Thursday, March 27, 2008

AVANIR Gets $40M In PIPE

Aliso Viejo-based AVANIR Pharmaceuticals said this morning that it has raised $40M in a registered direct offering from its venture investors. The funding was led by ProQuest Investments, and also included Clarus Ventures, Vivo Ventures, and OrbiMed Advisors. Piper Jaffray & Co. was the sole placement agent on the offering. AVANIR, which is developing biopharmaceuticals for the treatment of chronic disease, said the funding would go to Phase II STAR trials of its Zenvia compound. Zenvia is targeted at treating diabetic peripheral neuropathic pain. More information »

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