AVANIR PHARMACEUTICALS REPORTS FIRST QUARTER OF FISCAL YEAR 2006 RESULTS

San Diego, February 9, 2006 – Avanir Pharmaceuticals (AMEX: AVN.R) today reported financial results for the first quarter of fiscal 2006, ended December 31, 2005.  Avanir reported a net loss for the first quarter of fiscal 2006 of $5.7 million, or $0.20 per share, compared to $7.1 million, or $0.30 per share, for the same period a year ago. 

In the first quarter of fiscal 2006, Avanir continued the clinical development of Neurodex™ for the treatment of Involuntary Emotional Expression Disorder, or IEED, (also known as Pseudobulbar Affect or Emotional Lability) and Diabetic Neuropathic Pain.  Subsequent to the end of the quarter, Avanir completed the submission of its new drug application (NDA) to the U.S. Food and Drug Administration (FDA) for Neurodex™, seeking marketing approval of the drug candidate for the treatment of IEED.   Additionally, during the quarter the Company continued its fully sponsored R&D partnerships with AstraZeneca and Novartis International Ltd. for programs in reverse cholesterol transport and inflammation, respectively.  The Company's operating expenditures in the quarter were partially offset by revenues earned from milestones achieved and research support provided under these two license agreements, and government research grants.

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Feb 09, 2006