Avanir one-for-four reverse stock split now effective

By E. Janene Geiss

Philadelphia, Jan. 17 - Avanir Pharmaceutical's previously announced one-for-four reverse split of its common stock has become effective with post-split trading expected to begin under a new ticker symbol when the market opens for trading Wednesday.

Following the effectiveness of the reverse split, the stock will trade under the new ticker symbol "AVN.R," according to a company statement.

The company's shareholders authorized the board of directors to effect a reverse stock split at the annual meeting held March 17, 2005.

Using the shareholder authorization, Avanir's board approved the implementation of the split on Jan. 5.

The reverse split is intended to provide a share count that is more consistent with the company's size, potential economics and total market capitalization, officials said.

Immediately prior to the reverse split, Avanir had 123.2 million shares of common stock issued and outstanding. Immediately following the reverse split, there were about 30.8 million shares of common stock issued and outstanding, officials said.

Avanir is a San Diego pharmaceutical company focused on developing and commercializing novel therapeutic products for the treatment of central nervous system and cardiovascular disorders, inflammation and infectious diseases.

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