AVANIR REDUCES WORK FORCE DUE TO THE DELAY IN
7/9/99 8:46
Obtaining FDA's Decision on Docosanol
SAN DIEGO, July 9 /PRNewswire/ -- AVANIR Pharmaceuticals (Nasdaq: AVNR)
announced that it has reduced its staff from 28 to 17, effective today. The
reductions were made across the board, including both administrative personnel
and technical and professional staff.
"The staff reductions were necessary given the extensive delay in
obtaining a decision from the Food and Drug Administration on our new drug
application for docosanol," stated Gerald J. Yakatan, Ph.D., chief executive
officer and president of AVANIR. "The delay in obtaining the FDA's decision
has created a corresponding delay to existing financing plans, which are
structured primarily around a higher stock price."
AVANIR has been in ongoing communication with the FDA regarding docosanol,
a topical cream for oral-facial herpes more commonly known as cold sores and
fever blisters, since mid-March 1999, when the company provided additional
evidence of efficacy of the drug. The company expects the FDA will make a
decision on the additional evidence in the very near future.
AVANIR Pharmaceuticals develops novel therapeutic products for the
treatment of chronic diseases.
The information contained in this press release, including any
forward-looking statements contained herein, should be reviewed in conjunction
with the company's Annual Report on Form 10-K/A and other publicly available
information regarding the company, copies of which are available from the
company upon request. Readers are cautioned not to place undue reliance on
these forward-looking statements, which are only predictions and speak only as
of the date hereof. Forward-looking statements usually contain the words
"anticipate," "intend," "believe" or similar expressions, and are subject to
numerous known and unknown risks and uncertainties. In evaluating such
statements, prospective investors should carefully review various risks and
uncertainties identified in Form 10-K/A. Such publicly available information
sets forth many risks and uncertainties related to the company's business and
such statements, including risks and uncertainties related to drug development
and clinical trials. In addition, the company can give no assurances that its
new drug application for docosanol will ever receive marketing approval.
SOURCE AVANIR Pharmaceuticals
-0- 07/09/99
/CONTACT: Gregory Hanson, CFO of AVANIR Pharmaceuticals, 619-410-2670;
Investor Relations: Thomas Redington of Redington, Inc., 203-222-7399; or
Media Relations: Bob Stone or Ray McNulty, both of The Dilenschneider Group,
212-922-0900/
/Company News On-Call: prnewswire.com or fax,
800-758-5804, ext. 509050/
(AVNR)
CO: AVANIR Pharmaceuticals
ST: California
IN: MTC
SU: |
