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Avanir Pharmaceuticals Reports Fiscal 2013 Third Quarter Financial and Business Results
Date:8/6/2013

or the same period in fiscal 2012.

Fiscal 2013 Nine-Month Results

  • Total net revenues for the first nine-months of fiscal 2013 totaled $53.7 million, compared with $27.7 million for the first nine-months of fiscal 2012.
  • Total operating expenses were $90.6 million in the first nine-months of fiscal 2013, compared to $75.5 million in the comparable period for fiscal 2012.
  • Cash used in operations was $35.3 million in the first nine-months of fiscal 2013.
  • Net loss for the first nine-months of fiscal 2013 was $40.0 million, or $0.29 per share, compared with a net loss of $48.0 million, or $0.36 per share for the comparable period in fiscal 2012.
  • NUEDEXTA RevenueFor the quarter ended June 30, 2013, the company reported NUEDEXTA gross and net revenue of $24.3 million and $19.0 million respectively. Third quarter fiscal 2013 NUEDEXTA net revenue increased 89% versus the previous year and 15% over the previous quarter.

    Cash, Cash Equivalents & Marketable SecuritiesAs of June 30, 2013 Avanir had cash, cash equivalents and restricted investments totaling $57.5 million, including cash and cash equivalents of $55.0 million.

    Business Highlights

  • The company reported 27% unit growth of NUEDEXTA representing the ninth consecutive quarter of double-digit growth.
  • The U.S. Food and Drug Administration (FDA) agreed to an expedited development pathway for the company's next-generation compound, AVP-786, requiring only a limited pre-clinical package as part of the Investigational New Drug (IND) application. Upon completion of these pre-clinical studies the company intends to proceed directly into human clinical trials.
  • The European Commission approved NUEDEXTA in the European Union for the treatment of pseudobulbar affect (PBA), irrespective of underlying neurologic disease or injury.
  • The company completed patient enrollment of PRIME, its phase II, placebo controlled study testi
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  • SOURCE Avanir Pharmaceuticals, Inc.
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