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PHARMACEUTICALS
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Aliso Viejo’s AVANIR raises $10.6 million in stock sale

The pharmaceutical company raised the gross proceeds by selling approximately 4.5 million shares.

By Susan BelknappPublished: August 31, 2009 02:26 PM

Aliso Viejo-based AVANIR Pharmaceuticals Inc. announced today that it had raised gross proceeds of approximately $10.6 million via the sale of approximately 4.5 million shares of common stock at a weighted average price of $2.34 per share. The shares were sold into the open market at prevailing prices through AVANIR’s Controlled Equity Offering facility.

The proceeds are slated to be the primary funding in the development and commercialization of Zenvia (dextromethorphan/quinidine) for the pseudobulbar affect (PBA) indication and for general and administrative expenses.

“PBA is a condition characterized by episodes of uncontrollable laughing and/or crying that may be inappropriate, unrelated to the situation at hand, or not expressing the person's mood,” according to an Aug. 11 ocmetro.com news story. “The condition is known by other terms, including emotional liability, emotional incontinence, and pathological laughing and crying.

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