SAN DIEGO--(BUSINESS WIRE)--Jan. 3, 2006--AVANIR Pharmaceuticals (AMEX:AVN) announced today that a Phase I study has been initiated in partnership with AstraZeneca UK Limited (AstraZeneca) to evaluate the human safety of AZD2479, a compound under development as a reverse cholesterol transport enhancer. The allowance of the investigational new drug application (IND) by the U.S. Food and Drug Administration (FDA) triggers a $5 million milestone payment from AstraZeneca to AVANIR, the first designated milestone under the terms of the research collaboration and license agreement entered into in July 2005. “We are pleased that we successfully submitted the U.S. IND for AZD2479 in a timely way. The FDA’s allowance of the IND is recognition of effective high quality work by the combined AVANIR-AstraZeneca team. We are now looking forward to results of clinical testing of a new concept to treat dyslipidemia,” stated Gunnar Olsson, VP, Head of CVGI Therapy Area at AstraZeneca.
