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news.Avanir Pharmaceuticals has closed the previously reported sale of $40 million of common stock and warrants to a select group of institutional investors led by ProQuest Investments and joined by Clarus Ventures, Vivo Ventures, and OrbiMed Advisors.
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The proceeds from this transaction will be used to fund the confirmatory Phase III Star trial of the investigational drug Zenvia (dextromethorphan/quinidine) and submit a complete response to the FDA approvable letter for the pseudobulbar affect indication. Offering proceeds will also be used for general working capital.
Keith Katkin, Avanir’s president and CEO, said: “This is a very important transaction for our company as the proceeds are expected to provide adequate capital to ensure continuing operations through the anticipated timing of the FDA approval decision.”