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Avanir Pharmaceuticals Reports Fiscal 2011 Third Quarter Financial Results
Date:8/8/2011

ALISO VIEJO, Calif., Aug. 8, 2011 /PRNewswire/ -- Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) today reported financial results for the three and nine months ended June 30, 2011.

Quarterly Financial Highlights

  • Total net revenues of $2.5 million
  • Gross revenue for NUEDEXTA® of $2.2 million
  • Cash, cash equivalents, and restricted investments of $93.5 million as of June 30, 2011

  • "I am thrilled with the progress we are making in the early phase of the NUEDEXTA launch," said Keith A. Katkin, president and CEO of Avanir. "We have seen significant growth in prescription numbers since launch. It is clear that the doctors who are called on most frequently are driving our growth, which indicates that the PBA market is highly promotionally sensitive. We look forward to focusing our promotional resources on the areas of highest opportunity and building on the initial success of NUEDEXTA as we build Avanir into a leading CNS specialty biopharmaceutical company."

    Fiscal 2011 Third Quarter Results

  • Total net revenues for the quarter ended June 30, 2011 totaled $2.5 million, compared with $487,000 for the comparable quarter in 2010. Total net revenues include recognized deferred royalty revenue and NUEDEXTA revenue.
  • Total operating expenses were $18.4 million in the third quarter of fiscal 2011, compared with $6.5 million in the comparable period in fiscal 2010.
  • Cash used in operations was $14.5 million in the third quarter of fiscal 2011.
  • Net loss for the fiscal 2011 third quarter was $16.1 million, or $0.13 per share, compared with a net loss of $5.7 million, or $0.06 per share, for the same period in fiscal 2010.

  • Nine-Month Results

  • Total net revenue for the first nine-months of fiscal 2011 totaled $5.7 million compared with $3.0 million for the first nine-months of
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  • SOURCE Avanir Pharmaceuticals, Inc.
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