AVANIR Raises $10.6 Million Through the Sale of Common Stock
ALISO VIEJO, Calif., August 27, 2009 - AVANIR Pharmaceuticals, Inc. (NASDAQ:AVNR) today announced it had raised gross proceeds of approximately $10.6 million via the sale of approximately 4.5 million shares of common stock at a weighted average price of $2.34 per share. The shares were sold into the open market at prevailing prices through the Company's Controlled Equity Offering facility. The net proceeds are primarily intended to fund the development and commercialization of Zenvia™ (dextromethorphan/quinidine) for the pseudobulbar affect (PBA) indication and for general and administrative expenses. The Company currently expects to curtail additional sales under the facility in the near future and will evaluate its capital needs and additional financing alternatives.
AVANIR's Controlled Equity Offering facility, which was put in place on July 30, 2009, allows for sales of common stock from time to time from the Company's effective shelf registration filed on Form S-3 (File No. 333-158665). The offering may be made only by means of a prospectus supplement and the accompanying prospectus, which can be obtained from the Company at 101 Enterprise, Suite 300, Aliso Viejo, California 92656 Attn: Investor Relations, or via the Internet at the Company's website at www.avanir.com or at the Securities and Exchange Commission (SEC) website at www.sec.gov. 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 jurisdiction in which such offer, solicitation or sale would be unlawful.
AVANIR Pharmaceuticals, Inc. is a biopharmaceutical company focused on acquiring, developing, and commercializing novel therapeutic products for the treatment of central nervous system disorders. AVANIR's lead product candidate, Zenvia, is being developed for the treatment of pseudobulbar affect (PBA) and has successfully completed a Phase III trial for diabetic peripheral neuropathic (DPN) pain. AVANIR has licensed its MIF inhibitor program to Novartis International Pharmaceuticals Ltd. and has sold its anthrax monoclonal antibody program to Emergent BioSolutions. The Company's first commercialized product, Abreva® (docosanol), 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 and further information about pseudobulbar affect can be found at www.PBAinfo.org.
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," "project," 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. For example, there can be no assurance that the Company will not raise additional capital in the future through the sale of common stock, including from time to time through the Controlled Equity Offering facility. Risks and uncertainties affecting the Company's financial condition and operations 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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Aug 27, 2009