AVANIR Pharmaceuticals this morning reported its fourth quarter results, which came below the market expectations and shares slid over 1% to $4.26.
The company said that its net loss during the latest quarter widened to 9.7 million or $0.10 a share, compared with a year ago loss of $7 million or $0.09 a share.
Revenue fell to $0.73 million in the quarter, compared with $1 million year ago.
Analysts were expeting the company to report a loss of 9 cents a share on revenue of $910K.
Further, the company said it raised net proceeds of $83.2 million through public offering of 20 million shares.
Avanir Pharmaceuticals, Inc. (Avanir) is a pharmaceutical company focused on acquiring, developing and commercializing therapeutic products for the treatment of central nervous system disorders. The Company’s lead product candidate, Zenvia (dextromethorphan hydrobromide/quinidine sulfate), has completed three Phase III clinical trials for the treatment of pseudobulbar affect (PBA) and has completed a Phase III trial for the treatment of patients with diabetic peripheral neuropathic pain (DPN pain).
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