ALISO VIEJO, Calif., July 5, 2013 /PRNewswire/ -- Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) today announced that on July 2, 2013, the Company approved the grant of stock options to new employees to purchase 91,500 shares of common stock in the aggregate. The stock options were granted as inducements material to the new employees entering into employment with Avanir, as permitted under NASDAQ Listing Rule 5635(c)(4).
Avanir granted to 21 new employees an option to purchase shares of Avanir's common stock with an exercise price equal to $4.54, the closing price per share of Avanir's common stock as reported by NASDAQ on July 2, 2013, the date of grant. Each of the options is a non-qualified option and will vest one-quarter of the underlying shares on the first anniversary of the grant date and then with respect to the remaining shares quarterly thereafter over the following three years, assuming in each case the employee remains continuously employed by Avanir.
About Avanir Pharmaceuticals, Inc.Avanir Pharmaceuticals, Inc. is a biopharmaceutical company focused on bringing innovative medicines to patients with central nervous system disorders of high unmet medical need. As part of our commitment, we have extensively invested in our pipeline and are dedicated to advancing medicines that can substantially improve the lives of patients and their loved ones. For more information about Avanir, please visit www.avanir.com.AVANIR ® is a trademark or registered trademark of Avanir Pharmaceuticals, Inc. in the United States and other countries. ©2013 Avanir Pharmaceuticals, Inc. All Rights Reserved. Avanir Investor & Media Contact Ian Clements, PhD email@example.com +1 (949) 389-6700 SOURCE Avanir Pharmaceuticals, Inc.