AVANIR Pharmaceuticals Announces Pricing of Public Offering of Common Stock

Source Press Release
Company AVANIR Pharmaceuticals 
Tags Equity Offering
Date November 17, 2010

ALISO VIEJO, Calif., Nov. 17, 2010 -- AVANIR Pharmaceuticals , Inc. (Nasdaq: AVNR) today announced the pricing of an underwritten public offering of 20,000,000 shares of its common stock, offered at a price of $4.40 per share. The offering is expected to close on or about November 22, 2010, subject to customary closing conditions. In addition, AVANIR has granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of common stock to cover over-allotments, if any. Jefferies & Company, Inc. is acting as sole book-running manager in the offering and Canaccord Genuity Inc., Wedbush PacGrow Life Sciences, Summer Street Research Partners, and Merriman Capital are acting as co-managers for the offering. In addition Trout Capital LLC is serving as a financial advisor to AVANIR.

Gross offering proceeds will be approximately $88,000,000, before deducting customary underwriting discounts and commissions and offering expenses. AVANIR intends to use the net proceeds from this offering for sales and marketing activities relating to its newly approved product NUEDEXTA™ (dextromethorphan hydrobromide and quinidine sulfate). In addition, the proceeds may be used for further clinical, regulatory and commercial development of NUEDEXTA, as well as potential business development activities and for general working capital.

Registration statements relating to the shares of common stock issued in the offering have been filed with, and declared effective by, the Securities and Exchange Commission (the "SEC"). A final prospectus supplement relating to the offering will be filed with the SEC. Copies of the final prospectus supplement and related prospectuses, when available, may be obtained from Equity Syndicate Prospectus Department, Jefferies & Company, Inc., 520 Madison Avenue, 12th Floor, New York, NY, 10022, at (877) 547-6340, and at Prospectus_Department@Jefferies.com. 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 state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

Source: Evaluate™
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