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Avanir Pharmaceuticals Reports Fiscal 2014 Third Quarter Financial and Business Update
Date:8/5/2014

compared with $53.7 million for the first nine months of fiscal 2013.
  • Total operating expenses were $116.0 million in the first nine months of fiscal 2014, compared to $90.6 million in the comparable period for fiscal 2013.
  • Cash used in operations was $41.6 million in the first nine months of fiscal 2014.
  • Net loss for the first nine months of fiscal 2014 was $36.3 million, or $0.23 per share, compared with a net loss of $40.0 million, or $0.29 per share, for the comparable period in fiscal 2013.
  • Cash, Cash Equivalents & Marketable SecuritiesAs of June 30, 2014 Avanir had cash, cash equivalents and investments in securities totaling $87.6 million, including cash and cash equivalents of $85.0 million.

    Quarter and Recent Business Highlights

  • Prevailed in NUEDEXTA patent litigation resulting in maintaining exclusivity through July 2026.
  • Completed patient enrollment for the company's phase II, placebo-controlled study testing AVP-923 for the treatment of agitation in Alzheimer's disease patients. The company expects to have top-line results from this study in late September/early October.
  • Presented research findings from the company's central nervous system therapeutic franchise at the American Academy of Neurology meeting, the Alzheimer's Association International Conference, and the Joint Congress of European Neurology.
  • Announced positive data from the phase IIIb COMPASS trial: A head-to-head study comparing AVP-825 to oral sumatriptan for the acute treatment of migraine. The data show that migraine sufferers achieved greater rates of pain relief and pain freedom within 30 minutes with AVP-825 treatment compared with oral sumatriptan treatment.
  • Presented positive interim PRISM II data showing that NUEDEXTA provided meaningful reduction of pseudobulbar affect (PBA) episodes and is generally well tolerated in the Alzheimer's disease/dementia population.
  • Announced FD
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  • SOURCE Avanir Pharmaceuticals, Inc.
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