AVANIR raises funds to develop and commercialize Zenvia for PBA

Aug 28 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.