. The Audit Committee invited several firms to participate in this process. As a result of this process, on March 3, 2022, the Audit Committee engaged Grant Thornton LLP (“Grant Thornton”) as the Company’s independent registered public accounting firm for the fiscal year ending September 30, 2022.
During the two most recently completed fiscal years and in the subsequent interim period through March 3, 2022, the Company has not consulted with Grant Thornton with respect to the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that would have been rendered on the Company’s consolidated financial statements, or any matters set forth in Item 304(a)(2)(i) or (ii) of Regulation S-K.
Item 5.02 | Compensatory Arrangements of Certain Officers |
On February 28, 2022, the Company entered into Amendment No. 2 to the Amended and Restated Employment Agreement (the “Amendment”) with the Company’s Principal Financial Officer (the “PFO”) in her continuing capacity as PFO of the Company, to be effective March 1, 2022. The Amendment amends the Amended and Restated Employment Agreement by and between the Company and the PFO dated October 4, 2017, as amended (the “Employment Agreement”). Pursuant to the terms of the Amendment, the PFO shall receive an annual base salary of $240,000 Canadian dollars.
Item 7.01 | Regulation FD Disclosure |
On March 4, 2022, the Company issued a press release announcing the change in its auditors from BDO to Grant Thornton. The press release is attached as Exhibit 99.1.
The information in this Item 7.01 and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
EXHIBIT NO. | DESCRIPTION | LOCATION | ||
10.1 | Amendment No. 2 to Amended and Restated Employment Agreement between the Company and Sandra Boenisch, dated February 28, 2022 | Filed herewith | ||
16.1 | Letter from BDO USA LLP to the Securities and Exchange Commission dated March 4, 2022 | Filed herewith | ||
99.1 | Press Release | Filed herewith |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ANAVEX LIFE SCIENCES CORP. | ||
By: | /s/Christopher Missling | |
Name:
Christopher Missling, PhD Title: Chief Executive Officer |
Date: March 4, 2022
Exhibit 10.1
AMENDMENT NO. 2 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 2 (the “Amendment”) to the Amended and Restated Employment Agreement, dated October 4, 2017 (the “Employment Agreement”) is dated February 28, 2022 with an effective date of March 1, 2022, is by and between Anavex Life Sciences Corp. (the “Company” or “Anavex”), and Sandra Boenisch (the “Employee”). Except as otherwise provided herein in this Amendment, capitalized terms used in this Amendment shall have the same meanings given to them in the Employment Agreement. Company and the Employee are referred to each individually as a “Party” and collectively as the “Parties.”
RECITALS
WHEREAS, the Employee is currently employed by the Company as Principal Financial Officer pursuant to the terms of the Employment Agreement; and
WHEREAS, the Parties desire to amend the Employment Agreement as described below, but to otherwise maintain in effect in full all other terms of the Employment Agreement; and
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, for the Parties agree as follows:
AMENDMENT
1. | Adoption of Recitals. The Company and Employee adopt the above recitals as being true and correct |
2. | Section 1(a) Employment. The Parties agree that Section 1(a) of the Employment Agreement shall be amended and restated as follows: |
“(a) Employment. This Agreement will commence on March 1, 2022 (the “Effective Date”) and shall terminate on February 28, 2024 (the “Term”), unless sooner terminated in accordance with the provisions of this Agreement. The Term and any extensions shall be referred to as the “Employment Period.” This Agreement must be renewed in writing, signed by both parties. If the Agreement is not renewed in writing, the non-renewal is not considered a Termination.”
3. | Section 3(a) Base Salary. The Parties agree that Section 3(a) of the Employment Agreement shall be amended and restated as follows: |
“(a) Base Salary. During the Employment Period, the Company shall pay to the Employee an annual base salary (“Base Salary”) of Two Hundred Forty Thousand Canadian Dollars ($240,000 CAD) payable by the Company and payable in accordance with the Company’s payroll schedules throughout the term of such employment, subject to the provisions of Section 4 hereof (governing Terminations), and subject to any applicable tax and payroll deductions; provided, however, that in the Company’s sole discretion, based on factors such as the market and the Employee’s job performance, salary increases may be made. There, however, is never a guarantee of an increase in Base Salary. Salary decreases may be made through a written modification of this Agreement executed and signed by the Parties.”
4. Full Force and Effect. Except as expressly amended herein, all other terms and provisions of the Employment Agreement shall remain in full force and effect and are hereby ratified and confirmed in all respects. The Parties mutually acknowledge and agree that any and all other prior agreements, offer letters or contracts between Employee and the Company, are declared null and void with no legal effect as of the date this Amendment is executed by the Parties.
5. Further Amendments. The Employment Agreement shall be further amended wherever appropriate to reflect the changes indicated above.
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6. Right to Review and Seek Counsel. The Employee acknowledges that she has had the opportunity to seek independent counsel and tax advice in connection with the execution of this Agreement, and the Employee represents and warrants to the Company (a) that she has sought such independent counsel and advice as she has deemed appropriate in connection with the execution hereof and the transactions contemplated hereby, and (b) that she has not relied on any representation of the Company as to tax matters, or as to the consequences of the execution hereof.
7. Governing Law. This Amendment shall be governed and construed in accordance with the laws of the State of New York without regard to conflicts of law.
8. Headings and Captions. The titles and captions of paragraphs, sections, subparagraphs and subsections contained in this Amendment are provided for convenience of reference only, and shall not be considered terms or conditions of this Amendment.
9. Validity. The invalidity or unenforceability of any provision of this Amendment shall not affect the validity or enforceability of any other provision of this Amendment, which shall remain in full force and effect.
10. Counterparts. This Amendment may be executed in one or more separate counterparts, each of which, when so executed, shall be deemed to be an original. Such counterparts shall, together, constitute and shall be one and the same instrument. This Amendment, and the counterparts thereto, may be executed by the Parties using their respective signatures transmitted via facsimile machines or via electronic mail.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on February 28, 2022.
ANAVEX LIFE SCIENCES CORP. | SANDRA BOENISCH | ||
By: | /s/Christopher Missling | /s/ Sandra Boenisch | |
Name: | Christopher U. Missling | ||
Title: | CEO |
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EXHIBIT 16.1
March 4, 2022
Securities and Exchange Commission
100 F Street N.E.
Washington, D.C. 20549
We have been furnished with a copy of the response to Item 4.01 of Form 8-K for the event that occurred on March 1, 2022, to be filed by our former client, Anavex Life Sciences Corp.. We agree with the statements made in response to that Item insofar as they relate to our Firm.
Very truly yours,
/s/ BDO USA, LLP
EXHIBIT 99.1
Anavex Life Sciences Announces Change of Auditor to Grant Thornton LLP
NEW YORK – March 4, 2022 – Anavex Life Sciences Corp. (“Anavex” or the “Company”) (Nasdaq: AVXL), a clinical-stage biopharmaceutical company developing differentiated therapeutics for the treatment of neurodegenerative and neurodevelopmental disorders including Alzheimer’s disease, Parkinson’s disease, Rett syndrome and other central nervous system (CNS) diseases, today announced that it has changed its auditors from BDO USA LLP (“BDO“) to Grant Thornton LLP (“Grant Thornton“).
The change in independent auditor was not related to any disagreement between the Company and BDO. The Company is thankful to BDO USA LLP for its 9 years of service as the Company’s independent auditor.
The change of the Company’s independent auditor was made after careful consideration and an evaluation process carried out by the Audit Committee of the Board of Directors of the Company.
“We would like to thank BDO USA LLP for the services they provided for almost a decade. We are pleased to announce that Grant Thornton LLP will be our new auditors in the evolution of Anavex as we embark upon the next stages of our Company’s growth plans,” stated Christopher U Missling, PhD, President and Chief Executive Officer of Anavex.
About Anavex Life Sciences Corp.
Anavex Life Sciences Corp. (Nasdaq: AVXL) is a publicly traded biopharmaceutical company dedicated to the development of differentiated therapeutics for the treatment of neurodegenerative and neurodevelopmental disorders including Alzheimer’s disease, Parkinson’s disease, Rett syndrome and other central nervous system (CNS) diseases, pain, and various types of cancer. Anavex’s lead drug candidate, ANAVEX®2-73 (blarcamesine), has successfully completed a Phase 2a clinical trial for Alzheimer’s disease, a Phase 2 proof-of-concept study in Parkinson’s disease dementia and both a Phase 2 and a Phase 3 study in adult patients with Rett syndrome. ANAVEX®2-73 is an orally available drug candidate that restores cellular homeostasis by targeting sigma-1 and muscarinic receptors. Preclinical studies demonstrated its potential to halt and/or reverse the course of Alzheimer’s disease. ANAVEX®2-73 also exhibited anticonvulsant, anti-amnesic, neuroprotective, and anti-depressant properties in animal models, indicating its potential to treat additional CNS disorders, including epilepsy. The Michael J. Fox Foundation for Parkinson’s Research previously awarded Anavex a research grant, which fully funded a preclinical study to develop ANAVEX®2-73 for the treatment of Parkinson’s disease. ANAVEX®3-71, which targets sigma-1 and muscarinic M1 receptors, is a promising clinical stage drug candidate demonstrating disease-modifying activity against the major hallmarks of Alzheimer’s disease in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid, and tau pathologies. In preclinical trials, ANAVEX®3-71 has shown beneficial effects on mitochondrial dysfunction and neuroinflammation. Further information is available at www.anavex.com. You can also connect with the company on Twitter, Facebook, Instagram and LinkedIn.
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 set forth in the Company’s most recent Annual Report on Form 10-K filed with the SEC. 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.
For Further Information:
Anavex Life Sciences Corp.
Research & Business Development
Toll-free: 1-844-689-3939
Email: info@anavex.com
Investors:
Andrew J. Barwicki
Investor Relations
Tel: 516-662-9461
Email: andrew@barwicki.com