AVANIR Pharmaceuticals Invites Investors to Second Quarter Conference Call and Provides Preliminary Results for Second Quarter and Business Highlights
AVANIR Pharmaceuticals (NASDAQ:AVNR) today provided preliminary results and a business update for the second quarter and announced that it will release complete financial results for the three and six months ended March 31, 2007 before market open on Wednesday, May 9, 2007. Keith Katkin, President and Chief Executive Officer, Michael Puntoriero, Senior Vice President and Chief Financial Officer, and Randall Kaye, M.D., Senior Vice President and Chief Medical Officer, will host an investment community conference call that same day at 8:00 a.m. Pacific time / 11:00 a.m. Eastern time to discuss those results and answer questions.
Investors are invited to listen to the live webcast by visiting AVANIR's corporate website at www.avanir.com. To listen to the live call, please go to AVANIR's website prior to the start of the call to register, download and install the necessary audio software.
A webcast replay will be available on AVANIR's website for 30 days, and a telephone replay will be available through May 14, 2007, by dialing (800) 642-1687 (domestic) or (706) 645-9291 (international) and entering the conference ID number 5305269.
Preliminary results for the quarter ended March 31, 2007 are provided below, along with a summary of certain business highlights for the quarter:
Other Business Highlights
As previously reported, we plan to raise additional capital to fund operations, including clinical activity required for the commercialization of Zenvia. Although no option for raising additional capital is being ruled out at this time, our goal remains to minimize shareholder dilution. Management is moving aggressively to implement cost cutting and restructuring measures. The Company is targeting an annual net cash burn rate of $20 million or an average of $5 million per quarter, excluding the costs associated with a second Zenvia trial for the treatment of diabetic neuropathic pain.
AVANIR Pharmaceuticals is focused on developing, acquiring 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 currently markets FazaClo®, the only orally-disintegrating formulation of clozapine for the management of severely ill schizophrenic patients who fail to respond adequately to standard schizophrenic drug treatments. FazaClo is also indicated for reducing the risk of suicidal behavior in patients with schizophrenic or schizoaffective disorder. For full prescribing information and important safety information regarding FazaClo, please visit www.fazaclo.com., AVANIR's lead product candidate for the treatment of involuntary emotional expression disorder (IEED), Zenvia™, is the subject of an approvable letter from the FDA. AVANIR has licensed certain compounds to Novartis International Pharmaceutical Ltd. for the treatment of inflammatory 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 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," 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. There can be no assurance that the Company will receive FDA regulatory approval for Zenvia for any indication. Final review decisions made by the FDA and other regulatory agencies are often unpredictable and outside the influence and control of the Company, and it is possible that the FDA could disagree with the Company's interpretation of clinical trial results. Risks and uncertainties 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.
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|Apr 23, 2007|