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AVANIR Pharmaceuticals (AVN) Acquires Additional Rights To IriSys, Inc.'s Neurodex Technology; $1,925,000 In Cash; 2,000,000 Shares Of AVANIR Class A common stock
10/19/2005 5:12:57 PM
SAN DIEGO--(BUSINESS WIRE)--March 9, 2005--AVANIR Pharmaceuticals (AMEX:AVN - News) today announced that, through a wholly owned subsidiary, it has acquired from IriSys, Inc. additional rights to Neurodex(TM), AVANIR's late-stage drug candidate for the treatment of multiple central nervous system disorders, which was sublicensed from IriSys in 2000. As a result, AVANIR, through its subsidiary, holds the exclusive worldwide marketing rights to Neurodex for five indications under a royalty-bearing license with the owner of the underlying technology, The Center for Neurologic Study. Going forward, AVANIR will be obligated to pay The Center for Neurologic Study milestones, a patent royalty on product sales, and a share of revenues received if AVANIR sublicenses Neurodex to a third party. AVANIR will have no future financial obligation to IriSys.
IriSys was paid $1,925,000 in cash and received 2,000,000 shares of AVANIR Class A common stock in the transaction. The value of the transaction will be recorded in the Company's financial statements as the sum of the cash paid and the fair market value of the common stock transferred to IriSys. The shares of common stock will be registered for resale, but will be subject to certain resale limitations under applicable law. The transaction eliminates the following payments that would have been due to IriSys: milestone payments, royalties in the mid-single digits payable on sales of Neurodex by AVANIR, and a share of any future royalties that AVANIR may have received from potential licensees. Other than future payment obligations to The Center for Neurologic Study, AVANIR and its subsidiary did not assume any liabilities of IriSys.
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