San Diego, CA 7/14/2009 10:59:49 PM
Avanir Pharmaceuticals Up on Zenvia, Teva Buyout Rumors
Does Teva Pharmaceuticals want Zenvia bad enough that they'll actually acquire Avanir Pharmaceuticals Inc. (AVNR) to get it?
Avanir Pharmaceuticals Inc. (AVNR) shares are up modestly today on rumors of an acquisition from Teva Pharmaceutical Industries Limited (TEVA). Teva is said to be interested in entering the PBA/IEED and pain management arena, and Avanir's Zenvia - currently in Phase III STAR trials - could be the an ideal foothold for the bigger pharmaceutical manufacturer. AVNR shares have also traced a compelling technical chart pattern in the shadow of the acquisition rumor.
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Zenvia's STAR (Safety, Tolerability and Efficacy Results of Zenvia as a PBA treatment) trial is a Phase III trial of the drug for patients with underlying neurological disorder that causes PBA. The company expects to see information from the open label extension near the end of this year. Avanir intends to file an FDA request for approval in early 2010.
About Avanir Pharmaceuticals
Avanir Pharmaceuticals Inc. (AVNR) is focused on acquiring, developing, and commercializing novel therapeutic products for the treatment of chronic diseases. AVANIR's products and product candidates address therapeutic markets that include the central nervous system, inflammation, and infectious diseases. AVANIR's lead product candidate, Zenvia, is being developed for the treatment of PBA and DPN pain. AVANIR has licensed its MIF inhibitor program to Novartis International Pharmaceuticals Ltd. and has sold its anthrax monoclonal antibody program to Emergent BioSolutions. The Company's first commercialized product, Abreva(r), is marketed in North America by GlaxoSmithKline Consumer Healthcare and is the leading over-the-counter product for the treatment of cold sores. Further information about AVANIR can be found at www.avanir.com and further information about pseudobulbar affect can be found at www.PBAinfo.org.
Forward-Looking Statement: This press release may include or imply "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
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Source: Small Cap Network
http://www.smallcapnetwork.com/scb/avanir-avnr-up-on-zenvia-teva-buyout-news/2983/
