<SEC-DOCUMENT>0001731122-21-000269.txt : 20210216
<SEC-HEADER>0001731122-21-000269.hdr.sgml : 20210216
<ACCEPTANCE-DATETIME>20210216172720
ACCESSION NUMBER:		0001731122-21-000269
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210216
DATE AS OF CHANGE:		20210216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ANAVEX LIFE SCIENCES CORP.
		CENTRAL INDEX KEY:			0001314052
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		IRS NUMBER:				208365999
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-232550
		FILM NUMBER:		21641072

	BUSINESS ADDRESS:	
		STREET 1:		51 W 52ND STREET,
		STREET 2:		7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019-6163
		BUSINESS PHONE:		800-689-3939

	MAIL ADDRESS:	
		STREET 1:		51 W 52ND STREET,
		STREET 2:		7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019-6163

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Thrifty Printing Inc.
		DATE OF NAME CHANGE:	20050111
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>e2458_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%"><B>PROSPECTUS SUPPLEMENT</B></TD>
    <TD STYLE="width: 30%"><B>Filed Pursuant to Rule 424(b)(5)</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>(To Prospectus Dated July 15, 2019)</B></TD>
    <TD><B>Registration No. 333-232550</B></TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Anavex
Life Sciences Corp.</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Up to
$50,000,000</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Common
Stock&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 1, 2020, we entered into an amended
and restated sales agreement, or the Sales Agreement, with Cantor Fitzgerald &amp; Co., or Cantor Fitzgerald, and SVB Leerink LLC,
or SVB Leerink, and together with Cantor, the Sales Agents, relating to the offer and sale of shares of our common stock, par value
$.001 per share. In accordance with the terms of the Sales Agreement, we may offer and sell additional shares of our common stock
having an aggregate offering price of up to $50,000,000 from time to time through the Sales Agents, acting as our sales agents.
We previously sold 5,116,874 shares of common stock under the Sales Agreement for $42,175,778 in gross proceeds, which were registered
under the registration statement of which this prospectus supplement is a part, pursuant to the prospectus supplement dated May
1, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common stock is currently listed on
the Nasdaq Capital Market under the symbol &ldquo;AVXL&rdquo;. On February 11, 2021 the last reported sale price of our common
stock was $12.71 per share. The trading price of our common shares has recently increased significantly, which we believe is attributable
to various factors in our competitive landscape and an increased engagement in recently reported data related to our announced
results from our Phase 2 randomized, double-blind, placebo-controlled trial of ANAVEX&reg;2-73 (<I>blarcamesine</I>) in adult
female patients with Rett syndrome and our proof of concept Phase 2 controlled trial evaluating the safety, tolerability, and
efficacy of ANAVEX&reg;2-73 (<I>blarcamesine</I>) in patients with Parkinson&rsquo;s disease dementia. On February 1, 2021, the
last reported sale price of our common shares on the Nasdaq Capital Market was $6.53 per share, which was 10 trading days prior
to the date of this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of our common stock, if any, under
this prospectus will be made by any method that is deemed to be an &ldquo;at the market offering&rdquo; as defined in Rule 415(a)(4)
under the Securities Act of 1933, as amended, or the Securities Act. The Sales Agents are not required to sell any specific amount
of securities, but will act as our sales agents using commercially reasonable efforts consistent with their normal trading and
sales practices, on mutually agreed terms between the Sales Agents and us. There is no arrangement for funds to be received in
any escrow, trust or similar arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sales Agents will be entitled to compensation
at a fixed commission rate of 3.0% of the gross proceeds from the sale of our common stock pursuant to the Sales Agreement. In
connection with the sale of the common stock on our behalf, the Sales Agents will be deemed to be &ldquo;underwriters&rdquo; within
the meaning of the Securities Act, and the compensation of the Sales Agents will be deemed to be underwriting commissions or discounts.
We have also agreed to provide indemnification and contribution to the Sales Agents against certain civil liabilities, including
liabilities under the Securities Act or the Securities Exchange Act of 1934, as amended, or the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our securities involves
a high degree of risk. See the section entitled &ldquo;Risk Factors&rdquo; on page S-6 of this prospectus supplement and the
section entitled &ldquo;Risk Factors&rdquo; beginning on page 11</B>&nbsp;<B>of the accompanying prospectus, and in the documents
we filed with the Securities and Exchange Commission that are incorporated in this prospectus supplement by reference for certain
risks and uncertainties you should consider.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or
accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 50%"><FONT STYLE="font-size: 14pt"><B>Cantor</B></FONT></TD>
    <TD STYLE="text-align: center; width: 50%"><FONT STYLE="font-size: 14pt"><B>SVB Leerink</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus supplement
is&nbsp;February 16, 2021.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">TABLE
OF CONTENTS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 92%; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif">ABOUT
    THIS PROSPECTUS SUPPLEMENT</FONT></A></TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-ii</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif">CAUTIONARY NOTE
    REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-ii</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif">PROSPECTUS SUPPLEMENT
    SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif">DILUTION</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif">WHERE YOU CAN
    FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif">DOCUMENTS INCORPORATED
    BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-14</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/12pt TimesNewRomanPSStd-Bold; margin: 12pt 0 10pt; text-align: left"><B>PROSPECTUS&nbsp;&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><A HREF="#c_001">ABOUT THIS PROSPECTUS</A></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_002">PROSPECTUS SUMMARY</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_003">RISK FACTORS</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_004">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_005">USE OF PROCEEDS</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="text-transform: uppercase"><A HREF="#c_006">Dilution</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_007">PLAN OF DISTRIBUTION</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_008">DESCRIPTION OF OUR CAPITAL STOCK</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_009">DESCRIPTION OF WARRANTS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_010">LEGAL MATTERS</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_011">EXPERTS</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_012">DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#documentsincorp">DOCUMENTS INCORPORATED BY REFERENCE</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">17</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_001"></A>ABOUT
THIS PROSPECTUS SUPPLEMENT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are providing
information to you about this offering of our common stock in two separate documents that are bound together: (1)&nbsp;this prospectus
supplement, which describes the specific terms of this offering, and (2)&nbsp;the accompanying base prospectus, which provides
general information, some of which may not apply to this offering. This prospectus supplement may also add to, update or change
information contained in the accompanying base prospectus. If information in this prospectus supplement is inconsistent with the
accompanying base prospectus, you should rely on this prospectus supplement. Generally, when we refer to this &ldquo;prospectus,&rdquo;
we are referring to both documents combined.</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This prospectus
supplement, the accompanying base prospectus and any free-writing prospectus that we prepare or authorize contain and incorporate
by reference information that you should consider when making your investment decision. We have not, and the Sales Agents have
not, authorized anyone to provide you with additional or different information. If anyone provides you with different or inconsistent
information, you should not rely on it. You should not assume that the information contained in this prospectus supplement or
the accompanying base prospectus is accurate as of any date other than the date on the front of those documents or that any information
we have incorporated by reference is accurate as of any date other than the date of the document incorporated by reference. Our
business, financial condition, results of operations and prospects may have changed since those dates.</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This prospectus
supplement is part of a registration statement that we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;),
using a &ldquo;shelf&rdquo; registration process. Under the shelf registration process, we may from time to time offer and sell
any combination of the securities described in the accompanying prospectus up to a total dollar amount of $250 million, of which
this offering is a part.</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are not,
and the Sales Agents are not, making an offer or sale of our common stock in any jurisdiction where such offer or sale is not
permitted.</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The information
in this prospectus supplement is not complete. You should carefully read this prospectus supplement and the accompanying base
prospectus, including the information incorporated by reference herein and therein, before you invest, as these documents contain
information you should consider when making your investment decision.</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">None of Anavex
Life Sciences Corp., the Sales Agents or any of their representatives are making any representation to you regarding the legality
of an investment in our common stock by you under applicable laws. You should consult with your own advisors as to legal, tax,
business, financial and related aspects of an investment in our common stock.</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_002"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This prospectus
supplement contains forward-looking statements. All statements other than statements of historical facts contained in this prospectus
supplement, including statements regarding our anticipated future clinical and regulatory milestone events, future financial position,
business strategy and plans and objectives of management for future operations, are forward-looking statements. The words &ldquo;believe,&rdquo;
&ldquo;may,&rdquo; &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo;
&ldquo;should,&rdquo; &ldquo;forecast,&rdquo; &ldquo;could,&rdquo; &ldquo;suggest,&rdquo; &ldquo;plan,&rdquo; and similar expressions,
as they relate to us, are intended to identify forward-looking statements. Such forward-looking statements include, without limitation,
statements regarding:</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">volatility
                                         in our stock and in the markets in general;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our
                                         ability to successfully conduct clinical and preclinical trials for our product candidates;
                                         </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our
                                         ability to raise additional capital on favorable terms and the impact of such activities
                                         on our stockholders and stock price;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         impact of the COVID-19 outbreak and its effect on us;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                         ability to generate any revenue or to continue as a going concern;</FONT></TD></TR></TABLE>




<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our
                                         ability to execute our development plan on time and on budget;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         products&rsquo; ability to demonstrate efficacy or an acceptable safety profile of our
                                         product candidates;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to obtain the support of qualified scientific collaborators;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability, whether alone or with commercial partners, to successfully commercialize any
                                         of our product candidates that may be approved for sale;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to identify and obtain additional product candidates;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         reliance on third parties in non-clinical and clinical studies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to defend against product liability claims;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to safeguard against security breaches;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to obtain and maintain sufficient intellectual property protection for our product
                                         candidates;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to comply with our intellectual property licensing agreements; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to defend against claims of intellectual property infringement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to comply with the maintenance requirements of the government patent agencies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to protect our intellectual property rights throughout the world;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         anticipated start dates, durations and completion dates of our ongoing and future clinical
                                         studies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         anticipated designs of our future clinical studies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         anticipated future regulatory submissions and our ability to receive regulatory approvals
                                         to develop and market our product candidates, including any orphan drug or fast track
                                         designations; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         anticipated future cash position.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have
based these forward-looking statements largely on our current expectations and projections about future events, including the
responses we expect from the U.S. Food and Drug Administration, or FDA, and other regulatory authorities and financial trends
that we believe may affect our financial condition, results of operations, business strategy, preclinical and clinical trials
and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions including
without limitation the risks described in &ldquo;Risk Factors&rdquo; in &ldquo;Part I, Item 1A&rdquo; of our Annual Report on
Form 10-K for the fiscal year ended September 30, 2020 and our quarterly report on Form 10-Q for the quarterly period ended December
31, 2020. These risks are not exhaustive. We operate in a very competitive and rapidly changing environment. New risk factors
emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of
all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially
from those contained in any forward-looking statements. You should not rely upon forward-looking statements as predictions of
future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved
or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required
by applicable laws including the securities laws of the United States, we assume no obligation to update or supplement forward-looking
statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<DIV STYLE="padding: 5pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_003"></A>PROSPECTUS
SUPPLEMENT SUMMARY</B></FONT></P>

<P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>This
summary highlights information contained elsewhere in this prospectus supplement and the accompanying base prospectus. It does
not contain all of the information that you should consider before making an investment decision. You should read this entire
prospectus supplement, the accompanying base prospectus and the documents incorporated herein by reference for a more complete
understanding of this offering of common stock. Please read &ldquo;Risk Factors&rdquo; in our Annual Report on Form 10-K for the
fiscal year ended September 30, 2020, and in any subsequent quarterly reports on Form 10-Q for information regarding risks you
should consider before investing in our common stock. </I></B></FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Throughout
this prospectus supplement, when we use the terms &ldquo;Anavex,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo;
or the &ldquo;Company,&rdquo; we are referring either to Anavex Life Sciences Corp. in its individual capacity or to Anavex Life
Sciences Corp. and its operating subsidiaries collectively, as the context requires.</I></B></FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Our Company</B></FONT></P>

<P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic bold 10pt TimesNewRomanPSStd-BoldIt; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-style: normal"><B>Overview</B></FONT></P>

<P STYLE="font: italic bold 10pt TimesNewRomanPSStd-BoldIt; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are a
clinical stage biopharmaceutical company engaged in the development of differentiated therapeutics by applying precision medicine
to central nervous system (&ldquo;CNS&rdquo;) diseases with high unmet need. We analyze genomic data from clinical studies to
identify biomarkers, which we use to select patients that will receive the therapeutic benefit for the treatment of neurodegenerative
and neurodevelopmental diseases.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our lead
compound, ANAVEX<SUP>&reg;</SUP>2-73, is being developed to treat Alzheimer&rsquo;s disease, Parkinson&rsquo;s disease and potentially
other central nervous system diseases, including rare diseases, such as Rett syndrome, a rare severe neurological monogenic disorder
caused by mutations in the X-linked gene, methyl-CpG-binding protein 2 (&ldquo;MECP2&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We currently
have two core programs and two seed programs. Our core programs are at various stages of clinical and preclinical development,
in neurodegenerative and neurodevelopmental diseases.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Clinical
Studies Overview</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Alzheimer&rsquo;s
Disease</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In November
2016, we completed a Phase 2a clinical trial, consisting of PART A and PART B, which lasted a total of 57 weeks, for ANAVEX<SUP>&reg;</SUP>2-73
in mild-to-moderate Alzheimer&rsquo;s patients. This open-label randomized trial met both primary and secondary endpoints and
was designed to assess the safety and exploratory efficacy of ANAVEX<SUP>&reg;</SUP>2-73 in 32 patients. ANAVEX<SUP>&reg;</SUP>2-73
targets sigma-1 and muscarinic receptors, which have been shown in preclinical studies to reduce stress levels in the brain believed
to restore cellular homeostasis and to reverse the pathological hallmarks observed in Alzheimer&rsquo;s disease. The Phase 2a
trial demonstrated positive pharmacokinetic (PK) and pharmacodynamic (PD) data, which established a concentration-effect relationship
between ANAVEX<SUP>&reg;</SUP>2-73 and study measurements. These measures obtained from all patients who participated in the entire
57 weeks include exploratory cognitive and functional scores as well as biomarker signals of brain activity. Additionally, the
study appears to show that ANAVEX<SUP>&reg;</SUP>2-73 activity is enhanced by its active metabolite (ANAVEX19-144), which also
targets the sigma-1 receptor and has a half-life approximately twice as long as the parent molecule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Two consecutive
trial extensions for the Phase 2a trial have allowed participants who completed the 52-week PART B of the study to continue taking
ANAVEX<SUP>&reg;</SUP>2-73, providing an opportunity to gather extended safety data for a cumulative time period of five years.
In August 2020, patients completing these Phase 2a trial extensions were granted continued access to treatment with ANAVEX<SUP>&reg;</SUP>2-73
through the Australian Government Department of Health &ndash; Therapeutic Goods Administration (TGA) compassionate use Special
Access Scheme.</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<DIV STYLE="padding: 5pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">A
larger Phase 2b/3 double-blind, placebo-controlled study of ANAVEX<SUP>&reg;</SUP>2-73 in Alzheimer&rsquo;s disease commenced
in August 2018. The Phase 2b/3 study will enroll approximately 450 patients for 48 weeks, randomized 1:1:1 to two different
ANAVEX<SUP>&reg;</SUP>2-73 doses or placebo. The trial commenced in Australia; and additional regions have been added in the
United Kingdom, The Netherlands, Germany and Canada. The ANAVEX<SUP>&reg;</SUP>2-73 Phase 2b/3 study design incorporates
genomic precision medicine biomarkers identified in the ANAVEX<SUP>&reg;</SUP>2-73 Phase 2a study. Primary and secondary
endpoints will assess safety and both cognitive and functional efficacy, measured through Alzheimer&rsquo;s Disease
Assessment Scale &ndash; Cognition (ADAS-Cog), ADCS-ADL and Clinical Dementia Rating &ndash; Sum of Boxes for cognition and
function (CDR-SB).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;In
October 2019, we initiated a long-term open label extension study of ANAVEX<SUP>&reg;</SUP>2-73, entitled the ATTENTION-AD study,
for patients who have completed the 48-week Phase 2b/3 placebo-controlled trial referenced above. This study is expected to last
two years and will give patients the opportunity to continue their treatment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Rett
Syndrome </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In February
2016, we presented positive preclinical data for ANAVEX<SUP>&reg;</SUP>2-73 in Rett syndrome, a rare neurodevelopmental disease.
The study was funded by the International Rett Syndrome Foundation (&ldquo;Rettsyndrome.org&rdquo;). In January 2017, we were
awarded a financial grant from Rettsyndrome.org of a minimum of $0.6 million to cover some of the costs of a multicenter Phase
2 clinical trial of ANAVEX<SUP>&reg;</SUP>2-73 for the treatment of Rett syndrome. This award was received in quarterly instalments
which commenced during fiscal 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2019, we commenced the first Phase
2 clinical trial in a planned Rett syndrome program of ANAVEX<SUP>&reg;</SUP>2-73 for the treatment of Rett syndrome. The studies
are being conducted in a range of patient age demographics and geographic regions and utilize a convenient oral liquid once-daily
formulation of ANAVEX<SUP>&reg;</SUP>2-73.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The first Phase 2 study, which took place
in the United States, was completed in December 2020. This trial was a randomized double-blind, placebo-controlled safety, tolerability,
pharmacokinetic and efficacy study of oral liquid ANAVEX<SUP>&reg;</SUP>2-73 formulation in 25 adult female patients with Rett
syndrome over a 7-week treatment period including ANAVEX<SUP>&reg;</SUP>2-73-specific genomic precision medicine biomarkers. The
primary endpoint of the trial was safety. The dosing of 5 mg ANAVEX<SUP>&reg;</SUP>2-73 was well-tolerated and demonstrated dose-proportional
PK (pharmacokinetics). All secondary efficacy endpoints of the trial showed statistically significant and clinically meaningful,
drug exposure-dependent response in the Rett Syndrome Behaviour Questionnaire (RSBQ) Total scores, when compared to placebo, in
the ITT cohort (all participants, p = 0.048). 66.7% of ANAVEX<SUP>&reg;</SUP>2-73 treated subjects showed a statistically significant
improvement in drug exposure-dependent RSBQ response as compared to 10% of the subjects on placebo in the ITT cohort (all participants,
p = 0.011). ANAVEX<SUP>&reg;</SUP>2-73 treatment resulted in a sustained improvement in Clinical Global Impression Improvement
(CGI-I) scores throughout the 7-week study, when compared to placebo in the ITT cohort (all participants, p = 0.014). 86.7% of
ANAVEX<SUP>&reg;</SUP>2-73 treated subjects showed a statistically significant CGI-I response, defined as sustained improvement
to treatment, as compared to 40% of the subjects on placebo in the ITT cohort (all participants, p = 0.014). Consistent with previous
ANAVEX<SUP>&reg;</SUP>2-73 clinical trials, patients carrying the common form of the SIGMAR1 gene treated with ANAVEX<SUP>&reg;</SUP>2-73
experienced stronger improvements in the prespecified efficacy endpoints.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The second Phase 2 study of ANAVEX<SUP>&reg;</SUP>2-73
for the treatment of Rett syndrome, called the AVATAR study, commenced in June 2019. This study is taking place in Australia and
the United Kingdom using a a higher dose than the U.S. based Phase 2 study for Rett syndrome. The study will evaluate the safety
and efficacy of ANAVEX<SUP>&reg;</SUP>2-73 in approximately 33 patients over a 7-week treatment period including ANAVEX<SUP>&reg;</SUP>2-73
specific precision medicine biomarkers. All patients who participate in the study will be eligible to receive ANAVEX<SUP>&reg;</SUP>2-73
under a voluntary open label extension protocol.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2020, we commenced the third study
of ANAVEX<SUP>&reg;</SUP>2-73 for the treatment of Rett syndrome, called the EXCELLENCE study. This Phase 2/3 study in pediatric
patients with Rett syndrome will evaluate the safety and efficacy of ANAVEX<SUP>&reg;</SUP>2-73 in at least 69 pediatric patients,
aged 5 to 18, over a 12-week treatment period incorporating ANAVEX<SUP>&reg;</SUP>2-73 specific precision medicine biomarkers.
All patients who participate in the study will be eligible to receive ANAVEX<SUP>&reg;</SUP>2-73 under a voluntary open label extension
protocol.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<DIV STYLE="padding: 5pt; border: Black 1pt solid; width: 99%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Parkinson&rsquo;s
Disease</I></FONT></P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September 2016, we presented positive
preclinical data for ANAVEX<SUP>&reg;</SUP>2-73 in an animal model of Parkinson&rsquo;s disease, which demonstrated significant
improvements on behavioral, histopathological, and neuroinflammatory endpoints. The study was funded by the Michael J. Fox Foundation.
Additional data announced in October 2017 indicates that ANAVEX<SUP>&reg;</SUP>2-73 induces robust neurorestoration in experimental
parkinsonism. The encouraging results we have gathered in this model, coupled with the favorable profile of this compound in the
Alzheimer&rsquo;s disease trial, support the notion that ANAVEX<SUP>&reg;</SUP>2-73 is a promising clinical candidate drug for
Parkinson&rsquo;s disease dementia.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2020, we completed a double-blind,
randomized, placebo-controlled proof-of-concept Phase 2 trial with ANAVEX<SUP>&reg;</SUP>2-73 in Parkinson&rsquo;s Disease Dementia
(PDD), to study the effect of the compound on both the cognitive and motor impairment of Parkinson&rsquo;s disease. The Phase 2
study enrolled approximately 132 patients for 14 weeks, randomized 1:1:1 to two different ANAVEX<SUP>&reg;</SUP>2-73 doses, 30mg
and 50mg, or placebo. The ANAVEX<SUP>&reg;</SUP>2-73 Phase 2 PDD study design incorporated genomic precision medicine biomarkers
identified in the ANAVEX<SUP>&reg;</SUP>2-73 Phase 2a Alzheimer&rsquo;s disease study.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Within this study. ANAVEX<SUP>&reg;</SUP>2-73
was safe and well tolerated in oral doses up to 50mg once daily. The results show clinically meaningful, dose-dependent, and statistically
significant improvements in the Cognitive Drug Research (CDR) computerized assessment system analysis. The study confirmed the
precision medicine approach of targeting SIGMAR1 as a genetic biomarker in response to ANAVEX<SUP>&reg;</SUP>2-73.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2020, we announced a financial
commitment by Shake It Up Australia Foundation for Parkinson&rsquo;s Research to fund up to 50% of the costs of an Australian clinical
study to develop ANAVEX<SUP>&reg;</SUP>2-73 for the disease modifying treatment of Parkinson&rsquo;s disease. The financial commitment
would be made through private placement purchases of our common stock at 200% of the fair market value on the purchase date and
will be contingent upon the completion of certain clinical trial milestones relating to the proposed clinical trial. The proposed
clinical trial will use a convenient, once-daily oral ANAVEX<SUP>&reg;</SUP>2-73 formulation to confirm the potential disease modifying
features of ANAVEX<SUP>&reg;</SUP>2-73 in an animal model of Parkinson&rsquo;s disease. Safety and efficacy will be investigated
in an appropriately powered placebo-controlled clinical study of Parkinson&rsquo;s disease patients over at least 48-weeks including
ANAVEX<SUP>&reg;</SUP>2-73-specific precision medicine biomarkers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2021, we announced we were awarded
a research grant of $1.0 million from&nbsp;The Michael J. Fox Foundation for Parkinson&rsquo;s Research&nbsp;(MJFF) to develop
ANAVEX<SUP>&reg;</SUP>2-73 for the treatment of Parkinson&rsquo;s disease. The award will explore utilization of PET imaging biomarkers
to enable measurement of target engagement and pathway activation of the sigma-1 receptor (SIGMAR1) with clinically relevant doses
in people with Parkinson&rsquo;s disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Frontotemporal Dementia</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2020, we commenced the First-in-Human
Phase 1 clinical trial of ANAVEX&reg;3-71, which was previously granted orphan drug designation for the treatment of Frontotemporal
Dementia (FTD) by the FDA. ANAVEX&reg;3-71 is an orally administered small molecule targeting sigma-1 and M1 muscarinic receptors
that is designed to be beneficial for neurodegenerative diseases. In preclinical studies, ANAVEX&reg;3-71 demonstrated disease-modifying
activity against the major hallmarks of Alzheimer&rsquo;s disease in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid
and tau pathologies, as well as beneficial effects on mitochondrial dysfunction and neuroinflammation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Phase 1 clinical trial will be a prospective
double-blind, randomized, placebo-controlled study. A total of at least 36 healthy male and female subjects will be included. Single
escalating doses of ANAVEX&reg;3-71 will be administered in order to evaluate the safety, tolerability, and pharmacokinetics (PK)
of ANAVEX&reg;3-71 and the effects of food and gender on its PK in healthy volunteers. This study is expected to be followed by
longer duration dosing including patients with FTD or other dementia indications with unmet medical need, incorporating exploratory
efficacy and disease biomarker measures.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal"></FONT></P>
</DiV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

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<DIV STYLE="padding: 5pt; border: Black 1pt solid; width: 99%">
<P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Corporate Information</B></FONT></P>




<P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We were
incorporated in 2004. Our principal executive office is located at 51 West 52nd Street, 7th Floor, New York, NY 10019-6163, and
our telephone number is 844.689.3939. Our website address is <I>www.anavex.com</I>. No information found on our website is part
of, and is not incorporated into, this prospectus. Also, this prospectus may include the names of various government agencies
or the trade names of other companies. Unless specifically stated otherwise, the use or display by us of such other parties&rsquo;
names and trade names in this prospectus is not intended to and does not imply a relationship with, or endorsement or sponsorship
of us by, any of these other parties. &ldquo;Anavex&rdquo; has been trademarked with the United States Patent and Trademark Office.
The trademarks, trade names and service marks appearing in this prospectus are the property of their respective owners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</DIV>

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<DIV STYLE="padding: 5pt; border: Black 1pt solid; width: 99%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>THE OFFERING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    stock offered by us<B>:</B></FONT></TD>
    <TD STYLE="width: 70%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    stock, par value $.001 per share, having an aggregate sales price of up to $50,000,000.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    stock to be outstanding after this offering<B>:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to 70,898,415 shares assuming the sale of 3,935,458 shares
of our common stock in this offering at an offering price of $12.71 per share, which was the closing price of our common stock
on The Nasdaq Capital Market on February 11, 2021. The actual number of shares issued will vary depending on the sales prices under
this offering</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan
    of Distribution</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    &ldquo;At the market offering&rdquo; that may be made from time to time through our Sales Agents, Cantor Fitzgerald and SVB
    Leerink. See &ldquo;Plan of Distribution.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    intend to use the net proceeds from this offering, after deducting the sales agent&rsquo;s commissions and our offering expenses,
    for general corporate purposes, which may include, among other things, working capital, capital expenditures and funding additional
    clinical and preclinical development of our pipeline candidates. See &ldquo;Use of Proceeds&rdquo; on page S-10.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
    should read the &ldquo;Risk Factors&rdquo; section on page S-6 of this prospectus supplement and the other risks identified
    in the documents incorporated by reference herein before making a decision to purchase common stock in this offering.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
    Capital Market symbol</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&ldquo;AVXL.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The number
of shares of common stock shown above to be outstanding after this offering is based on 66,962,957 shares of common stock outstanding
as of December 31, 2020 and excludes the following:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,301,266 shares
    of common stock issuable upon the exercise of outstanding stock options, vested and unvested, with a weighted- average exercise
    price of $3.69 per share; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">500,000
        shares of common stock issuable upon the exercise of outstanding warrants with a weighted-average exercise price of $3.88
        per share; and</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,936,665 shares
    of common stock reserved for future issuance under our 2019 Omnibus Incentive Plan. </FONT></TD></TR>
</TABLE>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


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<P STYLE="font: 10pt TimesNewRomanPSStd-Bold,serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_004"></A>R</B>ISK
<B>FACTORS</B></FONT></P>

<P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>An investment
in our common stock involves a significant degree of risk. Before you invest in our common stock you should carefully consider
those risk factors included in our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q, any
subsequently filed Quarterly Reports on Form 10-Q and any subsequently filed Current Reports on Form 8-K, which are incorporated
herein by reference, and those risk factors that may be included in any applicable prospectus supplement, together with all of
the other information included in this prospectus supplement, the accompanying base prospectus and the documents we incorporate
by reference, in evaluating an investment in our common stock. If any of the risks discussed in the foregoing documents were to
occur, our business, financial condition, results of operations and cash flows could be materially adversely affected. Please
read &ldquo;Cautionary Statement Regarding Forward-Looking Statements.&rdquo;</I></FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Risks Related to this Offering</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Our
stock price has recently been volatile and may be volatile in the future, and as a result, investors in our common stock could
incur substantial losses.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our stock
price has recently been volatile and may be volatile in the future. For example, on February 1, 2021, the price of our common
stock closed at $6.53 per share while on February 9, 2021, the price of our common stock closed at $14.99 per share without disclosure
of news or other developments by us. On February 4, 2021, the opening price of our common stock was $19.94 and the intra-day sales
price of our common stock fluctuated between a reported low sale price of $13.80 and a reported high sales price of $28.70, closing
at $14.91. Our volume on this day was 116,590,800, which was a substantial increase from the volume of 18,086,230 and 3,161,525
on the two days immediately preceding February 4, 2021. We may incur rapid and substantial increases or decreases in our stock
price in the foreseeable future that are do not coincide in timing with the disclosure of news or developments by us. The stock
market in general, and the market for biotechnology and pharmaceutical companies in particular, has experienced extreme volatility
that has often been unrelated to the operating performance of particular companies. As a result of this volatility, investors
may experience losses on their investment in our common stock. The market price for our common stock may be influenced by many
factors, including the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
                                         of new data, clinical trial results or those of companies that are perceived to be similar
                                         to us;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
                                         related to any delays in any preclinical or clinical trials related to our products;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
                                         related to our products&rsquo; ability to demonstrate efficacy or an acceptable safety
                                         profile of our product candidates or similar announcements by companies that are perceived
                                         to be similar to us;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to meet or exceed expectations of analysts or investors;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">news
                                         that the number of patients required for clinical trials for our drug candidates may
                                         be larger than we anticipate, enrollment in these clinical trials may be slower than
                                         we anticipate, participants may drop out of these clinical trials at a higher rate than
                                         we anticipate or the duration of these clinical trials may be longer than we anticipate;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actions
                                         taken by regulatory agencies with respect to our product candidates or the progress of
                                         our clinical studies, including with respect to any fast track or orphan drug designations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
                                         of significant acquisitions, strategic partnerships, joint ventures or capital commitments
                                         by us, our strategic collaboration partners or our competitors;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">grants
                                         awarded to us or companies that are perceived to be similar to us from outside entities;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">variations
                                         in our financial results or those of companies that are perceived to be similar to us;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">trading
                                         volume of our common stock;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">developments
                                         concerning our collaborations or partners;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         impact of the COVID-19 outbreak and its effect on us;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         perception of the biotechnology or pharmaceutical industries by the public, legislatures,
                                         regulators and the investment community;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">developments
                                         or disputes concerning intellectual property rights;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant
                                         lawsuits, including patent or stockholder litigation;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability or inability to raise additional capital and the terms on which we raise it;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales
                                         of our common stock by us or our stockholders;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">declines
                                         in the market prices of stocks generally or of companies that are perceived to be similar
                                         to us; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
                                         economic, industry and market conditions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition,
companies trading in the stock market in general, and The Nasdaq Capital Market in particular, have experienced extreme price
and volume fluctuations that have often been unrelated or disproportionate to the operating performance of these companies. These
broad market and industry factors may seriously harm the market price of our common stock, regardless of our operating performance.
Since the stock price of our common stock has been recently volatile and may be volatile in the future, investors in our common
stock could incur substantial losses. In the past, following periods of volatility in the market, securities class-action litigation
has often been instituted against companies. Such litigation, if instituted against us, could result in substantial costs and
diversion of management&rsquo;s attention and resources, which could materially and adversely affect our business, financial condition,
results of operations and growth prospects. There can be no guarantee that our stock price will remain at current prices or that
future sales of our common stock will not be at prices lower than those sold to investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>You
may experience dilution.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offering price per share in this offering
may exceed the net tangible book value per share of our common stock outstanding prior to this offering. Assuming that an aggregate
of 3,935,458 shares of our common stock are sold at a price of $12.71 per share, the last reported sale price of our common stock
on the Nasdaq Capital Market on February 11, 2021, for aggregate gross proceeds of $50.0 million, and after deducting commissions
and estimated offering expenses payable by us, you would experience immediate dilution of $11.37 per share, representing the difference
between our as adjusted net tangible book value per share as of December 31, 2020, after giving effect to this offering, and the
assumed offering price. The exercise of outstanding stock options and warrants would result in further dilution of your investment.
See the section entitled &ldquo;Dilution&rdquo; below for a more detailed illustration of the dilution you would incur if you participate
in this offering. The prices at which we sell the shares offered hereby will vary and these variations may be significant. Purchasers
of the shares we sell, as well as our existing shareholders, will experience significant dilution if we sell shares at prices significantly
below the price at which they invested.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Our
need for future financing may result in the issuance of additional securities which will cause investors to experience dilution</I></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our cash requirements may vary from those
now planned depending upon numerous factors, including the results of future research and development activities. We expect our
expenses to increase if and when we initiate and conduct additional clinical trials, and seek marketing approval for our product
candidates. In addition, if we obtain marketing approval for any of our product candidates, we expect to incur significant commercialization
expenses related to product sales, marketing, manufacturing and distribution. Accordingly, we will need to obtain substantial additional
funding in connection with our continuing operations. Our securities may be offered to other investors at a price lower than the
price per share offered to current stockholders, or upon terms which may be deemed more favorable than those offered to current
stockholders. In addition, the issuance of securities in any future financing may dilute an investor&rsquo;s equity ownership and
have the effect of depressing the market price for our securities. Moreover, we may issue derivative securities, including options
and/or warrants, from time to time, to procure qualified personnel or for other business reasons. The issuance of any such derivative
securities, which is at the discretion of our board of directors, may further dilute the equity ownership of our stockholders.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We may sell
shares or other securities in any other offering at a price per share that is less than the price per share paid by investors
in this offering, and investors purchasing shares or other securities in the future could have rights superior to existing stockholders.
The price per share at which we sell additional shares of our common stock, or securities convertible or exchangeable into common
stock, in future transactions may be higher or lower than the price per share paid by investors in this offering. No assurance
can be given as to our ability to procure additional financing, if required, and on terms deemed favorable to us. To the extent
additional capital is required and cannot be raised successfully, we may then have to limit our then current operations and/or
may have to curtail certain, if not all, of our business objectives and plans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #212529"><FONT STYLE="font-size: 10pt"><B><I>A
decline in the price of our common stock could affect our ability to raise further working capital and adversely impact our operations
and would severely dilute existing or future investors if we were to raise funds at lower prices.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #212529"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #212529"><FONT STYLE="font-size: 10pt">A
prolonged decline in the price of our common stock could result in a reduction in our ability to raise capital. Because our operations
have been financed through the sale of equity securities, a decline in the price of our common stock could be especially detrimental
to our continued operations. Any reduction in our ability to raise equity capital in the future would force us to reallocate funds
from other planned uses and would have a significant negative effect on our business plans and operations, including our ability
to develop new products and continue our current operations. If our stock price declines, there can be no assurance that we can
raise additional capital or generate funds from operations sufficient to meet our obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #212529"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>You
may experience future dilution as a result of other equity offerings or the exercise of stock options.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">To raise
additional capital, we may in the future sell additional shares of our common stock in other equity offerings at prices that may
not be the same as the price share are sold in this offering. The price per share at which we sell additional shares of our common
stock in future transactions may be higher or lower than the price per share paid by investors in this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition,
we have a significant number of stock options outstanding. To the extent that outstanding stock options may be exercised, or shares
are issued in other offerings by us in the future, you may experience further dilution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Our
common stock may become the target of a &ldquo;short squeeze.&rdquo;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the
past several weeks, securities of certain companies have increasingly experienced significant and extreme volatility in stock
price due to short sellers of shares of common stock, known as a &ldquo;short squeeze.&rdquo; These short squeezes have
caused extreme volatility in those companies and in the market and have led to the price per share of those companies to
trade at a significantly inflated rate that is disconnected from the underlying value of the company. Many investors who have
purchased shares in those companies at an inflated rate face the risk of losing a significant portion of their original
investment as the price per share has declined steadily as interest in those stocks have abated. There can be no assurance
that we will not, in the future be, a target of a short squeeze, and you may lose a significant portion or all of your
investment if you purchase our shares at a rate that is significantly disconnected from our underlying value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>The
actual number of shares we will issue under the Sales Agreement, at any one time or in total, is uncertain.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain limitations in the Sales Agreement with Cantor Fitzgerald and SVB Leerink, the sales agents in this offering, and compliance
with applicable law, we have the discretion to deliver placement notices to the sales agent at any time throughout the term of
the Sales Agreement. The number of shares that </FONT><FONT STYLE="font-family: Times-Roman,serif; font-size: 10pt">are sold by
the sales agent after delivering a placement notice will fluctuate based on the market price of the common stock during the sales
period and limits we set with the sales agent.</FONT></P>

<P STYLE="font: 10pt Times-Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times-Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Our management
might apply the net proceeds from this offering in ways with which you do not agree and in ways that may impair the value of your
investment.</I></B></FONT></P>

<P STYLE="font: 10pt Times-Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We currently
intend to use the net proceeds from this offering primarily for working capital and general corporate purposes, which may include,
among other things, working capital, capital expenditures and funding additional clinical development of our pipeline candidates.
Our management has broad discretion as to the use of such proceeds and you will be relying on the judgment of our management regarding
the application of these proceeds. Our management might apply these proceeds in ways with which you do not agree, or in ways that
ultimately do not yield a favorable return. If our management applies such proceeds in a manner that does not yield a significant
return, if any, on our investment of such net proceeds, it could compromise our ability to pursue our growth strategy and adversely
affect the market price of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Risks
Relating to Our Business Operations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>The
COVID-19 coronavirus could adversely impact our business, including our clinical trials, and financial condition.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In December
2019, a novel strain of coronavirus, COVID-19, was reported to have surfaced in Wuhan, China. Since then, the COVID-19 coronavirus
has spread to multiple countries, including the United States, Australia and European and Asia-Pacific countries, including countries
in which we have planned or active clinical trial sites. As the COVID-19 coronavirus continues to spread around the globe, we
may experience disruptions that could potentially impact our business and clinical trials.</FONT></P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition,
the spread of COVID-19 coronavirus has had and may continue to severely impact the trading price of shares of our common stock
and could further severely impact our ability to raise additional capital on a timely basis or at all.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The global outbreak of the COVID-19
coronavirus continues to rapidly evolve. The extent to which the COVID-19 coronavirus may impact our business, including our clinical
trials, and financial condition will depend on future developments, which are highly uncertain and cannot be predicted with confidence,
such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions and social distancing
in the United States and other countries, business closures or business disruptions and the effectiveness of actions taken in
the United States and other countries to contain and treat the disease.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_005"></A>USE OF
PROCEEDS </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We may receive
up to $50 million in aggregate gross proceeds from sales  of common stock registered hereunder after the date of this prospectus
supplement. We may sell fewer than all of the shares offered by this prospectus supplement, in which case our aggregate proceeds
will be less. Because we are not obligated to sell any shares of our common stock under the Sales Agreement, the actual total
offering amount and proceeds to us, if any, and the market price of any share we sell hereunder are not determinable at this time.
There can be no assurance that we will receive any proceeds under or fully utilize the Sales Agreement or at what price we may
sell the shares offered by this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We intend
to use the net proceeds from this offering, after deducting the sales agent&rsquo;s commissions and our offering expenses, for
general corporate purposes, which may include, among other things, working capital, capital expenditures and funding additional
clinical and preclinical development of our pipeline candidates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_006"></A>DILUTION<BR>
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
you purchase shares of common stock in this offering, your ownership interest in the Company will be diluted to the extent of
the difference between the public offering price per share and the as adjusted net tangible book value per share after giving
effect to this offering. We calculate net tangible book value per share by dividing the net tangible book value, which is tangible
assets less total liabilities, by the number of outstanding shares of common stock. Dilution represents the difference between
the portion of the amount per share paid by purchasers of shares in this offering and the as adjusted net tangible book value
per share of our common stock immediately after giving effect to this offering. Our net tangible book value as of December 31,
2020 was approximately $46.3 million, or $0.69 per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">After
giving effect to the sale of common stock pursuant to this prospectus supplement and accompanying prospectus in the aggregate
amount of $50,000,000 at an assumed offering price of $12.71 per share, the last reported sale price of our common stock on the
Nasdaq Capital Market on February 11, 2021, and after deducting commissions and estimated aggregate offering expenses payable
by us, our net tangible book value as of December 31, 2020 would have been $94.7 million, or $1.34 per share of common stock.
This represents an immediate increase in the net tangible book value of $0.65 per share to our existing stockholders and an immediate
dilution in net tangible book value of $11.37 per share to new investors. The following table illustrates this per share dilution:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: justify">Assumed public offering price per share</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">12.71</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Net tangible book value per share as of December 31, 2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.69</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Increase per share attributable to new investors</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.65</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">As adjusted net tangible book value per share as of December 31, 2020 after giving effect to this offering</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.34</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">Dilution per share to new investors purchasing shares in this offering</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11.37</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The table
above assumes for illustrative purposes that an aggregate of 3,935,458 shares of our common stock are sold pursuant to this prospectus
supplement and the accompanying prospectus at a price of $12.71 per share, the last reported sale price of our common stock on
the Nasdaq Capital Market on February 11, 2021, for aggregate gross proceeds of $50.0 million. The shares sold in this offering,
if any, will be sold from time to time at various prices. An increase of $1.00 per share in the price at which the shares are
sold from the assumed offering price of $12.71 per share shown in the table above, assuming all of our common stock in the aggregate
amount of $50.0 million is sold at that price, would result in an adjusted net tangible book value per share after the offering
of $1.34 per share and would increase the dilution in net tangible book value per share to new investors in this offering to $12.37
per share, after deducting commissions and estimated aggregate offering expenses payable by us. A decrease of $1.00 per share
in the price at which the shares are sold from the assumed offering price of 12.71 per share shown in the table above, assuming
all of our common stock in the aggregate amount of $50.0 million is sold at that price, would result in an adjusted net tangible
book value per share after the offering of $1.33 per share and would decrease the dilution in net tangible book value per share
to new investors in this offering to $10.38 per share, after deducting commissions and estimated aggregate offering expenses payable
by us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times-Roman,serif; font-size: 10pt">The
above table and discussion are based on </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,962,957
</FONT><FONT STYLE="font-family: Times-Roman,serif; font-size: 10pt">shares of common stock outstanding as of December 31, 2020
and exclude the following:</FONT></P>

<P STYLE="font: 10pt Times-Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,301,266
                                         </FONT><FONT STYLE="font-family: Times-Roman,serif; font-size: 10pt">shares of common
                                         stock issuable upon the exercise of outstanding stock options, vested and unvested, with
                                         a weighted-average exercise price of $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.69
                                         </FONT><FONT STYLE="font-family: Times-Roman,serif; font-size: 10pt">per share; and</FONT></TD></TR></TABLE>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">500,000
                                         </FONT><FONT STYLE="font-family: Times-Roman,serif; font-size: 10pt">shares of common
                                         stock issuable upon the exercise of outstanding warrants with a weighted-average exercise
                                         price of $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.88
                                         </FONT><FONT STYLE="font-family: Times-Roman,serif; font-size: 10pt">per share; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times-Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,936,665
                                         </FONT><FONT STYLE="font-family: Times-Roman,serif; font-size: 10pt">shares of common
                                         stock reserved for future issuance under our 2019 Omnibus Incentive Plan.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times-Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times-Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">To the extent that options
or warrants outstanding as of December 31, 2020 have been or are exercised, or other shares are issued, investors purchasing shares
in this offering could experience further dilution. In addition, we may choose to raise additional capital due to market conditions
or strategic considerations, even if we believe we have sufficient funds for our current or future operating plans. To the extent
that additional capital is raised through the sale of equity, the issuance of these securities could result in further dilution
to our stockholders.</FONT></P>

<P STYLE="font: 10pt Times-Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times-Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times-Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_007"></A>PLAN OF
DISTRIBUTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have entered
into an amended and restated sales agreement, or the Sales Agreement, dated May 1, 2020, with the Sales Agents. Pursuant to the
Sales Agreement we may issue and sell up to an additional $50 million shares of our common stock, $0.001 par value per share, in
this offering through the Sales Agents, acting as sales agents. This summary of the material provisions of the Sales Agreement
does not purport to be a complete statement of its terms and conditions. A copy of the Sales Agreement will be&nbsp;filed as an
exhibit to a Current Report on Form 8-K and&nbsp;will be&nbsp;incorporated by reference into the registration statement of which
this prospectus supplement is a part. See &ldquo;Where You Can Find More Information&rdquo; below.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="font-size: 10pt">Upon
delivery of a placement notice and subject to the terms and conditions of the Sales Agreement, the Sales Agents may sell our common
stock by any method permitted by law deemed to be an &ldquo;at the market offering&rdquo; as defined in Rule 415(a)(4) promulgated
under the Securities Act, including sales made directly on the Nasdaq Capital Market or any other existing trading market for
our common stock. We may instruct the Sales Agents not to sell common stock if the sales cannot be effected at or above the price
designated by us from time to time. We or the Sales Agents may suspend the offering of our common stock upon notice and subject
to other conditions. We may only instruct one Sales Agent to issue and sell common stock under the Sales Agreement on any single
given day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="font-size: 10pt">We
will pay the Sales Agents in cash, upon each sale of our common stock pursuant to the Sales Agreement, a commission in an amount
equal to 3.0% of the aggregate gross proceeds from each sale of our common stock. Because there is no minimum offering amount
required as a condition to close this offering, the actual total public offering amount, commissions and proceeds to us, if any,
are not determinable at this time. We have also reimbursed the Sales Agents for certain specified expenses, in an aggregate amount
of up to $50,000, including the fees and disbursements of its legal counsel.&nbsp;We estimate that the total expenses for the
offering, excluding compensation and reimbursements payable to the Sales Agents under the terms of the Sales Agreement, and excluding
expenses previously incurred by us, will be approximately $97,500.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="font-size: 10pt">Settlement
for sales of common stock will occur on the second business day following the date on which any sales are made, or on another
date that is agreed upon by us and the Sales Agents in connection with a particular transaction, in return for payment of the
net proceeds to us. Sales of our common stock as contemplated in this prospectus supplement will be settled through the facilities
of The Depository Trust Company or by such other means as we and the Sales Agents may agree upon. There is no arrangement for
funds to be received in an escrow, trust or similar arrangement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="font-size: 10pt">The
Sales Agents will use its commercially reasonable efforts, consistent with its sales and trading practices, to solicit offers
to purchase shares of our common stock under the terms and subject to the conditions set forth in the Sales Agreement. In
connection with the sale of the common stock on our behalf, the Sales Agents will be deemed to be an
&ldquo;underwriter&rdquo; within the meaning of the Securities Act, and the compensation of the Sales Agents will be deemed
to be underwriting commissions or discounts. We have agreed to provide indemnification and contribution to the Sales Agents
against certain civil liabilities, including liabilities under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="font-size: 10pt">The
offering of our common stock pursuant to the Sales Agreement will terminate upon the termination of the Sales Agreement as permitted
therein. We and the Sales Agents may each terminate the Sales Agreement at any time upon ten days&rsquo; prior notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">We
have agreed to indemnify the Sales Agents and specified other persons against certain liabilities relating to or arising out of
the Sales Agents&rsquo; activities under Sales Agreement and to contribute to payments that the Sales Agents may be required to
make in respect of such liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="font-size: 10pt">The
Sales Agents and its affiliates may in the future provide various investment banking, commercial banking and other financial services
for us and our affiliates, for which services they may in the future receive customary fees. To the extent required by Regulation
M, the Sales Agents will not engage in any market making activities involving our common stock while the offering is ongoing under
this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="font-size: 10pt">This
prospectus supplement and the accompanying prospectus in electronic format may be made available on a website maintained by the
Sales Agents, and the Sales Agents may distribute this prospectus supplement and the accompanying prospectus electronically.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt TimesNewRomanPSStd-Bold,serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_008"></A>LEGAL MATTERS</B></FONT></P>

<P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The validity
of the securities offered by this prospectus has been passed upon for us by Snell &amp; Wilmer, L.L.P., Reno, Nevada. The Sales
Agents are being represented in connection with this offering by Cooley LLP, New York, New York.</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_009"></A>EXPERTS</B></FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements
as of September 30, 2020 and 2019 and for each of the two years in the period ended September 30, 2020 incorporated by reference
in this Prospectus and in the Registration Statement have been so incorporated in reliance on the report of BDO USA, LLP, an independent
registered public accounting firm, incorporated herein by reference, given on the authority of said firm as experts in auditing
and accounting.</P>
<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_010"></A>WHERE
YOU CAN FIND MORE INFORMATION </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We file annual, quarterly and
other reports and other information with the SEC under the Exchange Act. Our filings with the SEC are also available to the public
from commercial document retrieval services and at the SEC&rsquo;s website at www.sec.gov.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We make available free of charge
on our internet website at www.anavex.com our annual reports on Form 10-K, our quarterly reports on Form 10-Q, our current reports
on Form 8-K and any amendments to those reports, as soon as reasonably practicable after we electronically file such material
with, or furnish it to, the SEC. Information contained on our website is not incorporated by reference into this prospectus supplement
and you should not consider such information as part of this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_011"></A>DOCUMENTS
INCORPORATED BY REFERENCE</B></FONT></P>

<P STYLE="font: bold 10pt TimesNewRomanPSStd-Bold; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The SEC allows
us to &ldquo;incorporate by reference&rdquo; into this prospectus certain information that we file with the SEC, which means that
we can disclose important information to you by referring you to other documents separately filed by us with the SEC that contain
such information. The information we incorporate by reference is considered to be part of this prospectus and information we later
file with the SEC will automatically update and supersede the information in this prospectus. The following documents filed by
us with the SEC pursuant to Section 13(a) of the Exchange Act and any of our future filings under Sections&nbsp;13(a), 13(c),
14 or 15 (d) of the Exchange Act, except for information furnished under Item 2.02 or 7.01 of Current Report on Form 8-K, or exhibits
related thereto, made before the termination of the offering are incorporated by reference herein:</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         Annual Report on <FONT STYLE="color: windowtext"><A HREF="http://www.sec.gov/Archives/edgar/data/1314052/000173112220001338/e2298_10k.htm">Form 10-K</A></FONT> for the fiscal year
                                         ended September 30, 2020, filed with the SEC on December 28, 2020</FONT><FONT STYLE="font-size: 10pt">;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                         Quarterly Report on Form 10-Q for the period ended December 31, 2020, filed on February
                                         16, 2021; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         description of our Common Stock contained in the Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1314052/000106299315005564/form8a12b.htm">Form 8-A</A> (File
                                         No. 001-37606) filed with the SEC on October 23, 2015.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Any
statement contained herein or in any document incorporated or deemed to be incorporated by reference herein shall be deemed
to be modified or superseded for the purposes of this prospectus to the extent that a statement contained herein or in any
other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or replaces such
statement. Any such statement so modified or superseded shall not be deemed to constitute a part of this prospectus, except
as so modified or superseded.</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We will provide
to each person, including any beneficial owner, to whom a prospectus is delivered, a copy of any or all of the reports or documents
that have been incorporated by reference in the prospectus contained in the registration statement but not delivered with the
prospectus, other than an exhibit to these filings unless we have specifically incorporated that exhibit by reference into the
filing, upon written or oral request and at no cost to the requester. Requests should be made by writing or telephoning us at
the following address:</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Anavex Life
Sciences Corp.<BR>
51 West 52<SUP>nd</SUP> Street, 7<SUP>th</SUP> Floor<BR>
New York, NY 10019-6163<BR>
(844) 689-3939</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt TimesNewRomanPSStd-Regular; margin: 0pt 0; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-size: 10pt">Anavex Life Sciences Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$250,000,000 of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and Warrants </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Anavex Life Sciences Corp., a Nevada corporation
(&ldquo;<U>us</U>&rdquo;, &ldquo;<U>we</U>&rdquo;, &ldquo;<U>our</U>&rdquo;, &ldquo;<U>Anavex</U>&rdquo; or the &ldquo;<U>Company</U>&rdquo;)
may offer and sell from time to time, in one or more series or issuances and on terms that we will determine at the time of the
offering, shares of our common stock, par value $0.001 per share (&ldquo;<U>Common Stock</U>&ldquo;) and warrants (&ldquo;<U>Warrants</U>&rdquo;)
described in this prospectus, up to an aggregate amount of $250,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus provides you with a general
description of the securities offered. Each time we offer and sell securities, we will file a prospectus supplement to this prospectus
that contains specific information about the offering and, if applicable, the amounts, prices and terms of the securities. Such
supplements may also add, update or change information contained in this prospectus. You should carefully read this prospectus
and the applicable prospectus supplement before you invest in any of our securities.&nbsp;This prospectus may not be used to consummate
sales of securities unless accompanied by a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may offer and sell the securities described
in this prospectus and any prospectus supplement directly to our stockholders or to other purchasers or through agents on our behalf
or through underwriters or dealers as designated from time to time. If any agents or underwriters are involved in the sale of any
of these securities, the applicable prospectus supplement will provide the names of the agents or underwriters and any applicable
fees, commission or discounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Common Stock is currently quoted on
the Nasdaq Capital Market under the symbol &ldquo;AVXL&rdquo;. On July 2, 2019, the last reported sale price of our Common Stock
was $3.90 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our securities
involves a high degree of risk. See the section entitled &ldquo;Risk Factors&rdquo; on page 11  of this prospectus and in the
documents we filed with the Securities and Exchange Commission that are incorporated in this prospectus by reference for
certain risks and uncertainties you should consider.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy
of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>This prospectus is dated July 15, 2019.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><A HREF="#c_001">ABOUT THIS PROSPECTUS</A></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_002">PROSPECTUS SUMMARY</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_003">RISK FACTORS</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_004">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_005">USE OF PROCEEDS</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="text-transform: uppercase"><A HREF="#c_006">Dilution</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_007">PLAN OF DISTRIBUTION</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_008">DESCRIPTION OF OUR CAPITAL STOCK</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_009">DESCRIPTION OF WARRANTS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_010">LEGAL MATTERS</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_011">EXPERTS</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_012">DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#documentsincorp">DOCUMENTS INCORPORATED BY REFERENCE</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">17</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="c_001"></A>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus of Anavex Life Sciences
Corp., a Nevada corporation (collectively with all of its subsidiaries, the &ldquo;Company&rdquo;, &ldquo;Anavex&rdquo;, or &ldquo;we&rdquo;,
&ldquo;us&rdquo;, or &ldquo;our&rdquo;) is a part of a registration statement on Form S-3 that we filed with the Securities and
Exchange Commission (&ldquo;SEC&rdquo;) utilizing a &ldquo;shelf&rdquo; registration process. Under this shelf registration process,
we may, from time to time, sell the securities described in this prospectus in one or more offerings up to a total dollar amount
of $250,000,000 as described in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registration statement of which this
prospectus is a part provides additional information about us and the securities offered under this prospectus. The registration
statement, including the exhibits and the documents incorporated herein by reference, can be read on the SEC website or at the
SEC offices mentioned under the heading &ldquo;Prospectus Summary - Where You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will provide a prospectus supplement
containing specific information about the amounts, prices and terms of the securities for a particular offering. The prospectus
supplement may add, update or change information in this prospectus. If the information in the prospectus is inconsistent with
a prospectus supplement, you should rely on the information in that prospectus supplement. You should read both this prospectus
and, if applicable, any prospectus supplement. See &ldquo;Prospectus Summary &mdash; Where You Can Find More Information&rdquo;
for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information
contained or incorporated by reference in this prospectus and in any prospectus supplement. We have not authorized any other person
to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely
on it. We are not making offers to sell or solicitations to buy the securities in any jurisdiction in which an offer or solicitation
is not authorized or in which the person making that offer or solicitation is not qualified to do so or to anyone to whom it is
unlawful to make an offer or solicitation. You should not assume that the information in this prospectus or any prospectus supplement,
as well as the information we file or previously filed with the SEC that we incorporate by reference in this prospectus or any
prospectus supplement, is accurate as of any date other than the date of such document. Our business, financial condition, results
of operations and prospects may have changed since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

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<DIV STYLE="padding: 5pt; border: Black 1.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="c_002"></A>PROSPECTUS
SUMMARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The items in the following summary
are described in more detail later in this prospectus. This summary does not contain all of the information you should consider.
Before investing in our securities, you should read the entire prospectus carefully, including the &ldquo;Risk Factors&rdquo; beginning
on page  11 and the financial statements incorporated by reference.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our Current Business</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Anavex Life Sciences Corp. is a clinical
stage biopharmaceutical company engaged in the development of differentiated therapeutics by applying precision medicine to central
nervous system (&ldquo;CNS&rdquo;) diseases with high unmet need. We analyze genomic data from clinical studies to identify biomarkers,
which select patients that will receive the therapeutic benefit for the treatment of neurodegenerative and neurodevelopmental diseases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our lead compound, ANAVEX<SUP>&reg;</SUP>2-73,
is being developed to treat Alzheimer&rsquo;s disease, Parkinson&rsquo;s disease and potentially other central nervous system diseases,
including rare diseases, such as Rett syndrome, a rare severe neurological monogenic disorder caused by mutations in the X-linked
gene, methyl-CpG-binding protein 2 (&ldquo;MECP2&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our total portfolio currently consists
of five programs. To prioritize the allocation of our resources, we designate certain programs as core programs and others as seed
programs, and we currently have two core programs and three seed programs. Our core programs are at various stages of clinical
and preclinical development, in neurodegenerative and neurodevelopmental diseases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have a portfolio of compounds varying
in sigma-1 receptor (S1R) binding activities. The SIGMAR1 gene encodes the S1R protein, which is an intracellular chaperone protein
with important roles in cellular communication. S1R is also involved in transcriptional regulation at the nuclear envelope and
restores homeostasis and stimulates recovery of cell function when activated. In order to validate the ability of our compounds
to activate quantitatively the S1R, we performed in collaboration with Stanford University a quantitative Positron Emission Tomography
(PET) imaging scan in mice, which demonstrated a dose-dependent ANAVEX<SUP>&reg;</SUP>2-73 target engagement or receptor occupancy
(RO) with S1R in the brain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cellular Homeostasis</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many diseases are possibly directly caused
by chronic homeostatic imbalances or cellular stress of brain cells. In pediatric diseases like Rett syndrome or infantile spasms,
the chronic cellular stress is possibly caused by the presence of a constant genetic mutation. In neurodegenerative diseases, such
as Alzheimer&rsquo;s and Parkinson&rsquo;s diseases, chronic cellular stress is possibly caused by age-correlated buildup of cellular
insult and hence chronic cellular stress. Specifically, defects in homeostasis of protein or ribonucleic acid (&ldquo;RNA&rdquo;)
lead to the death of neurons and dysfunction of the nervous system. The spreading of protein aggregates resulting in a proteinopathy,
a characteristic finding in Alzheimer&rsquo;s and Parkinson&rsquo;s diseases that results from disorders of protein synthesis,
trafficking, folding, processing or degradation in cells. The clearance of macromolecules in the brain is particularly susceptible
to imbalances that result in aggregation and degeneration in nerve cells. For example, Alzheimer&rsquo;s disease pathology is characterized
by the presence of amyloid plaques, neurofibrillary tangles, which are aggregates of hyperphosphorylated Tau protein that are a
marker of other diseases known as tauopathies as well as inflammation of microglia. With the SIGMAR1 activation through SIGMAR1
agonists like ANAVEX<SUP>&reg;</SUP>2-73, our approach is to restore cellular balance, i.e. homeostasis. Therapies that correct
defects in cellular homeostasis might have the potential to halt or delay neurodevelopmental and neurodegenerative disease progression.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ANAVEX</I></B><SUP>&reg;</SUP><B><I>2-73-specific Biomarkers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A full genomic analysis of Alzheimer&rsquo;s
disease (AD) patients treated with ANAVEX<SUP>&reg;</SUP>2-73 resulted in the identification of actionable genetic variants. A
significant impact of the genomic biomarkers SIGMAR1, the direct target of ANAVEX<SUP>&reg;</SUP>2-73 and COMT, a gene involved
in memory function, on the drug response level was identified, leading to an early ANAVEX<SUP>&reg;</SUP>2-73-specific biomarker
hypothesis. It is expected that <I>excluding</I> patients with these two identified biomarker variants (approximately 10%-20% of
the population) in prospective studies would identify approximately 80%-90% patients that would display clinically significant
improved functional and cognitive scores. The consistency between the identified DNA and RNA data related to ANAVEX<SUP>&reg;</SUP>2-73,
which are considered independent of AD pathology, as well as multiple endpoints and time-points, provides support for precision
medicine clinical development of ANAVEX<SUP>&reg;</SUP>2-73 by using genetic biomarkers identified within the study population
itself to target patients who are most likely to respond to ANAVEX<SUP>&reg;</SUP>2-73 treatment in AD as well as indications like
Parkinson&rsquo;s disease dementia (PDD) or Rett syndrome (RTT) in which ANAVEX<SUP>&reg;</SUP>2-73 is currently studied or planned
to be studied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Clinical Studies Overview</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2016, we completed a Phase
2a clinical trial, consisting of PART A and PART B, which lasted a total of 57 weeks, for ANAVEX<SUP>&reg;</SUP>2-73 in mild-to-moderate
Alzheimer&rsquo;s patients. This open-label randomized trial met both primary and secondary endpoints and was designed to assess
the safety and exploratory efficacy of ANAVEX<SUP>&reg;</SUP>2-73 in 32 patients. ANAVEX<SUP>&reg;</SUP>2-73 targets sigma-1 and
muscarinic receptors, which have been shown in preclinical studies to reduce stress levels in the brain believed to restore cellular
homeostasis and to reverse the pathological hallmarks observed in Alzheimer&rsquo;s disease. In October 2017, we presented positive
pharmacokinetic (PK) and pharmacodynamic (PD) data from the Phase 2a study, which established a concentration-effect relationship
between ANAVEX<SUP>&reg;</SUP>2-73 and study measurements. These measures obtained from all patients who participated in the entire
57 weeks include exploratory cognitive and functional scores as well as biomarker signals of brain activity. Additionally, the
study appears to show that ANAVEX<SUP>&reg;</SUP>2-73 activity is enhanced by its active metabolite (ANAVEX19-144), which also
targets the sigma-1 receptor and has a half-life approximately twice as long as the parent molecule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2016, we received approval from
the Ethics Committee in Australia to extend the Phase 2a clinical trial by an additional 108 weeks, which had been requested by
patients and their caregivers. Subsequently, in May 2018, we received approval from the Ethics Committee in Australia to further
extend the Phase 2a extension trial for an additional two years. The two consecutive trial extensions have allowed participants
who completed the 52-week PART B of the study to continue taking ANAVEX<SUP>&reg;</SUP>2-73, providing an opportunity to gather
extended safety data for a cumulative time period of five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2018, we presented new long-term
clinical data for ANAVEX<SUP>&reg;</SUP>2-73 in a presentation at the 2018 Clinical Trials on Alzheimer&rsquo;s Disease (CTAD)
Meeting. At 148 weeks into the five-year extended Phase 2a clinical study, data confirmed a significant association between ANAVEX<SUP>&reg;</SUP>2-73
concentration and both exploratory functional and cognitive endpoints as measured by the Alzheimer&rsquo;s Disease Cooperative
Study-Activities of Daily Living&nbsp;(ADCS-ADL)&nbsp;evaluation and the Mini Mental State Examination (MMSE), respectively. The
cohort of patients treated with higher ANAVEX<SUP>&reg;</SUP>2-73 concentration maintained ADCS-ADL performance compared to the
lower concentration cohort (p&lt;0.0001). As well, the patient cohort with the higher ANAVEX<SUP>&reg;</SUP>2-73 concentration
performed better at MMSE compared to the lower concentration cohort (p&lt;0.0008). A significant impact on the drug response levels
of both the SIGMAR1 (p&lt;0.0080) and COMT (p&lt;0.0014) genomic biomarkers, identified and specified at week 57, was also confirmed
over the 148-week period. Further, ANAVEX<SUP>&reg;</SUP>2-73 demonstrated continued favorable safety and tolerability through
148 weeks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A larger Phase 2b/3 double-blind, placebo-controlled
study of ANAVEX<SUP>&reg;</SUP>2-73 in Alzheimer&rsquo;s disease commenced in October 2018, which is independent of the ongoing
Phase 2a extension study. The Phase 2b/3 study will enroll approximately 450 patients for 48 weeks, randomized 1:1:1 to two different
ANAVEX<SUP>&reg;</SUP>2-73 doses or placebo. The trial is currently taking place in Australia; however, North American sites may
also be added. The ANAVEX<SUP>&reg;</SUP>2-73 Phase 2b/3 study design incorporates genomic precision medicine biomarkers identified
in the ANAVEX<SUP>&reg;</SUP>2-73 Phase 2a study. Primary and secondary endpoints will assess safety and both cognitive and functional
efficacy, measured through Alzheimer&rsquo;s Disease Assessment Scale &ndash; Cognition (ADAS-Cog), ADCS-ADL and Clinical Dementia
Rating &ndash; Sum of Boxes for cognition and function (CDR-SB).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2016, we presented positive
preclinical data for ANAVEX<SUP>&reg;</SUP>2-73 in Rett syndrome, a rare neurodevelopmental disease. The study was funded by the
International Rett Syndrome Foundation (&ldquo;Rettsyndrome.org&rdquo;). In January 2017, we were awarded a financial grant from
Rettsyndrome.org of a minimum of $0.6 million to cover some of the costs of a multicenter Phase 2 clinical trial of ANAVEX<SUP>&reg;</SUP>2-73
for the treatment of Rett syndrome. This award is being received in quarterly instalments which commenced during fiscal 2018. Further,
in March 2019, the Company commenced a Phase 2 clinical trial of ANAVEX<SUP>&reg;</SUP>2-73 for the treatment of Rett syndrome.
The Phase 2 study is taking place in the United States and is a randomized double-blind, placebo-controlled safety, tolerability,
pharmacokinetic and efficacy study of oral liquid ANAVEX<SUP>&reg;</SUP>2-73 formulation to treat Rett syndrome. Pharmacokinetic
and dose findings will be investigated in a total of 15 patients over a 7-week treatment period including ANAVEX<SUP>&reg;</SUP>2-73-specific
genomic precision medicine biomarkers. All patients who participate in the study will be eligible to receive ANAVEX<SUP>&reg;</SUP>2-73
under a voluntary open label extension protocol. This study will be followed by a planned placebo-controlled safety and efficacy
evaluation of ANAVEX<SUP>&reg;</SUP>2-73 over a 3-month treatment period. Primary and secondary endpoints include safety as well
as Rett syndrome conditions such as cognitive impairment, motor impairment, behavioral symptoms and seizure activity. The ANAVEX<SUP>&reg;</SUP>2-73
Phase 2 Rett syndrome study design incorporates genomic precision medicine biomarkers identified in the ANAVEX<SUP>&reg;</SUP>2-73
Phase 2a Alzheimer&rsquo;s disease study.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September 2016, we presented positive
preclinical data for ANAVEX<SUP>&reg;</SUP>2-73 in Parkinson&rsquo;s disease, which demonstrated significant improvements on all
measures: behavioral, histopathological, and neuroinflammatory endpoints. The study was funded by the Michael J. Fox Foundation.
Additional data was announced in October 2017 from the model for experimental parkinsonism. The data presented indicates that ANAVEX<SUP>&reg;</SUP>2-73
induces robust neurorestoration in experimental parkinsonism. The encouraging results we have gathered in this model, coupled with
the favorable profile of this compound in the Alzheimer&rsquo;s disease trial, support the notion that ANAVEX<SUP>&reg;</SUP>2-73
is a promising clinical candidate drug for Parkinson&rsquo;s disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2018, we initiated in Spain,
a double-blind, randomized, placebo-controlled Phase 2 trial with ANAVEX<SUP>&reg;</SUP>2-73 in Parkinson&rsquo;s Disease Dementia
(PDD) in Spain, which will study the effect of the compound on both the cognitive and motor impairment of Parkinson&rsquo;s disease.
The Phase 2 study will enroll approximately 120 patients for 14 weeks, randomized 1:1:1 to two different ANAVEX<SUP>&reg;</SUP>2-73
doses or placebo. The ANAVEX<SUP>&reg;</SUP>2-73 Phase 2 PDD study design incorporates genomic precision medicine biomarkers identified
in the ANAVEX<SUP>&reg;</SUP>2-73 Phase 2a study.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our Pipeline</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our research and development pipeline includes
ANAVEX<SUP>&reg;</SUP>2-73 currently in three different clinical studies, and several compounds in different stages of pre-clinical
study.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our proprietary SIGMACEPTOR&trade; Discovery
Platform produced small molecule drug candidates with unique modes of action, based on our understanding of sigma receptors. Sigma
receptors may be targets for therapeutics to combat many human diseases, both of neurodegenerative nature, including Alzheimer&rsquo;s
disease, as well as of neurodevelopmental nature, like Rett syndrome. When bound by the appropriate ligands, sigma receptors influence
the functioning of multiple biochemical signals that are involved in the pathogenesis (origin or development) of disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Compounds that have been subjects of our
research include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ANAVEX<SUP>&reg;</SUP>2-73 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ANAVEX<SUP>&reg;</SUP>2-73 may offer a
disease-modifying approach in neurodegenerative and neurodevelopmental diseases by activation of sigma-1 receptors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In Rett syndrome, administration of ANAVEX<SUP>&reg;</SUP>2-73
resulted in both significant and dose related improvements in an array of behavioral paradigms in the MECP2 HET Rett syndrome disease
model. In addition, in a further experiment sponsored by Rettsyndrome.org, ANAVEX<SUP>&reg;</SUP>2-73 was evaluated in automatic
visual response and respiration tests in 7-month old mice, an age at which advanced pathology is evident. Vehicle-treated MECP2
mice demonstrated fewer automatic visual responses than wild-type mice. Treatment with ANAVEX<SUP>&reg;</SUP>2-73 for four weeks
significantly increased the automatic visual response in the MECP2 Rett syndrome disease mouse. Additionally, chronic oral dosing
daily for 6.5 weeks of ANAVEX<SUP>&reg;</SUP>2-73 starting at ~5.5 weeks of age was conducted in the MECP2 HET Rett syndrome disease
mouse model assessed the different aspects of muscular coordination, balance, motor learning and muscular strengths, some of the
core deficits observed in Rett syndrome. Administration of ANAVEX<SUP>&reg;</SUP>2-73 resulted in both significant and dose related
improvements in an array of these behavioral paradigms in the MECP2 HET Rett syndrome disease model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2019, the Company initiated a
Phase 2 clinical trial of ANAVEX<SUP>&reg;</SUP>2-73 for the treatment of Rett syndrome. The Phase 2 study is taking place in the
United States and is a randomized double-blind, placebo-controlled safety, tolerability, pharmacokinetic and efficacy study of
oral liquid ANAVEX<SUP>&reg;</SUP>2-73 formulation to treat Rett syndrome. Pharmacokinetic and dose finding will be investigated
in a total of 15 patients over a 7-week treatment period using ANAVEX&reg;2-73-specific genomic precision medicine biomarkers.
All patients who participate in the study will be eligible to receive ANAVEX&reg;2-73 under a voluntary open label extension protocol.&nbsp;This
study is part of a planned Rett syndrome program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2016 and June 2016, the FDA granted
Orphan Drug Designation to ANAVEX<SUP>&reg;</SUP>2-73 for the treatment of Rett syndrome and infantile spasms, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For Parkinson&rsquo;s disease, data demonstrates
significant improvements and restoration of function in a disease modifying animal model of Parkinson&rsquo;s disease. Significant
improvements were seen on all measures tested: behavioral, histopathological, and neuroinflammatory endpoints. In July 2018 the
Company received approval from the Spanish Agency for Medicinal Products and Medical Devices (AEMPS), to initiate its Phase 2,
double-blind, placebo-controlled 14-week trial of the safety and efficacy of ANAVEX<SUP>&reg;</SUP>2-73 for the treatment of Parkinson&rsquo;s
disease dementia. The Phase 2 study commenced in October 2018 and will involve approximately 120 patients, randomized 1:1:1 to
two different ANAVEX<SUP>&reg;</SUP>2-73 doses or placebo, in up to 24 clinical study sites.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In Alzheimer&rsquo;s disease (AD) animal
models, ANAVEX<SUP>&reg;</SUP>2-73 has shown pharmacological, histological and behavioral evidence as a potential neuroprotective,
anti-amnesic, anti-convulsive and anti-depressive therapeutic agent, due to its potent affinity to sigma-1 receptors and moderate
affinities to M1-4 type muscarinic receptors. In addition, ANAVEX<SUP>&reg;</SUP>2-73 has shown a potential dual mechanism which
may impact both amyloid and tau pathology. In a transgenic AD animal model Tg2576, ANAVEX<SUP>&reg;</SUP>2-73 induced a statistically
significant neuroprotective effect against the development of oxidative stress in the mouse brain, as well as significantly increased
the expression of functional and synaptic plasticity markers that is apparently amyloid-beta independent. It also statistically
alleviated the learning and memory deficits developed over time in the animals, regardless of sex, both in terms of spatial working
memory and long-term spatial reference memory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the results of pre-clinical testing,
we initiated and completed a Phase 1 single ascending dose (SAD) clinical trial of ANAVEX<SUP>&reg;</SUP>2-73. In this Phase 1
SAD trial, the maximum tolerated single dose was defined per protocol as 55-60 mg. This dose is above the equivalent dose shown
to have positive effects in mouse models of AD. There were no significant changes in laboratory or electrocardiogram (ECG) parameters.
ANAVEX<SUP>&reg;</SUP>2-73 was well tolerated below the 55-60 mg dose with only mild adverse events in some subjects. Observed
adverse events at doses above the maximum tolerated single dose included headache and dizziness, which were moderate in severity
and reversible. These side effects are often seen with drugs that target CNS conditions, including AD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ANAVEX<SUP>&reg;</SUP>2-73 Phase 1
SAD trial was conducted as a randomized, placebo-controlled study. Healthy male volunteers between the ages of 18 and 55 received
single, ascending oral doses over the course of the trial. Study endpoints included safety and tolerability together with pharmacokinetic
parameters. Pharmacokinetics includes the absorption and distribution of a drug, the rate at which a drug enters the blood and
the duration of its effect, as well as chemical changes of the substance in the body. This study was conducted in Germany in collaboration
with ABX-CRO, a clinical research organization that has conducted several Alzheimer&rsquo;s disease studies, and the Technical
University of Dresden.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2014, a Phase 2a clinical trial
was initiated for ANAVEX<SUP>&reg;</SUP>2-73, which is being evaluated for the treatment of Alzheimer&rsquo;s disease. The open-label
randomized trial was designed to assess the safety and exploratory efficacy of ANAVEX<SUP>&reg;</SUP>2-73 in 32 patients with mild-to-moderate
Alzheimer&rsquo;s disease. ANAVEX<SUP>&reg;</SUP>2-73 targets sigma-1 and muscarinic receptors, which have been shown in preclinical
studies to reduce stress levels in the brain believed to restore cellular homeostasis and to reverse the pathological hallmarks
observed in Alzheimer&rsquo;s disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Phase 2a study met both primary and
secondary objectives of the study.&nbsp;The 31-week&nbsp;preliminary exploratory&nbsp;safety and&nbsp;efficacy data from the&nbsp;Phase
2a study of ANAVEX<SUP>&reg;</SUP>2-73 in Alzheimer&rsquo;s&nbsp;patients, with most receiving also donepezil, the current standard
of care, demonstrated&nbsp;favorable&nbsp;safety, maximum tolerated&nbsp;dose, positive dose response, sustained efficacy response
through 31 weeks for both cognitive and functional measures, as well as&nbsp;positive unexpected therapeutic response events. ANAVEX<SUP>&reg;</SUP>2-73
continued to demonstrate a favorable adverse event (AE) profile&nbsp;through 31 weeks in a patient population of elderly Alzheimer&rsquo;s
patients with varying degrees of physical fragility. The most common&nbsp;side effects across all AE categories tended to be of
mild severity grade 1 and were resolved with dose reductions that were&nbsp;anticipated within the adaptive design of the study
protocol.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Through 57 weeks,
Alzheimer&rsquo;s patients taking a daily oral dose between 10mg and 50mg of ANAVEX<SUP>&reg;</SUP>2-73 was well tolerated. There
were no clinically significant treatment-related adverse events and no serious adverse events. Despite non-optimized dosing of
ANAVEX<SUP>&reg;</SUP>2-73 throughout the 57-week study, continued significant improvements from baseline of cognitive, functional
and behavioral scores in a group of patients were observed, respectively. This data was analyzed using refined mathematical modeling
methods in conjunction with the detailed pharmacokinetic (PK) information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In October 2017,
we presented positive PK and PD data from the Phase 2a study, which established a concentration-effect relationship between ANAVEX<SUP>&reg;</SUP>2-73
and study measurements. These measures, obtained from all patients who participated in the entire 57 weeks, include exploratory
cognitive and functional scores as well as biomarker signals of brain activity. Additionally, the study appears to show that ANAVEX<SUP>&reg;</SUP>2-73
activity is enhanced by its active metabolite (ANAVEX19-144), which also targets the sigma-1 receptor and has a half-life approximately
twice as long as the parent molecule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Pre-specified
exploratory analyses included the cognitive (MMSE) and the functional (ADCS-ADL) changes from baseline. A continued stabilization
of both cognitive and functional measures in patients treated with ANAVEX<SUP>&reg;</SUP>2-73 was observed. This correlation was
positive within all measured scores (MMSE, ADCS-ADL, Cogstate, HAM-D and EEG/ERP).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In July 2018,
we presented the results of a genomic DNA and RNA evaluation of the participants in the Phase 2a study. More than 33,000 genes
were analyzed using unbiased, data driven, machine learning, artificial intelligence (AI) system for analyzing DNA &amp; RNA data
in patients exposed to ANAVEX<SUP>&reg;</SUP>2-73. The analysis identified genetic variants that impacted response to ANAVEX<SUP>&reg;</SUP>2-73,
among them variants related to the Sigma-1 receptor (SIGMAR1), the target for ANAVEX<SUP>&reg;</SUP>2-73. Results showed that study
participants without the SIGMAR1 (rs1800866) variants, which is about 80 percent of the population worldwide, demonstrated improved
cognitive (MMSE) and the functional (ADCS-ADL) scores. The results from this evaluation may enable a precision medicine approach,
since these signatures can now be applied to neurological indications tested in clinical studies with ANAVEX<SUP>&reg;</SUP>2-73
including Alzheimer&rsquo;s disease, Parkinson&rsquo;s disease dementia and Rett syndrome.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">ANAVEX<SUP>&reg;</SUP>2-73
data presented met prerequisite information in order to progress into a Phase 2b/3 placebo-controlled study. On July 2, 2018, the
Human Research Ethics Committee in Australia approved the initiation of our Phase 2b/3, double-blind, randomized, placebo-controlled
48-week safety and efficacy trial of ANAVEX<SUP>&reg;</SUP>2-73 for the treatment of early Alzheimer&rsquo;s disease. This Phase
2b/3 study design incorporates inclusion of genomic precision medicine biomarkers identified in the ANAVEX<SUP>&reg;</SUP>2-73
Phase 2a study. The Phase 2b/3 study, which is expected to enroll approximately 450 patients, randomized 1:1:1 to either two different
ANAVEX<SUP>&reg;</SUP>2-73 doses or placebo, commenced in October 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preclinical data also validates ANAVEX<SUP>&reg;</SUP>2-73
as a prospective platform drug for other neurodegenerative diseases beyond Alzheimer&rsquo;s disease, Parkinson&rsquo;s disease
or Rett syndrome, more specifically, epilepsy, infantile spasms, Fragile X syndrome, Angelman syndrome, multiple sclerosis and,
more recently, tuberous sclerosis complex (TSC). ANAVEX<SUP>&reg;</SUP>2-73 demonstrated significant improvements in all of these
indications in the respective preclinical animal models.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In a study sponsored by the Foundation
for Angelman Syndrome, ANAVEX<SUP>&reg;</SUP>2-73 was assessed in a mouse model for the development of audiogenic seizures. The
results indicated that ANAVEX<SUP>&reg;</SUP>2-73 administration significantly reduced audiogenic-induced seizures. In a study
sponsored by FRAXA Research Foundation regarding Fragile X syndrome, data demonstrated that ANAVEX<SUP>&reg;</SUP>2-73 restored
hippocampal brain-derived neurotrophic factor (BDNF) expression to normal levels. BDNF under-expression has been observed in many
neurodevelopmental and neurodegenerative pathologies. BDNF signaling promotes maturation of both excitatory and inhibitory synapses.
ANAVEX<SUP>&reg;</SUP>2-73 normalization of BDNF expression could be a contributing factor for the positive data observed in both
neurodevelopmental and neurodegenerative disorders like Angelman and Fragile X syndromes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preclinical data presented also indicates
that ANAVEX<SUP>&reg;</SUP>2-73 demonstrates protective effects of mitochondrial enzyme complexes during pathological conditions,
which, if impaired, are believed to play a role in the pathogenesis of neurodegenerative and neurodevelopmental diseases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preclinical data on ANAVEX<SUP>&reg;</SUP>2-73
related to multiple sclerosis indicates that ANAVEX<SUP>&reg;</SUP>2-73 may promote remyelination in multiple sclerosis disease.
Further, data also demonstrates that ANAVEX<SUP>&reg;</SUP>2-73 provides protection for oligodendrocytes (&ldquo;OL&rsquo;s&rdquo;)
and oligodendrocyte precursor cells (&ldquo;OPC&rsquo;s&rdquo;), as well as central nervous system neurons in addition to helping
repair by increasing OPC proliferation and maturation in tissue culture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2018, we presented preclinical
data of ANAVEX<SUP>&reg;</SUP>2-73 in a genetic mouse model of tuberous sclerosis complex (&ldquo;TSC&rdquo;). TSC is a rare genetic
disorder characterized by the growth of numerous benign tumors in many parts of the body with a high incidence of seizures. The
new preclinical data demonstrates that treatment with ANAVEX<SUP>&reg;</SUP>2-73 significantly increases survival and reduces seizures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ANAVEX<SUP>&reg;</SUP>3-71</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ANAVEX<SUP>&reg;</SUP>3-71 is a preclinical
drug candidate with a novel mechanism of action via sigma-1 receptor activation and M1 muscarinic allosteric modulation, which
has been shown to enhance neuroprotection and cognition in Alzheimer&rsquo;s disease models. ANAVEX<SUP>&reg;</SUP>3-71 is a CNS-penetrable
mono-therapy that bridges treatment of both cognitive impairments with disease modifications. It is highly effective in very small
doses against the major Alzheimer&rsquo;s hallmarks in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid and tau
pathologies, and also has beneficial effects on inflammation and mitochondrial dysfunctions. ANAVEX<SUP>&reg;</SUP>3-71 indicates
extensive therapeutic advantages in Alzheimer&rsquo;s and other protein-aggregation-related diseases given its ability to enhance
neuroprotection and cognition via sigma-1 receptor activation and M1 muscarinic allosteric modulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A preclinical study examined the response
of ANAVEX<SUP>&reg;</SUP>3-71 in aged transgenic animal models and showed a significant reduction in the rate of cognitive deficit,
amyloid beta pathology and inflammation with the administration of ANAVEX 3-71. In April 2016, the FDA granted Orphan Drug Designation
to ANAVEX<SUP>&reg;</SUP>3-71 for the treatment of Frontotemporal dementia (FTD).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During pathological conditions ANAVEX<SUP>&reg;</SUP>3-71
demonstrated the formation of new synapses between neurons (synaptogenesis) without causing an abnormal increase in the number
of astrocytes. In neurodegenerative diseases such as Alzheimer&rsquo;s and Parkinson&rsquo;s disease, synaptogenesis is believed
to be impaired. Additional preclinical data presented also indicates that in addition to reducing oxidative stress, ANAVEX<SUP>&reg;</SUP>3-71
demonstrates protective effects of mitochondrial enzyme complexes during pathological conditions, which, if impaired, are believed
to play a role in the pathogenesis of neurodegenerative and neurodevelopmental diseases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANAVEX<SUP>&reg;</SUP>1-41</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ANAVEX<SUP>&reg;</SUP>1-41 is a sigma-1
agonist. Pre-clinical tests revealed significant neuroprotective benefits (i.e., protects nerve cells from degeneration or death)
through the modulation of endoplasmic reticulum, mitochondrial and oxidative stress, which damages and impairs cell viability.
In addition, in animal models, ANAVEX<SUP>&reg;</SUP>1-41 prevented the expression of caspase-3, an enzyme that plays a key role
in apoptosis (programmed cell death) and loss of cells in the hippocampus, the part of the brain that regulates learning, emotion
and memory. These activities involve both muscarinic and sigma-1 receptor systems through a novel mechanism of action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preclinical data presented also indicates
that ANAVEX<SUP>&reg;</SUP>1-41 demonstrates protective effects of mitochondrial enzyme complexes during pathological conditions,
which, if impaired, are believed to play a role in the pathogenesis of neurodegenerative and neurodevelopmental diseases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ANAVEX<SUP>&reg;</SUP>1066</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ANAVEX<SUP>&reg;</SUP>1066, a mixed sigma-1/sigma-2
ligand is designed for the potential treatment of neuropathic and visceral pain. ANAVEX<SUP>&reg;</SUP>1066 was tested in two preclinical
models of neuropathic and visceral pain that have been extensively validated in rats. In the chronic constriction injury model
of neuropathic pain, a single oral administration of ANAVEX<SUP>&reg;</SUP>1066 dose-dependently restored the nociceptive threshold
in the affected paw to normal levels while leaving the contralateral healthy paw unchanged. Efficacy was rapid and remained significant
for two hours. In a model of visceral pain, chronic colonic hypersensitivity was induced by injection of an inflammatory agent
directly into the colon and a single oral administration of ANAVEX<SUP>&reg;</SUP>1066 returned the nociceptive threshold to control
levels in a dose-dependent manner. Companion studies in rats demonstrated the lack of any effects on normal gastrointestinal transit
with ANAVEX<SUP>&reg;</SUP>1066 and a favorable safety profile in a battery of behavioral measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our compounds are in the pre-clinical and
clinical testing stages of development, and there is no guarantee that the activity demonstrated in pre-clinical models will be
shown in human testing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ANAVEX<SUP>&reg;</SUP>1037 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ANAVEX<SUP>&reg;</SUP>1037 is designed
for the treatment of prostate and pancreatic cancer. It is a low molecular weight, synthetic compound exhibiting high affinity
for sigma-1 receptors at nanomolar levels and moderate affinity for sigma-2 receptors and sodium channels at micromolar levels.
In advanced pre-clinical studies, this compound revealed antitumor potential. It has also been shown to selectively kill human
cancer cells without affecting normal/healthy cells and also to significantly suppress tumor growth in immune-deficient mice models.
Scientific publications highlight the possibility that these ligands may stop tumor growth and induce selective cell death in various
tumor cell lines. Sigma receptors are highly expressed in different tumor cell types. Binding by appropriate sigma-1 and/or sigma-2
ligands can induce selective apoptosis. In addition, through tumor cell membrane reorganization and interactions with ion channels,
our drug candidates may play an important role in inhibiting the processes of metastasis (spreading of cancer cells from the original
site to other parts of the body), angiogenesis (the formation of new blood vessels) and tumor cell proliferation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We continue to identify and initiate discussions
with potential strategic and commercial partners to most effectively advance our programs and realize maximum shareholder value.
Further, we may acquire or develop new intellectual property and assign, license, or otherwise transfer our intellectual property
to further our goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our Target Indications</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have developed compounds with potential
application to two broad categories and several specific indications. including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Central Nervous System Diseases</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alzheimer&rsquo;s disease &ndash; In 2018, an estimated 5.5 million Americans were suffering from Alzheimer&rsquo;s disease. The Alzheimer&rsquo;s Association<SUP>&reg;</SUP> reports that by 2025, 7.1 million Americans will be afflicted by the disease, about a 29 percent increase from currently affected patients. Medications on the market today treat only the symptoms of Alzheimer&rsquo;s disease and do not have the ability to stop its onset or its progression. There is an urgent and unmet need for both a disease modifying cure for Alzheimer&rsquo;s disease as well as for better symptomatic treatments.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Parkinson&rsquo;s disease &ndash; Parkinson&rsquo;s disease is a progressive disease of the nervous system marked by tremors, muscular rigidity, and slow, imprecise movement. It is associated with degeneration of the basal ganglia of the brain and a deficiency of the neurotransmitter dopamine. Parkinson&rsquo;s disease afflicts more than 10 million people worldwide, typically middle-aged and elderly people. The Parkinson&rsquo;s disease market is set to expand from $2.1 billion in 2014 to $3.2 billion by 2021, according to business intelligence provider GBI Research.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>
</DIV>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rett syndrome - Rett syndrome is a rare X-linked genetic neurological and developmental disorder that affects the way the brain develops, including protein transcription, which is altered and as a result leads to severe disruptions in neuronal homeostasis. It is considered a rare, progressive neurodevelopmental disorder and is caused by a single mutation in the MECP2 gene. Because males have a different chromosome combination from females, boys who have the genetic MECP2 mutation are affected in devastating ways. Most of them die before birth or in early infancy. For females who survive infancy, Rett syndrome leads to severe impairments, affecting nearly every aspect of the child&rsquo;s life; severe mental retardation, their ability to speak, walk and eat, sleeping problems, seizures and even the ability to breathe easily. Rett syndrome affects approximately 1 in every 10,000-15,000 females.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depression - Depression is a major cause of morbidity worldwide according to the World Health Organization. Pharmaceutical treatment for depression is dominated by blockbuster brands, with the leading nine brands accounting for approximately 75% of total sales. However, the dominance of the leading brands is waning, largely due to the effects of patent expiration and generic competition.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Epilepsy - Epilepsy is a common chronic neurological disorder characterized by recurrent unprovoked seizures. These seizures are transient signs and/or symptoms of abnormal, excessive or synchronous neuronal activity in the brain. According to the Centers for Disease Control and Prevention, epilepsy affects 3.4 million Americans. Today, epilepsy is often controlled, but not cured, with medication that is categorized as older traditional anti-epileptic drugs and second generation anti-epileptic drugs. Because epilepsy afflicts sufferers in different ways, there is a need for drugs used in combination with both traditional anti-epileptic drugs and second generation anti-epileptic drugs. GBI Research estimates that the epilepsy market will increase to $4.5 billion by 2019.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neuropathic Pain &ndash; We define neuralgia, or neuropathic pain, as pain that is not related to activation of pain receptor cells in any part of the body. Neuralgia is more difficult to treat than some other types of pain because it does not respond well to normal pain medications. Special medications have become more specific to neuralgia and typically fall under the category of membrane stabilizing drugs or antidepressants.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cancer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Malignant Melanoma - Predominantly a skin cancer, malignant melanoma can also occur in melanocytes found in the bowel and the eye. Malignant melanoma accounts for 75% of all deaths associated with skin cancer. The treatment includes surgical removal of the tumor, adjuvant treatment, chemo and immunotherapy, or radiation therapy. According to IMS Health the worldwide malignant melanoma market is expected to grow to $4.4 billion by 2022.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prostate Cancer &ndash; Specific to men, prostate cancer is a form of cancer that develops in the prostate, a gland in the male reproductive system. The cancer cells may metastasize from the prostate to other parts of the body, particularly the bones and lymph nodes. Drug therapeutics for prostate cancer are expected to increase to nearly $13.5 billion in 2024 according to Datamonitor Healthcare.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pancreatic Cancer - Pancreatic cancer is a malignant neoplasm of the pancreas. In the United States, approximately 55,000 new cases of pancreatic cancer will be diagnosed this year and approximately 44,000 patients will die as a result of their cancer, according to the American Cancer Society. Sales predictions by GBI Research forecast that the market for the pharmaceutical treatment of pancreatic cancer in the United States and five largest European countries will increase to $2.9 billion by 2021.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Patents, Trademarks and Intellectual
Property </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hold ownership or exclusive rights to
five U.S. patents, eight U.S. patent applications, and various PCT or ex-U.S. patent applications relating to our drug candidates,
methods associated therewith, and to our research programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own one issued U.S. patent entitled
&ldquo;ANAVEX<SUP>&reg;</SUP>2-73 and certain anticholinesterase inhibitors composition and method for neuroprotection&rdquo; claims
a composition of matter of ANAVEX&reg;2-73 directed to a novel and synergistic neuroprotective compound combined with donepezil
and other cholinesterase inhibitors.&nbsp; This patent is expected to expire in June 2034, absent any patent term extension for
regulatory delays. A related continuation application is also pending in the U.S. In addition, we own one issued U.S. Patent with
claims directed to methods of treating melanoma with a compound related to ANAVEX<SUP>&reg;</SUP>2-73. This patent is expected
to expire in February 2030, absent any patent term extension for regulatory delays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also own one issued patent with claims
directed to methods for treating or preventing pain with ANAVEX<SUP>&reg;</SUP>1066. This patent is expected to expire in November
2036, absent any patent term extension for regulatory delays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With regard to ANAVEX<SUP>&reg;</SUP>3-71,
we own exclusive rights to two issued U.S. patents with claims respectively directed to the ANAVEX<SUP>&reg;</SUP>3-71 compound
and methods of treating various diseases including Alzheimer&rsquo;s with the same. These patents are expected to expire in April
2030, and January 2030, respectively, absent any patent term extension for regulatory delays. We also own exclusive rights to related
patents or applications that are granted or pending in Australia, Canada, China, Europe, Japan, Korea, New Zealand, Russia, and
South Africa, and are expected to expire in January 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also own other patent applications directed
to enantiomers, formulations and uses that may provide additional protection for one or more of our product candidates.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We regard patents and other intellectual
property rights as corporate assets. Accordingly, we attempt to optimize the value of intellectual property in developing our business
strategy including the selective development, protection, and exploitation of our intellectual property rights. In addition to
filings made with intellectual property authorities, we protect our intellectual property and confidential information by means
of carefully considered processes of communication and the sharing of information, and by the use of confidentiality and non-disclosure
agreements and provisions for the same in contractor&rsquo;s agreements. While no agreement offers absolute protection, such agreements
provide some form of recourse in the event of disclosure, or anticipated disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our intellectual property position, like
that of many biomedical companies, is uncertain and involves complex legal and technical questions for which important legal principles
are unresolved. For more information regarding challenges to our existing or future patents, see Item 1A &ldquo;Risk Factors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Recent Developments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 6, 2019, we announced that we had
dosed the first patient in our AVATAR Phase 2 double blind, randomized, placebo-controlled safety and efficacy trial of ANAVEX&reg;2-73
for the treatment of Rett syndrome.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal executive office is located
at 51 West 52nd Street, 7th Floor, New York, NY 10019-6163, and our telephone number is 844.689.3939. Our website address is <I>www.anavex.com</I>.
No information found on our website is part of this prospectus. Also, this prospectus may include the names of various government
agencies or the trade names of other companies. Unless specifically stated otherwise, the use or display by us of such other parties&rsquo;
names and trade names in this prospectus is not intended to and does not imply a relationship with, or endorsement or sponsorship
of us by, any of these other parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Where You Can Find More Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to the information requirements
of the Securities Exchange Act of 1934 (the &ldquo;<U>Exchange Act</U>&rdquo;). Accordingly, we file annual, quarterly and current
reports, proxy statements as may be required and other information with the SEC and filed a registration statement on Form S-3
under the Securities Act relating to the securities offered by this prospectus. This prospectus, which forms part of the registration
statement, does not contain all of the information included in the registration statement. For further information, you should
refer to the registration statement and its exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may read and copy the registration
statement and any document we file with the SEC at the SEC&rsquo;s Public Reference Room at 100 F Street, N.E., Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the Public Reference Room. You can also
review our filings by accessing the website maintained by the SEC at <I>http://www.sec.gov</I>. The site contains reports, proxy
and information statements and other information regarding issuers that file electronically with the SEC. In addition to the foregoing,
we maintain a website at <I>http://www.anavex.com</I>. Our website content is made available for informational purposes only. It
should neither be relied upon for investment purposes nor is it incorporated by reference into this prospectus. We make available
at <I>http://www.anavex.com/investors/share-data/</I> copies of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K and any amendments to such document as soon as practicable after we electronically file such material
with or furnish such documents to the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="c_003"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in our securities which may
be offered hereby is subject to numerous risks, including the risks described under the caption &ldquo;Risk Factors&rdquo; in our
Annual Report on Form 10-K for the year ended September 30, 2018, which is incorporated by reference herein. You should carefully
consider these risks, along with the information provided elsewhere in this prospectus and the documents we incorporate by reference
in this prospectus before investing in our securities. You could lose all or part of your investment in the securities. You should
consider these matters in conjunction with the other information included or incorporated by reference in this prospectus. The
risks and uncertainties described in this prospectus, any applicable prospectus supplement and the documents incorporated by reference
herein are not the only ones facing us. Additional risks and uncertainties that we do not presently know about or that we currently
believe are not material may also adversely affect our business. Our business, results of operations or financial condition could
be seriously harmed, and the trading price of our Common Stock may decline due to any of these or other risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="c_004"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement contains forward-looking
statements. All statements other than statements of historical facts contained in this prospectus supplement, including statements
regarding our anticipated future clinical and regulatory milestone events, future financial position, business strategy and plans
and objectives of management for future operations, are forward-looking statements. The words &ldquo;believe,&rdquo; &ldquo;may,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;continue,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;should,&rdquo;
&ldquo;forecast,&rdquo; &ldquo;could,&rdquo; &ldquo;suggest,&rdquo; &ldquo;plan,&rdquo; and similar expressions, as they relate
to us, are intended to identify forward-looking statements. Such forward-looking statements include, without limitation, statements
regarding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to successfully conduct clinical and preclinical trials for our product candidates; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to raise additional capital on favorable terms;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to execute our development plan on time and on budget;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our products ability to demonstrate efficacy or an acceptable safety profile;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to obtain the support of qualified scientific collaborators;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability, whether alone or with commercial partners, to successfully commercialize any of our product candidates that may be approved for sale;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to identify and obtain additional product candidates;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to obtain and maintain sufficient intellectual property protection for our product candidates;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to comply with our intellectual property licensing agreements;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to defend against claims of intellectual property infringement;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to comply with the maintenance requirements of the government patent agencies;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to protect our intellectual property rights throughout the world;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">competition;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the anticipated start dates, durations and completion dates of our ongoing and future clinical studies;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the anticipated designs of our future clinical studies;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our anticipated future regulatory submissions and our ability to receive regulatory approvals to develop and market our product candidates; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our anticipated future cash position; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to generate any revenue or to continue as a going concern.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have based these forward-looking statements
largely on our current expectations and projections about future events, including the responses we expect from the U.S. Food and
Drug Administration, or FDA, and other regulatory authorities and financial trends that we believe may affect our financial condition,
results of operations, business strategy, preclinical and clinical trials and financial needs. These forward-looking statements
are subject to a number of risks, uncertainties and assumptions including without limitation the risks described in &ldquo;Risk
Factors&rdquo; in &ldquo;Part I, Item 1A&rdquo; of or Annual Report on Form 10-K for the fiscal year ended September 30, 2018.
These risks are not exhaustive. We operate in a very competitive and rapidly changing environment. New risk factors emerge from
time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors
on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from
those contained in any forward-looking statements. You should not rely upon forward-looking statements as predictions of future
events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or
occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by
applicable laws including the securities laws of the United States, we assume no obligation to update or supplement forward-looking
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="c_005"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specified in the applicable
prospectus supplement, we intend to use the net proceeds from the sale of the securities described in this prospectus in connection
with the primary offering for general corporate and operations purposes and to fund our anticipated growth. The applicable prospectus
supplement will provide more details on the use of proceeds of any specific offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="c_006"></A>DILUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We will set forth in
a prospectus supplement the following information regarding any material dilution of the equity interests of investors purchasing
securities in an offering under this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the net tangible book value per share of our equity securities before and after the offering;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the amount of the increase in such net tangible book value per share attributable to the cash payments made by purchases in the offering; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the amount of the immediate dilution from the public offering price which will be absorbed by such purchasers.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="c_007"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell the securities described in
this prospectus on a continuous or delayed basis directly to purchasers, through underwriters, broker-dealers or agents that may
receive compensation in the form of discounts, concessions or commissions from us or the purchasers of the securities, in &ldquo;at
the market offerings&rdquo; within the meaning of Rule 415(a)(4) of the Securities Act, to or through a market maker or into an
existing trading market, on an exchange, or otherwise or through a combination of any such methods of sale. Discounts, concessions
or commissions as to any particular underwriter, broker-dealer or agent may be in excess of those customary in the types of transactions
involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The securities may be sold from time to
time in one or more transactions at fixed prices, which may be changed from time to time, at prevailing market prices at the time
of sale, at varying prices determined at the time of sale or at negotiated prices. These sales may be effected in transactions,
which may involve crosses or block transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">on any national securities exchange or quotation service
on which the securities may be listed or quoted at the time of sale;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">in the over-the-counter market;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">in transactions otherwise than on these exchanges
or services or in the over-the-counter market; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">through the writing of options, whether the options
are listed on an options exchange or otherwise.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each time that we use this prospectus to
sell our securities, we shall also provide a prospectus supplement. For each series of securities, the applicable prospectus supplement
will set forth the terms of the offering including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the public offering price;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the name or names of any underwriters, dealers or
agents;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the purchase price of the securities;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the proceeds from the sale of the securities to us;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any underwriting discounts, agency fees, or other
compensation payable to underwriters or agents;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any discounts or concessions allowed or reallowed
or repaid to dealers; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the securities exchanges on which the securities will
be listed, if any.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we use underwriters in the sale of securities,
the securities will be acquired by the underwriters for their own account. The underwriters may then resell the securities in one
or more transactions at a fixed public offering price or at varying prices determined at the time of sale or thereafter. The securities
may be either offered to the public through underwriting syndicates represented by managing underwriters, or directly by underwriters.
The obligations of the underwriters to purchase the securities will be subject to certain conditions. The underwriters will be
obligated to purchase all the securities offered if they purchase any securities. The public offering price and any discounts or
concessions allowed or re-allowed or paid to dealers may be changed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we use dealers in the sale of securities,
we will sell securities to such dealers as principals. The dealers may then resell the securities to the public at varying prices
to be determined by such dealers at the time of resale. We may solicit offers to purchase the securities directly, and we may sell
the securities directly to institutional or other investors, who may be deemed underwriters within the meaning of the Securities
Act with respect to any resales of those securities. The terms of these sales will be described in the applicable prospectus supplement.
If we use agents in the sale of securities, unless otherwise indicated in the prospectus supplement, they will use their reasonable
best efforts to solicit purchases for the period of their appointment. Unless otherwise indicated in a prospectus supplement, if
we sell directly, no underwriters, dealers or agents would be involved. We will not make an offer of securities in any jurisdiction
that does not permit such an offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may grant underwriters who participate
in the distribution of securities an option to purchase additional securities to cover overallotments, if any, in connection with
the distribution. Any underwriter may engage in overallotment, stabilizing transactions, short covering transactions and penalty
bids in accordance with SEC orders, rules and regulations and applicable law. To the extent permitted by applicable law and SEC
orders, rules and regulations, an overallotment involves sales in excess of the offering size, which create a short position. Stabilizing
transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.
To the extent permitted by applicable law and SEC orders, rules and regulations, short covering transactions involve purchases
of the securities in the open market after the distribution is completed to cover short positions. Penalty bids permit the underwriters
to reclaim a selling concession from a dealer when the securities originally sold by the dealer is purchased in a covering transaction
to cover short positions. Those activities may cause the price of the Common Stock to be higher than it would otherwise be. If
commenced, the underwriters may discontinue any of the activities at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any underwriters who are qualified market
makers on the NASDAQ Stock Market may engage in passive market making transactions in our Common Stock on the NASDAQ Stock Market
in accordance with Rule 103 of Regulation M, during the business day prior to the pricing of the offering, before the commencement
of offers or sales of the Common Stock. Passive market makers must comply with applicable volume and price limitations and must
be identified as passive market makers. In general a passive market maker must display its bid at a price not in excess of the
highest independent bid for such security; if all independent bids are lowered below the passive market maker&rsquo;s bid, however,
the passive market maker&rsquo;s bid must then be lowered when certain purchase limits are exceeded. The anti-manipulation rules
under the Exchange Act may apply to sales of shares in the market. Furthermore, Regulation M may restrict the ability of any person
engaged in the distribution of the shares to engage in market-making activities for the particular securities being distributed
for a period of up to five business days before the distribution. The restrictions may affect the marketability of the shares and
the ability of any person or entity to engage in market-making activities for the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Underwriters, dealers and agents that participate
in any distribution of securities may be deemed to be underwriters as defined in the Securities Act. Any discounts, commissions
or profit they receive when they resell the securities may be treated as underwriting discounts and commissions under the Securities
Act. Only underwriters named in the prospectus supplement are underwriters of the securities offered in the prospectus supplement.
We may have agreements with underwriters, dealers and agents to indemnify them against certain civil liabilities, including certain
liabilities under the Securities Act, or to contribute with respect to payments that they may be required to make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may authorize underwriters, dealers
or agents to solicit offers from certain institutions whereby the institution contractually agrees to purchase the securities from
us on a future date at a specific price. This type of contract may be made only with institutions that we specifically approve.
Such institutions could include banks, insurance companies, pension funds, investment companies and educational and charitable
institutions. The underwriters, dealers or agents will not be responsible for the validity or performance of these contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each series of securities will be a new
issue of securities. Our Common Stock is quoted on the Nasdaq Capital Market. Unless otherwise specified in the applicable prospectus
supplement, our securities (other than our Common Stock) will not be listed on any exchange. It has not presently been established
whether the underwriters, if any, of the securities will make a market in the securities. If the underwriters make a market in
the securities, such market making may be discontinued at any time without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agents, dealers and underwriters may be
entitled to indemnification by us against certain civil liabilities, including liabilities under the Securities Act, or to contribution
with respect to payments which the agents, dealers or underwriters may be required to make in respect thereof. Agents, dealers
or underwriters may be customers of, engage in transactions with, or perform services for us and our subsidiaries in the ordinary
course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="c_008"></A>DESCRIPTION OF OUR CAPITAL STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are authorized to issue 100,000,000
shares of Common Stock with a par value of $0.001. As of July 2, 2019, we had 51,661,413 shares of Common Stock outstanding. Upon
liquidation, dissolution or winding up of the corporation, the holders of Common Stock are entitled to share ratably in all net
assets available for distribution to stockholders after payment to creditors. The Common Stock is not convertible or redeemable
and has no preemptive, subscription or conversion rights. There are no conversion, redemption, sinking fund or similar provisions
regarding the Common Stock. Each outstanding share of Common Stock is entitled to one vote on all matters submitted to a vote of
stockholders. There are no cumulative voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each stockholder is entitled to receive
the dividends as may be declared by our board of directors out of funds legally available for dividends and, in the event of liquidation,
to share pro rata in any distribution of our assets after payment of liabilities. Our board of directors is not obligated to declare
a dividend. Any future dividends will be subject to the discretion of our board of directors and will depend upon, among other
things, future earnings, the operating and financial condition of our Company, its capital requirements, general business conditions
and other pertinent factors. It is not anticipated that dividends will be paid in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 7, 2015, the Company effected
a reverse stock split at a ratio of 1 for 4, whereby every 4 shares of Common Stock became 1 share of Common Stock. The authorized
shares of Common Stock of the Company were therefore proportionally reduced from 400,000,000 to 100,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Common Stock is quoted on the Nasdaq
Capital Market under the trading symbol &ldquo;AVXL&rdquo;. On July 2, 2019, the last reported sale price of our Common Stock was
$3.90 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nevada Anti-Takeover Law and Charter and Bylaws Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nevada Revised Statutes sections 78.378
to 78.3793 provide state regulation over the acquisition of a controlling interest in certain Nevada corporations unless the articles
of incorporation or bylaws of the corporation provide that the provisions of these sections do not apply. The statute creates a
number of restrictions on the ability of a person or entity to acquire control of a Nevada company by setting down certain rules
of conduct and voting restrictions in any acquisition attempt, among other things. The statute is limited to corporations that
are organized in the state of Nevada and that have 200 or more shareholders, at least 100 of whom are shareholders of record and
residents of the state of Nevada; and do business in the state of Nevada directly or through an affiliated corporation. Because
of these conditions, the statute does not apply to our Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no provisions in our articles
of incorporation or our bylaws that would delay, defer or prevent a change in control of our Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="c_009"></A>DESCRIPTION OF WARRANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue Warrants from time to time
in one or more series for the purchase of our Common Stock. Warrants may be issued independently or together with any shares of
Common Stock or offered by any prospectus supplement and may be attached to or separate from Common Stock. Each series of Warrants
may be issued under a separate warrant agreement to be entered into between us and a warrant agent, or any other bank or trust
company specified in the related prospectus supplement relating to the particular issue of Warrants. A warrant agent may act as
our agent in connection with the Warrants and would not assume any obligation or relationship of agency or trust for or with any
holders of Warrants or beneficial owners of Warrants. The specific terms of any series of Warrants will be described in the applicable
prospectus supplement relating to that series of Warrants along with any general provisions applicable to that series of Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a general description
of the Warrants we may issue. The applicable prospectus supplement will describe the specific terms of any issuance of Warrants.
The terms of any Warrants we offer may differ from the terms described in this prospectus. As a result, we will describe in the
prospectus supplement the specific terms of the particular series of Warrants offered by that prospectus supplement. Accordingly,
for a description of the terms of a particular series of Warrants, you should carefully read this prospectus, the applicable prospectus
supplement, and the applicable warrant agreement, which will be filed as an exhibit to the registration statement of which this
prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Terms</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Warrants are offered by us, the prospectus
supplement will describe the terms of the Warrants, including the following if applicable to the particular offering:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the title of the Warrants; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the total number of Warrants; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the number of shares of Common Stock purchasable upon exercise of the Warrants to purchase Common Stock and the price at which such shares of Common Stock may be purchased upon exercise; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the date on and after which the Warrants and the related Common Stock will be separately transferable; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if applicable, the date on which the right to exercise the Warrants will commence and the date on which this right will expire; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if applicable, the minimum or maximum amount of the Warrants which may be exercised at any one time; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a discussion of federal income tax, accounting and other special considerations, procedures and limitations relating to the Warrants; and </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any other terms of the Warrants including terms, procedures and limitations relating to the exchange and exercise of the Warrants. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants may be exchanged for new warrants
of different denominations, may be presented for registration of transfer, and may be exercised at our principal executive office,
the warrant agent or any other office indicated in the prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before the exercise of their Warrants,
holders of Warrants will not have any of the rights of holders of shares of Common Stock, including the right to receive payments
of dividends, if any, on the shares of Common Stock or to exercise any applicable right to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Exercise of Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Warrant will entitle the holder to
purchase a number of shares of Common Stock at an exercise price as will in each case be described in, or calculable from, the
prospectus supplement relating to those Warrants. Warrants may be exercised at the times set forth in the prospectus supplement
relating to the Warrants. After the close of business on the expiration date (or any later date to which the expiration date may
be extended by us), unexercised Warrants will become void. Subject to any restrictions and additional requirements that may be
set forth in the prospectus supplement relating thereto, Warrants may be exercised by delivery to the warrant agent, or at our
principal executive office or any other office indicated in the prospectus supplement, of the certificate evidencing the Warrants
properly completed and duly executed, and of payment as provided in the prospectus supplement of the amount required to purchase
the shares of Common Stock purchasable upon such exercise. The exercise price will be the price applicable on the date of payment
in full, as set forth in the prospectus supplement relating to the Warrants. Upon receipt of the payment, and the certificate representing
the Warrants to be exercised properly completed and duly executed at our principal executive office, the warrant agent or any other
office indicated in the prospectus supplement, we will, as soon as practicable, issue and deliver the shares of Common Stock purchasable
upon such exercise. If fewer than all of the Warrants represented by that certificate are exercised, a new certificate will be
issued for the remaining amount of Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The description in the applicable prospectus
supplement and other offering material of any Warrants we offer will not necessarily be complete and will be qualified in its entirety
by reference to the applicable warrant agreement, which will be filed with the SEC if we offer Warrants. For more information on
how you can obtain copies of the applicable warrant agreement if we offer Warrants, see &ldquo;Where You Can Find More Information&rdquo;.
We urge you to read the applicable warrant agreement and the applicable prospectus supplement in their entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="c_010"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The validity of the securities offered
by this prospectus has been passed upon for us by Snell &amp; Wilmer, L.L.P., Reno, Nevada. If legal matters in connection with
offerings made pursuant to this prospectus are passed upon by counsel for the underwriters, dealers or agents, if any, such counsel
will be named in the prospectus supplement relating to such offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="c_011"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements as
of September 30, 2018 and 2017 and for each of the three years in the period ended September 30, 2018 and management&rsquo;s assessment
of the effectiveness of internal control over financial reporting as of September 30, 2018 incorporated by reference in this Prospectus
have been so incorporated in reliance on the reports of BDO USA, LLP, an independent registered public accounting firm, incorporated
herein by reference, given on the authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="c_012"></A>DISCLOSURE OF COMMISSION POSITION ON
INDEMNIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities
arising under the Securities Act, as amended, may be permitted to directors, officers, and controlling persons of the registrant
pursuant to the Company&rsquo;s constituent documents, or otherwise, the registrant has been advised that in the opinion of the
SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid
by a director, officer, or controlling person in the successful defense of any action, suit, or proceeding) is asserted by such
director, officer, or controlling person connected with the securities being registered, we will, unless in the opinion of our
counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="documentsincorp"></A>DOCUMENTS INCORPORATED BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC allows us to &ldquo;incorporate
by reference&rdquo; into this prospectus certain information that we file with the SEC, which means that we can disclose important
information to you by referring you to other documents separately filed by us with the SEC that contain such information. The information
we incorporate by reference is considered to be part of this prospectus and information we later file with the SEC will automatically
update and supersede the information in this prospectus. The following documents filed by us with the SEC pursuant to Section 13(a)
of the Exchange Act and any of our future filings under Sections 13(a), 13(c), 14 or 15 (d) of the Exchange Act, except for information
furnished under Item 2.02 or 7.01 of Current Report on Form 8-K, or exhibits related thereto, made before the termination of the
offering are incorporated by reference herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1314052/000161577418014328/s114606_10k.htm">Form 10-K</A> for the fiscal year
ended September 30, 2018, filed with the SEC on December 12, 2018, and the amendment thereto on <A HREF="http://www.sec.gov/Archives/edgar/data/1314052/000161577419001031/s115528_10ka.htm">Form 10-K/A</A> filed on January 25,
2019;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">our Proxy Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1314052/000161577419002242/s115994_def14a.htm">Schedule 14A</A> filed on February
11, 2019 (excluding those portions that are not incorporated by reference into our Annual Report on Form 10-K);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">our Quarterly Reports on Form 10-Q for the quarters
ended <A HREF="http://www.sec.gov/Archives/edgar/data/1314052/000161577419002057/s115884_10q.htm">December 31, 2018</A> filed on February 7, 2019 and for the quarter ended <A HREF="http://www.sec.gov/Archives/edgar/data/1314052/000161577419007324/s118023_10q.htm">March 31, 2019</A> filed on May 9, 2019;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">our Current Reports on Form 8-K filed with the SEC
on <A HREF="http://www.sec.gov/Archives/edgar/data/1314052/000161577419004139/s116758_8k.htm">March 18, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1314052/000161577419005452/s117292_8k.htm">April 8, 2019</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1314052/000121390019010601/f8k060719_anavexlife.htm">June 12, 2019</A>; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: justify">the description of our common stock contained in the
Registration Statement on Form 8-A (File No. 001-37606) filed with the SEC on October 23, 2005.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, all documents subsequently
filed by us pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act before the date the offering of securities hereunder
is terminated or complete are deemed to be incorporated by reference into, and to be a part of, this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will provide to each person, including
any beneficial owner, to whom a prospectus is delivered, a copy of any or all of the reports or documents that have been incorporated
by reference in the prospectus contained in the registration statement but not delivered with the prospectus, other than an exhibit
to these filings unless we have specifically incorporated that exhibit by reference into the filing, upon written or oral request
and at no cost to the requester. Requests should be made by writing or telephoning us at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Anavex Life Sciences Corp.<BR>
51 West 52<SUP>nd</SUP> Street, 7<SUP>th </SUP>Floor<BR>
New York, NY 10019-6163<BR>
(844) 689-3939</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Anavex
Life Sciences Corp.</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Up to
$50,000,000</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Common
Stock</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>PROSPECTUS
SUPPLEMENT</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>&nbsp;</B></FONT></P>







<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 50%"><FONT STYLE="font-size: 14pt"><B>Cantor</B></FONT></TD>
    <TD STYLE="text-align: center; width: 50%"><FONT STYLE="font-size: 14pt"><B>SVB</B> <B>Leerink</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>February
16, 2021</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

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