SAN DIEGO--Avanir Pharmaceuticals (NASDAQ:AVNR) announced that it has entered into definitive purchase agreements with institutional investors for the offering of approximately 5,265,000 shares of Class A common stock at a price of $2.85 per share. As part of the offering of the common stock, the purchasers will also receive warrants to purchase 1,053,000 shares of Class A common stock at an exercise price of $3.30 per share. The warrants become exercisable six months after the closing and then remain exercisable for a period of six months. The gross proceeds of the offering are expected to be approximately $15 million, before offering expenses and commissions, and the net offering proceeds are expected to be approximately $14.4 million. The securities are being sold by AVANIR. The offering is expected to close on or about November 6, 2006.
I may have to get in on some of this action. I will post when of if I decide to pull the trigger.
AVNR stock trading in the biotechnology was down 20 cents to close at $3.10.
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