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Avanir Pharmaceuticals Pre-Announces Preliminary Fiscal 2013 Year End Financial Information

Stocks in this article: AVNR

ALISO VIEJO, Calif., Oct. 29, 2013 /PRNewswire/ --  Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) today announced preliminary financial information (unaudited) for the year ended September 30, 2013, in anticipation of the company's Investor Relations Day in New York City.

(Logo: http://photos.prnewswire.com/prnh/20130207/LA55901LOGO)

Based on preliminary financial information for the fiscal year-ended September 30, 2013, Avanir estimates:

  • Total gross revenues of approximately $95.9 million (Non-GAAP)
  • Total net revenues in the range of approximately $75.3 million to $76.3 million
  • Total operating expenses of approximately $116.0 million, excluding cost of product sales of approximately $4.0 million, non-cash items such as share-based compensation of approximately $5.8 million, and depreciation and amortization of long-lived assets of approximately $800,000 and the one-time upfront payment to OptiNose of $20.0 million (Non-GAAP)
  • Cash, cash equivalents and investments in securities totaling approximately $57.5 million, including cash and cash equivalents of approximately $55.3 million and restricted investments in securities of approximately $2.2 million

"We are delighted with the progress of our NUEDEXTA PBA commercial business this year," said Keith Katkin, president and CEO of Avanir. "In addition, the R&D team has made great progress with our pipeline. We now have three active phase II studies of AVP-923 including MS neuropathic pain, Alzheimer's agitation, and the recently announced levodopa-induced dyskinesias in Parkinson's disease.  We continue to expect top-line data from our PRIME study in MS neuropathic pain later this calendar year."

About NUEDEXTA

NUEDEXTA is an innovative combination of two well-characterized components; dextromethorphan hydrobromide (20 mg), the ingredient active in the central nervous system, and quinidine sulfate (10 mg), a metabolic inhibitor enabling therapeutic dextromethorphan concentrations. NUEDEXTA acts on sigma-1 and NMDA receptors in the brain, although the mechanism by which NUEDEXTA exerts therapeutic effects in patients with PBA is unknown.

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