AVANIR Pharmaceuticals Holds Annual Meeting of Shareholders
Aliso Viejo, Calif., February 21, 2008 - AVANIR Pharmaceuticals (NASDAQ:AVNR) reported on the results of its 2008 Annual Meeting of Shareholders held today. Stephen G. Austin, CPA, Managing Partner of Swenson Advisors, LLP, and Dennis G. Podlesak, Partner, Domain Associates, were re-elected to the Board as Class I Directors to serve a three-year term. In addition to the two Directors elected at this meeting, the Directors continuing in office are Keith A. Katkin, Charles A. Mathews, David J. Mazzo, Ph.D., Craig A. Wheeler, and Scott M. Whitcup, M.D. All of the directors, with the exception of Keith A. Katkin, are independent outside directors.
In addition to electing the Directors, the shareholders also ratified the selection of KMJ Corbin & Company, LLP as the Company's independent registered public accounting firm for the fiscal year ending September 30, 2008.
Finally, the Company withdrew the proposal to change the Company's corporate domicile from California to Delaware. Although more than 93% of the votes cast at the meeting supported the proposal, the Company withdrew the proposal due to an insufficient vote turn out. To pass, the proposal needed votes from a majority of the outstanding shares on the record date, which equaled approximately 21.6 million shares. At the time of the meeting, only 12.9 million shares had voted on this proposal, with approximately 12.0 million shares voting in favor.
AVANIR Pharmaceuticals is focused on acquiring, developing, and commercializing novel therapeutic products for the treatment of chronic diseases. AVANIR's products and product candidates address therapeutic markets that include the central nervous system, inflammation, and infectious diseases. AVANIR's lead product candidate, Zenvia™, is being developed for the treatment of pseudobulbar affect (PBA) and is the subject of an approvable letter from the U.S. Food and Drug Administration (FDA) for that indication. The Company has initiated a confirmatory Phase III study under a Special Protocol Assessment (SPA) agreement with the FDA utilizing a new lower quinidine dose formulation of Zenvia intended to address safety concerns raised in the Agency's approvable letter for Zenvia in the treatment of PBA. Additionally, in April 2007 AVANIR announced meeting all primary endpoints in a Phase III clinical trial with Zenvia in patients with diabetic peripheral neuropathic (DPN) pain. The Company is conducting a formal pharmacokinetic (PK) study to assess alternative lower-dose quinidine formulations of Zenvia for DPN pain that are intended to deliver similar efficacy and improve safety/tolerability versus the formulations previously tested for this indication. AVANIR has also licensed a compound to Novartis International Pharmaceuticals Ltd. for the treatment of inflammatory disease. AVANIR's infectious disease drug candidate, AVP-21D9, is a human monoclonal antibody in pre-clinical development for the treatment of anthrax with funding provided to date from NIH/NIAID grants. 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.
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Feb 21, 2008