AVANIR Pharmaceuticals Files Shelf Registration Statement

SAN DIEGO--(BUSINESS WIRE)--June 20, 2005--AVANIR Pharmaceuticals (AMEX:AVN) today announced the filing of a shelf registration statement with the Securities and Exchange Commission (SEC). Subsequent to being declared effective by the SEC, the shelf registration statement will allow the Company to sell up to $100 million of its common stock, preferred stock, depositary shares, debt securities and warrants from time to time in one or more public offerings. The terms of any offering will be established at the time of sale and will be described in a prospectus supplement that AVANIR will file with the SEC.

Subsequent to the shelf registration statement being declared effective, AVANIR will have the flexibility for up to two years to issue various types of securities as needed to provide additional liquidity. Proceeds of any offering are expected to be used to fund the Company's research, development and commercialization activities, primarily related to Neurodex(TM), and for general corporate purposes.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. 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 states in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

AVANIR Pharmaceuticals is a pharmaceutical company focused on developing and commercializing novel therapeutic products for the treatment of chronic diseases. Further information about AVANIR can be found at www.avanir.com.

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, subsequent quarterly reports on Form 10-Q 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.


    CONTACT: AVANIR Pharmaceuticals
             Patrice Saxon, 858-622-5202
             psaxon@avanir.com

    SOURCE: AVANIR Pharmaceuticals