AVANIR PHARMACEUTICALS HOLDS ANNUAL MEETING OF SHAREHOLDERS

San Diego, February 6, 2006 – Avanir Pharmaceuticals (AMEX: AVN.R) reported on the results of its 2006 Annual Meeting of Shareholders held today.  Eric K. Brandt, Avanir's President and Chief Executive Officer, Charles A. Mathews, Chairman of the Board at Avanir Pharmaceuticals, and Jonathan T. Silverstein, General Partner at OrbiMed Advisors LLC, were all re-elected to the Board as Class II Directors to serve a three-year term.  In addition to the three Directors elected at this meeting, the Directors continuing in office are Stephen G. Austin, David J. Mazzo, Ph.D., Dennis G. Podlesak, Paul G. Thomas, Craig A. Wheeler and Scott M. Whitcup, Ph.D. All of the directors, with the exception of Eric Brandt, are independent outside directors.

 

In addition to electing the Directors, the shareholders also approved an amendment to the Company's 2005 Equity Incentive Plan and ratified the selection of Deloitte & Touche, LLP as the Company's independent registered public accounting firm for the fiscal year ending September 30, 2006.  A proposal to renew the Board of Director's authorization to implement a reverse stock split was withdrawn, because a one-for-four reverse split was enacted in January 2006.

 

About Avanir

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 disease.  Avanir previously announced positive results in the second of two required Phase III clinical trials of Neurodex™, an investigational new drug for the treatment of involuntary emotional expression disorder (IEED).  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®, 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.

 

Forward Looking Statement

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 quarterly report 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".  Avanir disclaims any intent or obligation to update these forward-looking statements.

 

Avanir Pharmaceuticals Contacts:

Patrick O'Brien                          Patrice Saxon

858-622-5216                            858-622-5202

pobrien@avanir.com                   psaxon@avanir.com

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Feb 06, 2006