This appears to be part of an offering. As these things go, it looks pretty good. No discount, no mention of warrants (a check of the shelf SEC shows they could have but apparently did not issue any warrants). This is a company with a checkered history though I do not follow it actively. It's been around a long time and is getting more and more diluted. Used to be Lidak.
>>SAN DIEGO--(BUSINESS WIRE)--Oct. 18, 2005--AVANIR Pharmaceuticals (AMEX: AVN - News) today announced it has obtained commitments to purchase $16.15 million of its common stock in a registered-direct offering. Under the terms of the transaction, AVANIR will sell approximately 6.1 million shares of Class A common stock to a select group of institutional investors at a price of $2.65 per share, which represents no discount to the closing market price of the stock on October 17, 2005. Xmark Funds, Federated Kaufmann, Jennison Associates LLC and OrbiMed Advisors LLC participated in the transaction.
The shares are being offered directly by AVANIR pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. AVANIR did not use a placement agent on this transaction and therefore the company will receive the full proceeds of the offering upon closing.
The public offering is being made only by means of a prospectus and prospectus supplement. Copies of the prospectus and prospectus supplement relating to the offering may be obtained from AVANIR Pharmaceuticals, 11388 Sorrento Valley Road, San Diego, CA.<<
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Cheers, Tuck |
