Avanir Pharmaceuticals (AVNR, Financial) filed Quarterly Report for the period ended 2009-03-31.
AVANIR Pharmaceuticals is focused on developing acquiring 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 cardiovascular disorders inflammation and infectious diseases. AVANIR currently markets FazaClo the only orally-disintegrating formulation of clozapine for the management of severely ill schizophrenic patients who fail to respond adequately to standard drug treatments for schizophrenia. FazaClo is also indicated for reducing the risk of suicidal behavior in patients with schizophrenia or schizoaffective disorder. AVANIR has an ongoing development program with Novartis International Pharmaceutical Ltd. for the treatment of inflammatory disease. The Company's first commercialized product Abreva is marketed in North America by GlaxoSmithKline Consumer Healthcare and is the leading over-the-counter product for the treatment of Avanir Pharmaceuticals has a market cap of $62.5 million; its shares were traded at around $0.8 with and P/S ratio of 8.9.
Total compensation expense for our share-based payments in the three month period ended March 31, 2009 and the same period in 2008 was approximately $442,000 and $477,000, respectively. General and administrative expense in the three month periods ended March 31, 2009 and 2008 include share-based compensation expense of approximately $356,000 and $289,000, respectively. Research and development expense in the three month periods ended March 31, 2009 and 2008 include share-based compensation expense of approximately $86,000 and $187,000, respectively. As of March 31, 2009, $5.1 million of total unrecognized compensation costs related to nonvested options and awards is expected to be recognized over a weighted average period of 2.6 years. See Note 13, Employee Equity Incentive Plans in the Notes to Condensed Consolidated Financial Statements (Unaudited) for further discussion.
Net loss was $4.9 million or $0.06 per share in the three month period ended March 31, 2009 compared to a net loss of $5.3 million or $0.12 per share for the three month period ended March 31, 2008.
There were no revenues from product sales to report for the six month period ended March 31, 2009. Net product revenues for the six months ended March 31, 2008 include sales of docosanol 10% cream of $126,000. In the first six months of fiscal 2009, revenues from research services and other included royalty and license revenue of $395,000 related to the Azur license agreement, royalty revenue of $951,000 related to the GSK license agreement and $1.2 million primarily related to the recognition of deferred revenue.
Revenues from research services and other declined by $437,000 to $2.6 million for the first six months of fiscal 2009 compared to $3.0 million in the first six months of fiscal 2008. The decrease in revenues is attributed to a decline in grant revenue of $479,000 due to the termination of the anthrax antibody program which ended in June 30, 2008.
General and administrative expenses decreased by $1.1 million from $5.6 million for the first six months of fiscal 2008 compared to $4.5 million for the first six months of fiscal 2009. The decrease is primarily a
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AVANIR Pharmaceuticals is focused on developing acquiring 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 cardiovascular disorders inflammation and infectious diseases. AVANIR currently markets FazaClo the only orally-disintegrating formulation of clozapine for the management of severely ill schizophrenic patients who fail to respond adequately to standard drug treatments for schizophrenia. FazaClo is also indicated for reducing the risk of suicidal behavior in patients with schizophrenia or schizoaffective disorder. AVANIR has an ongoing development program with Novartis International Pharmaceutical Ltd. for the treatment of inflammatory disease. The Company's first commercialized product Abreva is marketed in North America by GlaxoSmithKline Consumer Healthcare and is the leading over-the-counter product for the treatment of Avanir Pharmaceuticals has a market cap of $62.5 million; its shares were traded at around $0.8 with and P/S ratio of 8.9.
Highlight of Business Operations:
There were no revenues from product sales to report for the three month period ended March 31, 2009. Net product revenues for the three months ended March 31, 2008 include sales of docosanol 10% cream of $90,000. In the second quarter of fiscal 2009, revenues from research services and other were comprised of royalty and license revenue of $812,000, of which $395,000 was earned pursuant to the Azur license agreement and $417,000 was primarily related to the recognition of deferred revenue. In the second quarter of fiscal 2008, revenues from research services and other were comprised of royalty and license revenue of $628,000, of which $553,000 related to the recognition of deferred revenue, $71,000 was related to the Azur license agreement and $4,000 arose from other sources. In addition, we earned $312,000 in government grant revenue.Total compensation expense for our share-based payments in the three month period ended March 31, 2009 and the same period in 2008 was approximately $442,000 and $477,000, respectively. General and administrative expense in the three month periods ended March 31, 2009 and 2008 include share-based compensation expense of approximately $356,000 and $289,000, respectively. Research and development expense in the three month periods ended March 31, 2009 and 2008 include share-based compensation expense of approximately $86,000 and $187,000, respectively. As of March 31, 2009, $5.1 million of total unrecognized compensation costs related to nonvested options and awards is expected to be recognized over a weighted average period of 2.6 years. See Note 13, Employee Equity Incentive Plans in the Notes to Condensed Consolidated Financial Statements (Unaudited) for further discussion.
Net loss was $4.9 million or $0.06 per share in the three month period ended March 31, 2009 compared to a net loss of $5.3 million or $0.12 per share for the three month period ended March 31, 2008.
There were no revenues from product sales to report for the six month period ended March 31, 2009. Net product revenues for the six months ended March 31, 2008 include sales of docosanol 10% cream of $126,000. In the first six months of fiscal 2009, revenues from research services and other included royalty and license revenue of $395,000 related to the Azur license agreement, royalty revenue of $951,000 related to the GSK license agreement and $1.2 million primarily related to the recognition of deferred revenue.
Revenues from research services and other declined by $437,000 to $2.6 million for the first six months of fiscal 2009 compared to $3.0 million in the first six months of fiscal 2008. The decrease in revenues is attributed to a decline in grant revenue of $479,000 due to the termination of the anthrax antibody program which ended in June 30, 2008.
General and administrative expenses decreased by $1.1 million from $5.6 million for the first six months of fiscal 2008 compared to $4.5 million for the first six months of fiscal 2009. The decrease is primarily a
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