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AVANIR Pharmaceuticals Announces Fiscal 2011 First Quarter Financial Results
Date:2/3/2011

ALISO VIEJO, Calif., Feb. 3, 2011 /PRNewswire/ -- AVANIR Pharmaceuticals, Inc. (Nasdaq: AVNR) today reported unaudited financial results for the three months ended December 31, 2010.

For the first quarter of fiscal 2011, AVANIR reported a net loss of $12.1 million, or $0.11 loss per share, compared with a net loss of $4.8 million, or $0.06 loss per share, for the same period in fiscal 2010. Net revenues consisting primarily of royalty revenue were $1.8 million and $1.5 million for the first quarter of fiscal 2011 and fiscal 2010, respectively. Total operating expenses were $13.9 million in the first quarter of fiscal 2011, compared with $6.3 million in the comparable fiscal 2010 period. The increase in total operating expenses was primarily attributed to costs incurred in preparation for the commercial launch of NUEDEXTA™ (dextromethorphan hydrobromide and quinidine sulfate).  Cash used in operations during the first quarter of fiscal 2011 was $14.1 million.

"During the past quarter we continued to focus our efforts on preparing for a successful launch of NUEDEXTA, the first and only treatment for pseudobulbar affect," said Keith Katkin, AVANIR's President and CEO.  "With NUEDEXTA now available through retail pharmacies across the country and our experienced and dedicated sales force commencing physician promotion on February 7, 2011, we are thrilled to finally have NUEDEXTA available by prescription for the many patients in the U.S. suffering from PBA.  We are confident that we have the right strategy, resources and the sales and marketing expertise to ensure that NUEDEXTA is a long term commercial success."

RECENT HIGHLIGHTS AND UPCOMING MILESTONES:

CLINICAL PROGRAMS AND PIPELINE

  • Received FDA approval on October 29, 2010 for NUEDEXTA as the first and only
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SOURCE AVANIR Pharmaceuticals, Inc.
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