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.
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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