AVANIR Completes $17.1 Million Sale of Common Stock

SAN DIEGO, Apr 12, 2005 (BUSINESS WIRE) -- AVANIR Pharmaceuticals (AMEX:AVN) announced that on April 8, 2005, it completed the previously announced sale of 7,770,000 shares of Class A common stock in a registered direct offering at a price of $2.20 per share. The offering raised gross offering proceeds of approximately $17.1 million and net offering proceeds of approximately $15.8 million, after deducting commissions and offering fees and expenses.

All of the shares were sold by AVANIR Pharmaceuticals. The shares were offered under the Company's effective shelf registration statement on Form S-3. CIBC World Markets Corp. acted as sole bookrunning placement agent, and Leerink Swann & Co. acted as co-placement agent in connection with this transaction.

AVANIR Pharmaceuticals, based in San Diego, is a drug discovery and development company focused on the development of treatments for chronic diseases.

The information contained in this press release, including any forward-looking statements contained herein, should be reviewed in conjunction with the company's most recent Annual Report on Form 10-K and other publicly available information regarding the company. Copies of such information are available from the company upon request. Such publicly available information sets forth many risks and uncertainties related to the company's business and technology. Forward-looking statements often contain such words like "estimate," "anticipate," "believe," "plan" or "expect." The Company disclaims any intent or obligation to update these forward-looking statements.

SOURCE: AVANIR Pharmaceuticals

AVANIR Pharmaceuticals
Patrice Saxon, 858-622-5202 (Investor Relations)
psaxon@avanir.com