AVANIR Receives Approximately $4.2 Million from Exercise of Warrants
06 Febbraio 2006 - 10:15PM
Business Wire
AVANIR Pharmaceuticals (AMEX: AVN.R) announced today that as of
Friday, February 3, a majority of the holders of the Company's
Class A Warrants have elected to exercise their option to purchase
a total of 601,454 shares of AVANIR's common stock at a price of
$7.00 per share, resulting in net proceeds to the Company of
approximately $4.2 million. The Company expects that the remaining
warrants in this series, representing 95,642 shares of common stock
and an additional $669,000 in proceeds to the Company, will be
exercised prior to the expiration of the redemption period, which
ends at 5:00 p.m. Eastern Standard Time on February 7, 2006. The
redemption period was triggered with the Company's stock price
trading above $14.00 per share for a specified period of time. The
Class A Warrants exercised were originally issued in December 2003
in an equity financing that raised approximately $8.0 million in
working capital for the Company. With the exercise of these Class A
Warrants, the Company has only one series of common stock warrants
that remains outstanding, representing the right to purchase up to
271,318 shares of common stock at a price of $8.92 per share. The
Company will have the right to redeem any unexercised warrants for
this series for a nominal amount if the Company's common stock
trades above $17.84 per share for a period of 25 consecutive
trading days. About AVANIR AVANIR Pharmaceuticals is focused on
developing and commercializing novel therapeutic products for the
treatment of chronic diseases. AVANIR's product candidates address
therapeutic markets that include central nervous system and
cardiovascular disorders, inflammation, and infectious diseases.
AVANIR previously announced positive results in the second of two
required Phase III clinical trials of Neurodex(TM), an
investigational new drug for the treatment of involuntary emotional
expression disorder (IEED). Additionally, AVANIR has initiated a
Phase III clinical trial for Neurodex as a potential treatment in
patients with diabetic neuropathic pain, a second indication for
Neurodex. 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(R)", 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 The information contained in this press release,
including any forward-looking statements contained herein, should
be reviewed in conjunction with the company's most recent Annual
Report on Form 10-K and quarterly report on Form 10-Q and other
publicly available information regarding the Company. Copies of
such information are available from the company upon request. Such
publicly available information sets forth many risks and
uncertainties related to the company's business and technology.
Forward-looking statements often contain such words like
"estimate," "anticipate," "believe," "plan" or "expect". AVANIR
disclaims any intent or obligation to update these forward-looking
statements.
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