Avanir Pharmaceuticals Announces Pricing Of Public Offering Of Common Stock

ALISO VIEJO, Calif., May 6, 2010 - Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) today announced the pricing of a public offering of 10,000,000 shares of its common stock. The offering is expected to close on or about May 11, 2010, subject to customary closing conditions. In addition, Avanir has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock to cover over-allotments, if any. Jefferies & Company, Inc. is acting as sole book-running manager in this offering. Canaccord Adams Inc. is serving as co-manager for the offering.

Avanir anticipates using the net proceeds for general working capital.  In addition, the proceeds may be used for further clinical, regulatory and commercial development of its investigational product Zenvia™ (dextromethorphan/quinidine), as well as potential business development activities.

A registration statement relating to the shares of common stock issued in the offering has been filed with, and declared effective by, the Securities and Exchange Commission (the "SEC"). A final prospectus supplement relating to the offering will be filed with the SEC. Copies of the final prospectus supplement and related prospectus, when available, may be obtained from Jefferies & Company, Inc., Attention: Syndicate Prospectus Department, 520 Madison Avenue, New York, NY, 10022 or at (888) 449-2342. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

Forward Looking Statements

Statements in this press release that are not historical facts, including statements that are preceded by, followed by, or that include such words as "estimate," "intend," "anticipate," "believe," "plan," "goal," "expect," "project," or similar statements, are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by such statements. For example, there can be no assurance that the U.S. Food and Drug Administration (FDA) will approve Zenvia for any indication, that the Company will meet projected timelines, or that the Company's cash on hand will last for projected time periods. Risks and uncertainties affecting the Company's financial condition and operations also include the risks set forth in Avanir's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and from time-to-time in other publicly available information regarding the Company. Copies of this information are available from Avanir upon request. Avanir disclaims any intent to update these forward-looking statements.

Avanir Investor Contacts

Eric Benevich
Brenna Mullen
ir@avanir.com
(
949) 389-6700

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May 06, 2010