AVANIR Pharmaceuticals Announces $15 Million Sale Of Common Stock
SAN DIEGO--(BUSINESS WIRE)--Avanir Pharmaceuticals (NASDAQ:AVNR) announced that it has entered into definitive purchase agreements with institutional investors for the offering of approximately 5,265,000 shares of Class A common stock at a price of $2.85 per share. As part of the offering of the common stock, the purchasers will also receive warrants to purchase 1,053,000 shares of Class A common stock at an exercise price of $3.30 per share. The warrants become exercisable six months after the closing and then remain exercisable for a period of six months. The gross proceeds of the offering are expected to be approximately $15 million, before offering expenses and commissions, and the net offering proceeds are expected to be approximately $14.4 million. The securities are being sold by AVANIR. The offering is expected to close on or about November 6, 2006.