AVANIR Implements One-for-Four Reverse Stock Split and New Stock Ticker Symbol
SAN DIEGO--(BUSINESS WIRE)--Jan. 17, 2006--The previously announced one-for-four reverse split by AVANIR Pharmaceuticals (AMEX:AVN) of its common stock has become effective, with post-split trading expected to begin under a new ticker symbol when the market opens for trading tomorrow, January 18, 2006. Following the effectiveness of the reverse split, the stock will trade under the new ticker symbol "AVN.R."
The Company's shareholders authorized the Board of Directors to effect a reverse stock split at the annual meeting of shareholders held on March 17, 2005. Pursuant to the shareholder authorization, AVANIR's Board of Directors approved the implementation of the one-for-four reverse split on January 5, 2006. The reverse split is intended to provide a share count that is more consistent with the Company's size, potential economics and total market capitalization.
Immediately prior to the reverse split, AVANIR had 123.2 million shares of common stock issued and outstanding. Immediately following the reverse split, there were approximately 30.8 million shares of common stock issued and outstanding.
AVANIR Pharmaceuticals is focused on developing and commercializing novel therapeutic products for the treatment of chronic diseases. AVANIR's product candidates address therapeutic markets that include central nervous system and cardiovascular disorders, inflammation, and infectious diseases. AVANIR previously announced positive results in the second of two required Phase III clinical trials of Neurodex(TM), an investigational new drug for the treatment of pseudobulbar affect. Additionally, AVANIR has initiated a Phase III clinical trial for Neurodex as a potential treatment in patients with diabetic neuropathic pain, a second indication for Neurodex. AVANIR has active collaborations with two international pharmaceutical companies: Novartis International Pharmaceutical Ltd. for the treatment of inflammatory disease and AstraZeneca for the treatment of cardiovascular disease. The Company's first commercialized product, Abreva(R), is marketed in North America by GlaxoSmithKline Consumer Healthcare and is the leading over-the-counter product for the treatment of cold sores. Further information about AVANIR can be found at www.avanir.com.
Except for the historical information presented herein, matters discussed in this press release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as "estimate," "anticipate," "believe," "plan" or "expect" or similar statements are forward-looking statements. Risks and uncertainties for AVANIR Pharmaceuticals include risks associated with the reverse stock split, the regulatory approval of Neurodex and the successful commercialization of Neurodex, if approved by the FDA, as well as risks described in AVANIR's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and from time-to-time in other publicly available information regarding the company. Risks relating to the reverse stock split are set forth in these filings and in the Company's definitive proxy statement on Schedule 14A, filed with the SEC on December 27, 2005. Copies of such information are available from AVANIR upon request. Such publicly available information sets forth many risks and uncertainties related to AVANIR's business and technology. The company disclaims any intent or obligations to update these forward-looking statements.
CONTACT: AVANIR Pharmaceuticals Patrick O'Brien, 858-622-5216 firstname.lastname@example.org or Patrice Saxon, 858-622-5202 email@example.com SOURCE: AVANIR Pharmaceuticals