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Avanir Posts Quarterly Loss of $7.1M

San Diego-based biotechnology company Avanir Pharmaceuticals Inc. said today that it increased its first-quarter net loss for the fiscal year ended Dec. 31 to $7.1 million, or 7 cents per share, from $6.3 million, or 9 cents per share, in the previous year’s period.

Avanir, which sells an over-the-counter cold sore cream, said first-quarter revenues fell to $888,000 from $1.5 million in the first quarter of fiscal 2004.

As of Dec. 31, Avanir had $26.4 million in cash.

The firm is getting ready to file an application with the U.S. Food and Drug Administration seeking approval for an experimental pain treatment called Neurodex.

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The FDA has told Avanir that Neurodex could qualify for “priority review.”

Avanir also has a compound for treating asthma and allergies, and several other compounds for treating inflammation, atherosclerosis and infections in its program.

In December, Avanir completed a stock offering raising $7 million.

Avanir shares, which trade under the ticker symbol AVN on the American Stock Exchange, closed at $3.24 on Feb. 10.

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