Message #14 From:
Stock News Bot Date: November 3, 2006 06:29:00 AM
AVNR News AVANIR Announces $15 Million Sale of Common Stock
SAN DIEGO--(BUSINESS WIRE)--Avanir Pharmaceuticals (NASDAQ:AVNR) announced that it has entered into
definitive purchase agreements with institutional investors for the
offering of approximately 5,265,000 shares of Class A common stock at a
price of $2.85 per share. As part of the offering of the common stock,
the purchasers will also receive warrants to purchase 1,053,000 shares
of Class A common stock at an exercise price of $3.30 per share. The
warrants become exercisable six months after the closing and then remain
exercisable for a period of six months. The gross proceeds of the
offering are expected to be approximately $15 million, before offering
expenses and commissions, and the net offering proceeds are expected to
be approximately $14.4 million. The securities are being sold by AVANIR.
The offering is expected to close on or about November 6, 2006.
Rodman & Renshaw, LLC acted as the sole placement agent in connection
with this transaction.
This offering is being made only by means of a prospectus and prospectus
supplement. Copies of the prospectus and prospectus supplement relating
to the offering may be obtained from the offices of Rodman & Renshaw,
1270 Avenue of the Americas, New York, NY 10020.
A registration statement relating to these securities was filed with and
has been declared effective by the Securities and Exchange Commission.
This press release does not and shall not constitute an offer to sell or
the solicitation of an offer to buy any of the securities, nor shall
there be any sale of the securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any state.
About AVANIR
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, cardiovascular disorders, 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. Zenvia™,
AVANIR's lead product candidate, is under development for the treatment
of involuntary emotional expression disorder. Additionally, AVANIR has
initiated a Phase III clinical trial with Zenvia as a potential
treatment for patients with painful diabetic neuropathy. 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
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," "anticipate," "believe," "plan," or "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. 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 or
obligation to update these forward-looking statements.
