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.”