Private financing nets $37.9mm for Avanir Pharmaceuticals

Avanir Pharmaceuticals (CNS, inflammation, and infectious disease therapeutics) has netted $37.9mm through a registered direct offering of 35mm common shares at $1.14 each (an 8% premium). ProQuest Investments led the financing and was joined by Clarus Ventures, Vivo Ventures, and OrbiMed Advisors. The investors also received five-year warrants to purchase another 12.2mm shares exercisable at 125% of the offering price. Avanir will use the proceeds to finish its STAR confirmatory Phase III trial for Zenvia (dextromethorphan/quinidine), the subject of an FDA-approvable letter for pseudobulbar affect, a symptom associated with neurological disease or injury. Piper Jaffray & Co. was the placement agent.