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Executives

Keith Katkin – President and CEO

Christine Ocampo – VP, Finance

William Sibold – SVP, Chief Commercial Officer

Randall Kaye – SVP, Clinical Research and Medical Affairs, Chief Medical Officer

Analysts

Ritu Baral – Canaccord Genuity

Thomas Wei – Jeffries

Carol Werther – Summer Street Research Partners

Avanir Pharmaceuticals, Inc (AVNR) Q3 2011 Earnings Call August 8, 2011 4:30 PM ET

[Abrupt Start]… in this area of high unmet medical need.

In addition, we're pleased to recently report on the positive progress we have made on the European Regulatory Filing for NUEDEXTA, which Randall will comment on later during this call.

On the corporate front, I'm pleased to report that the senate special sub committee on aging held a hearing on July 21st, neither Avanir nor NUEDEXTA were mentioned during the hearing and since that issued a briefing letter summarizing with conclusion of their review on the pricing of NUEDEXTA.

Additionally, on the corporate front, we've been building out a world class management team and one of the last building blocks is ahead of research and development. I'm delighted that doctor Joao Siffert has agreed to join the Avanir team. Has experienced across the number of CNS indications will help firmly put us on a path to building out not only the NUEDEXTA franchise, but also help with a new assets to the organization.

Looking forward, we plan to build on our track record of success and leverage our clinical and commercial expertise to continue to deliver shareholder value. Our business development team will be focusing on identifying strategic CNS assets that along with NUEDEXTA can enable us to build the portfolio of innovative products that will enable us to achieve our mission of becoming a leading CNS specialty biopharmaceutical company.

With that introduction, I will now ask Bill to say few words on the commercial activities, Bill?

William Sibold

Thanks Keith and good afternoon everyone. NUEDEXTA the first and only FDA approved treatment for pseudobulbar affect has now been on the market for approximately six months.

During this initial launch phase, we believe we have established the foundation for future growth of the product through the remainder of this year and beyond. Our commercial team is focused on the three main strategic imperative, increasing awareness of PBA and NUEDEXTA, growing prescription numbers, and ensuring access to NUEDEXTA. Our first priority is ensuring that physicians and patients are aware of both PBA and NUEDEXTA, until we launch NUEDEXTA in February, PBA was a widely unrecognized condition.

Thus far, for our pharma guidelines, we have focused our initial efforts on physicians and other healthcare providers and have initiated PBA disease awareness programs with the advocacy groups involved with patients with the underlying neurologic condition associated with PBA.

During the remainder of this calendar year, we will be increasing our patient and caregiver education efforts including rolling out a NUEDEXTA branded advertising campaign, through these programs, we hope to drive patients where appropriate to inquire about treatment of their PBA with NUEDEXTA.

Another high priority is growing NUEDEXTA prescriptions, our sales force is targeting the highest potential neurologist and psychiatrist. During the current quarter, over 23,000 practice calls have been made with our sales reps on average calling on over five practices a day.

Our data clearly demonstrates the impact of field sales force interactions on prescribing behavior. In fact, our data shows that the doctors that have been called on 12 times or more since launch, are three times more likely to write their first prescription for NUEDEXTA then doctors called on six times since launch and as important, these doctors write eight times as many prescriptions for NUEDEXTA.

These data support the increased long-term uptake of NUEDEXTA, as we continue with our launch efforts and get increased accumulative exposure to doctors.

This is further supported by a recently completed survey of doctors were over 80% of respondents said they intend to increase their prescribing of NUEDEXTA in the future.

I'm encouraged by this progress as it affirms our belief that educating physicians takes time and effort, but our promotional activity is having an affect.

We are also piloting a number of initiative to explore how best to prioritize and operationalize against the many significant NUEDEXTA opportunities in various settings of care such as ALS Clinics and long-term care facilities as well as the coverage of less densely populated geographies without a local avenue or sales representative.

For these uncovered geographies, we have been utilizing technology and home office located representatives to officially expand our reach and generate incremental sales.

The third priority area involves ensuring that patients have broad access to NUEDEXTA. Our managed market account team has been meeting with and educating the various payer organizations, recent successes include Blue Shield of California and Health Net who both added NUEDEXTA to their preferred formularies for both the commercial and Medicare Part D books of business, these additions represent approximately 4 million lives with unrestricted access to NUEDEXTA, extending our tier 2 unrestricted coverage for more than 70 million US patients.

We are optimistic that several of the largest Medicare plans currently requiring a letter of medical necessity to cover NUEDEXTA, will choose to cover NUEDEXTA more broadly in 2012 when the new benefit year begins.

Negotiations continue with all large Medicare D plans and are progressing as expected. Looking at prescription trends in numbers, in April a total of 1,140 prescriptions were written of which 826 were new prescriptions. In May a total 1,850 prescriptions were written of which 1,247 were new prescriptions and for June a total of 2,146 prescriptions were written of which 1,328 were new prescriptions.

Thus for the quarter, we had a total of 5,136 prescriptions of which 3,401 were 66% were new prescriptions. This represents the 76% increase in total prescriptions versus the prior quarter. The average prescription size during the quarter was 51 capsule.

I will now turn the call over to Christine to address our financial results. Christine?

Christine Ocampo

Thanks Bill and good afternoon everyone. My comments today will cover our financial results for the third quarter and first nine months of fiscal 2011. In addition to the results summarized in the press release issued earlier this afternoon, you can find additional information in our upcoming 2011 quarterly report on Form 10-Q.

All figures discussed today are approximate. First I'll address the financial results for the third quarter of fiscal 2011. We reported total net revenues for the three months ended June 30, 2011 of $2.5 million as compared to $487,000 for the comparable period in fiscal 2010. The increase from the prior year was primarily due to net product revenue from sales of NUEDEXTA.

Gross sales of NUEDEXTA were $2.2 million, net sales of NUEDEXTA were $1.9 million, total NUEDEXTA net shipments for the third fiscal quarter of 2011 were $9.9 million and deferred NUEDEXTA revenue was $1.6 million. Third quarter net shipments were affected by wholesaler inventory dry downs, and we now believe that most wholesalers have two to three weeks of inventory on hand.

Gross margin on the sales of NUEDEXTA was 94%. NUEDEXTA revenue is recognized using a deferred revenue recognition model. NUEDEXTA cap full shipments to wholesalers are initially recorded as deferred revenue and later recognized as revenue when the product has left the distribution channel and is no longer subject to right of return.

Recognized product revenue effectively represents reported end user prescriptions and non-retail shipments of NUEDEXTA capital.

Research and Development expenses were $3.3 million for the quarter ended June 30, 2011, compared with $2.8 million for the same period in the prior year. R&D expense increased slightly as compared to the 2010 fiscal third quarter.

In the third fiscal quarter of 2011, our R&D expense was primarily attributed to non clinical plus marketing requirements, medical affairs, and EMA regulatory expenses.

Well, in the third fiscal quarter of 2010 our R&D expense was primarily attributed to final expenses for the start trial and regulatory expenses related to the complete response to the approvable letter.

Selling, general and administrative expenses at $15.1 million for the fiscal third quarter of 2011 increased from $3.7 million for the corresponding period of the prior year.

The increase was primarily due to an increase in expenses related to the commercialization activities for NUEDEXTA.

Total operating expenses for the quarter were $18.4 million compared with $6.5 million for the comparable quarter in 2010. For the three months ended June 30, 2011 and 2010 the company recorded $957,000 and $583,000 respectively of stock based compensation expense.

Our net loss for the third quarter of fiscal 2011 was $16.1 million or $0.17 per share compared with a net loss of $5.7 million or $0.06 per share for the same quarter in 2010. These increases in our net loss during 2011 were primarily due to significant increase on our sales and marketing expenditures as a result of our continuing promotions efforts for NUEDEXTA.

Now, turning to the year-to-date results. Total revenue for the first nine months of fiscal 2011 totaled $5.7 million compared to a $3 million a 93% increase for the first nine months of fiscal 2011. Cost of product sales for the first nine months of fiscal 2011 with $234,000 compared with a zero reported for the first nine months of fiscal 2010.

Gross margin on the sales of NUEDEXTA was 90%, which includes an inventory reserve charge of $82,000 recorded in the second fiscal quarter of 2011.

Research and development expenses were $9.6 million for the nine months ended June 30, 2011 compared with a $10.1 million for the same period in the prior year. R&D expense decrease slightly as compared to the first nine months of fiscal 2010, due to the shift and focus to post marketing requirements, medical affairs and EMA regulatory expense by our R&D team as discussed earlier.

Selling, general and administrative expenses are $38.5 million for the first nine months of fiscal 2011, increased from $10.2 million for the corresponding period of the prior year. The increase was primarily due to an increase in expenses related to the commercialization activities for NUEDEXTA.

Total operating expenses for the first nine months of 2011 were $48.1 million versus $20.3 million for the comparable period in fiscal 2010. For the nine months ended June 30, 2011 and 2010 the company recorded $2.7 million and $1.9 million respectively of stock based compensation expense.

Net loss for the first nine months of fiscal 2011 was $42.6 million or $0.36 per share compared with $17 million or $0.20 per share for the comparable period in fiscal 2010. As of June 30, 2011 we had total cash, cash equivalents and restricted investments in marketable securities of $93.5 million.

We are revising guidance with respect to total operating expenses in fiscal 2011. We expect operating expense to be between $67 million and $72 million.

As previously indicated we plan to provide more guidance on revenue, once the company has a more established run rate with respect to NUEDEXTA sales.

With that summary of our financial results I'd like to turn the call over to Randall. Randall?

Kaye Randall

Thanks Christine and good afternoon everyone. My comments today will focus on number of key medical and clinical affairs initiatives, first I'm delighted that NUEDEXTA will be back in the clinic shortly. The clinical trial we are embarking on is of investigations for the treatment of central neuropathic pain in patients with multiple sclerosis. The objectives of the prime study and this stands for pain research in multiple sclerosis or to evaluate the safety, tolerability and efficacy of three dose levels of AVP-923 for the treatment of central neuropathic pain in a population of patients with MS.

With no FDA approved therapies to treat central neuropathic pain in MS patients, this represents an area of high unmet medical need. The clinical research team has been working diligently to rapidly initiate this study. Activities, such as site selection, investigational drug packaging, and regulatory filings are all progressing well.

We are pleased and very encouraged by the high level of interests in the MS research community, and we're on track to enroll our first patient into the study during the fourth quarter of this calendar year.

Second, with respect to regulatory progress in Europe, we received notifications that NUEDEXTA was granted eligibility under optional scope of regulation, thus allowing us to file under a centralized procedure. Filing under the centralize procedure provides for a single coordinated review that is conducted by the European Medicines Agency, and results in an authorization decision, which is binding on all European Union members states. Centrally authorized products may be marketed in all of these member states.

Additionally, we've recently announced that we had met with the European Medicines Agency to discus our plans for filing for the approval of NUEDEXTA for the treatment of pseudobulbar affect.

Based on the outcome of the meeting, we plan to request an accelerated review process and to file for approval of NUEDEXTA using the data package which served as a basis for the US Food and Drug Administration approval of NUEDEXTA. The timing of the company's European filing is subject to reaching an agreement with EMA on a pediatric investigational plan for NUEDEXTA, which may occur before the end of the calendar year 2011.

Third, the prism patient registry is now operational and it's building a lot of interest in the medical community. We are beginning the process of registering sites and have already seen patients' data entered. There continues to be a lot of dialogue within the scientific medical community regarding NUEDEXTA and PBA.

This year there have been six publications related to PBA or NUEDEXTA appearing in preview journals. In addition, nine abstracts have been accepted for presentation at various national and international medical meetings, furthermore our continuing medical educational grants program continues to receive request for funding of local PBA educational programs.

Finally, I'd like to reinforce Keith's comments that we believe NUEDEXTA has tremendous potential in multiple CNS indications due to its unique mechanism of action. It is worth mentioning that we've had a high number of interactions with physicians who are interested in an investigator initiated studies. Our medical science liaisons team is working with a number of these doctors to identify and facilitate the submission of these very exciting proposals.

With that update on clinical research and medical affairs activities, I'd like to hand the call back over to Keith.

Keith Katkin

Thanks Randall. A few comments in closing before we open the call to questions. With momentum building on the uptake of NUEDEXTA, a high performing commercial team, and a clinical development team with a track record of proven success, our corporate priorities remain clear. First, the continued focus on a successful launch of NUEDEXTA and PBA. We are executing on key launch activities and have made significant progress in a short period of time. Performance metrics are moving in a very positive direction, our team is excited, and most importantly we are continuing to hear stories of how NUEDEXTA is positively impacting patient's lives.

Second, the enrollment of the first patient into the new clinical study for AVP-923 for the treatment of central neuropathic pain, which as Randall said we expect by the end of the calendar year.

And finally, with a positive outcome from our recent meeting with EMA advancing the European filing of NUEDEXTA in PBA. We believe, we're delivering on these imperatives will create substantial value for our shareholders.

With that summary of our business and financial update, I would now like to open the call for questions. Operator?

Question-and-Answer Session

Operator

(Operator Instructions) And the first question will come from Ritu Baral with Canaccord.

Ritu Baral – Canaccord Genuity

Hi, thanks for taking the question guys. Could you give us an update on what you're currently doing with co-pay assist programs and sampling?

Randall Kaye

Sure, since we have got Bill on the line, I will open that question over to Bill.

William Sibold

Great, Hi Ritu. So, first of all with the co-pay assistance plan, we have a plan in place for commercial paying patients that cap their pay at $30. So, that we support some for anything which is above that, as far as sampling going we're actively sampling, we think it's a very important part of the launch certainly it gives physicians and patients an opportunity to experience the product. And generally, in the time that we have the samples, two important things happens, the first is that we get to the titration phase. So after the first week, they start with one capsule, they start second capsule. And then the other thing is, we see that a lot of the patient tend to respond in that time, so they know whether they are responder or not.

Ritu Baral – Canaccord Genuity

And so, you've run metrics at this point on number of calls versus prescriptions written, do you have a number for the average number of calls needed until the average doctor administers first CNS LS test and number of calls until the first script is written approximately?

William Sibold

So, I'll take that one as well. So, first of all with the CNS LS, that is the instrument that's used and was validated and it's part of our clinical studies and it really depends on the physicians. Some of the physicians find it very helpful to screen using that instrument, others as they become comfortable with the diagnoses and treatment of PBA, may just include a couple of questions from the CNS LS to identify patients for treatment. So, measuring that one in particular Ritu, it's – to get a firm number of what percent of people using it etcetera is a little bit more of a challenge. But, we can't say that with the efforts that we have put in place, we're seeing much greater use of that. And frankly, we think it's very important, we've found that with the physicians that use the CNS LS, a couple of things always happen, they are tend to CPBA at a much higher prevalence and they may have initially thought and it really helps them identify the patients in which they will subsequently use the products in.

Now, as the far sensitivity to number of calls and where scripts are generated, again, it is, there is a wide range, there are physicians which on one call have used the product, and there are others where it's taken a little bit longer, but really the data as we've talked about in the call, we found that the physicians that have been called on 12 times or more, are three times more likely to write their first prescription of NUEDEXTA then those that it has been called on six times. So, as we continue to frequently calling these physicians, we'll more physicians that are crossing the various thresholds and we expect to see continued uptick.

Ritu Baral – Canaccord Genuity

Got it. And so, just to follow-up on that, do you have the figure for the average number of calls on the targeted physicians to date, I mean, how many times have the reps cycled through their lists eventually?

William Sibold

Look, we have a number of, how often they have done, so, look we're not sharing each of the individual stack at this point.

Ritu Baral – Canaccord Genuity

Sure. But so, final question, can you talk to sort of the breakout what you're seeing as far as diagnosis and awareness versus – in the different clinician types that you are targeting, are you seeing any trends amongst the neurologists versus the psychiatrists versus the PDMs.

William Sibold

Yeah, look we are – so our focus has really been calling specifically on neurology, psychiatry, and then obviously PM and our docs.

Ritu Baral – Canaccord Genuity

Yeah, sorry. Great.

William Sibold

And we are seeing that from a condition perspective, there is uptake across all the underlying condition, which is that certainly what we had anticipated and a certainly consistence with our label. So we are seeing it in all timers Alzheimer's, ALS, MS, stroke, TBI, other forms of dementia etcetera. So, it's reassuring that we're seeing what we had anticipated. s far as differentiation between them, look generally since we've talked about this thing as promotionally response as it is, the physicians that we are calling on and targeting tend to be the physicians that are riding the product.

Ritu Baral – Canaccord Genuity

Got it. Thanks.

Operator

The next question will come from Thomas Wei with Jefferies.

Thomas Wei – Jeffries

Thanks. I had a couple of questions. First I've done on the registry, well, I had missed a little bit what you had said there, where exactly are you in terms of enrollment and what are findings can you share with us in terms of, compliance or retention in patients based on the data from the registry?

William Sibold

Randall, you want to go ahead and take that one?

Randall Kaye

Sure, off to a very exciting start so far, pretty early we had launched it a couple of months ago, the PRISM registry is the snapshot registry, it doesn't follow patients over a period of time. It does a very quick assessment to determine what is the prevalence of PBA in the six core most commonly recognized underlying neurologic conditions. We are getting started on large of number of sites and selective in them, also starting to see patient enrollment and then probably on our – in one of our future conference calls, we'll give a little bit more detail of what additional information we have with regards to enrollments, but off to a very, very good start.

Thomas Wei – Jefferies

And then, I wanted to circle up on something that I had asked about last call that the NRx-TRx ratio, it s still looks very high, but I was wondering if there is any sort of context that you can give around that or how you think we should, how we should interpret those numbers?

Keith Katkin

Yeah, hi Thomas, it's Keith. Good to have you on the line today. Obviously, we know that refill rates are something that important to everyone. There's a number of different ways that you can look at refill rates, we actually looked at it in three different ways, if you look at the bottom end of the range would suggest a refill rate in the range of 40% to 50%. If you look at some of the other metrics, otherwise looking at refill, I would say that they fall in the 60% to 70% range. We actually think that the 60% to 70% range is likely truce. So to say because that's the IMS audit which tracks patients longitudinally overtime, we think that's likely the best way to look at refill rates.

Thomas Wei – Jefferies.

That's very helpful. And then, maybe just lastly you had talked a little bit about recently completed physicians survey where I think you had mentioned 80% of respondents said that they were going to increase their usage of NUEDEXTA, what else did you ask them in that survey, what other things it might be helpful there in terms of us gauging demand or growth potential in the product?

Unidentified Company Representative

Yeah, so this is a survey that's called an ATU survey, it's an awareness tracking and utilization survey. And we've been doing them for probably five years either on annual or an semi-annual basis, so we ask a whole host of questions in total, probably 50 or 60 different questions understand not only NUEDEXTA and intend to use NUEDEXTA, but also just understand perceptions of PBA estimates of numbers of patients, 50 doctors are seeing with the underlying neurologic conditions, a percent of patients with, they believe have PBA. And what's been interesting and also great to see as we've done these over the last five years. We constantly see a consistent result and a consistent outcome. So, we continue to see the doctors think that PBA is causes significant impairment for their patients. They believe that it occurs in about 10% to 20% of their patients. So, we're working with our sales force on having them recognize and it's even higher than the 10% to 20%.And then switching to NUEDEXTA, those that have used NUEDEXTA have an incredibly high satisfaction rating with NUEDEXTA. So, we are encouraged that as we see doctors start to use NUEDEXTA, see the success that they're having with their patients that they have a very high satisfactions growing with NUEDEXTA which is important especially early on in launch where we are right now.

Thomas Wei – Jefferies

And with 10% to 20% of patients having PBA and functionally and doctors telling you that it causes significant impairment, where is the disconnect between those types of numbers and that type of feedback versus the prescription, the absolute prescription numbers, what else does your survey tell you on that?

Keith Katkin

Sure. And I'll turn it over to Bill to add some color. I think from my vantage point as we look at it, if not necessarily disconnect, it's just a timing issue. And we've heard from doctors particularly neurologist all along and they are very conservative munch and that they like to try new products on a couple of patients. They like to understand the adverse event profile. They like to understand the efficacy and that overtime as they get comfortable with new products then they start to increase use and adoptions. So, really if you're looking on a curve of early adopters towards late adopters, neurologists and many that I have spoken would say, they tend to be more on the late adopter side. So, again, I don't view necessarily as a disconnect, but more everything that we're doing is just reinforcing that notion that the patients are out there when the neurologist screen for it, they're seeing the patients at a higher rate than they expect and when they use NUEDEXTA they have a very good experience, but I'll turn it over to Bill to add any additional color that you like to add to that.

William Sibold

No, I think that covers it. I mean, put in contexts, this is really our first full quarter of results takes time to educate the physicians. You heard from the data that we presented that frequency of calls on these physicians is very important. So, that's what takes time and it lead to a – we're really trying to change behavior in the practices. And, the physicians, PBA may not have been top of mind for them in the past. And as they have started to understand the burden of the illness and the frequency of it and really to the burden piece just have significant impact it can have on these patients lives. They're changing the way that they do things and that's why we really do like to see and consider the success when physicians do start formally screen either through a survey methodology of the CNS and Lability Scale or by incorporating question into their day-to-day routines. And that does take sometime, but I think that, I agree that there is no disconnect.

Operator

The next question will come from Carol Werther with Summer Street.

Carol Werther – Summer Street Research Partners

Thank you.

Keith Katkin

Hi, Carol.

Carol Werther – Summer Street Research Partners

Hi, I have few questions if you don't mind. First is have you encountered any safety issues since you've launched the product?

Keith Katkin

Randall?

Randall Kaye

That's a pretty bright question, Carol. But in general, we continue to do routine pharmacovigilance and nothing has reached the level that would require disclosure.

Carol Werther – Summer Street Research Partners

All right. Well, I kind of expected you say, you were seeing what was – within the label but I'm taking that your time you haven't seen anything unusual – really it's the drug/

Keith Katkin

I think that's correct, Carol. I think if anything we are seeing unusually low adverse event rates there. So, we have no cause or concern whatsoever we looking at our adverse event database.

Carol Werther – Summer Street Research Partners

Okay. And then where would you with the KOL speaker series?

Keith Katkin

On KOL speaker series, continuing to move that forward as we set our long that is a very important program for us, current time we have over 3,500 exposures through over 700 completed programs and over 200 physicians that are trained to speak out to their community colleague. So, it is and we'll continue to be an important portion of our marketing mix and we plan on continuing these programs well into 2012.

Carol Werther – Summer Street Research Partners

Okay. And in terms of your target audience of physicians, I guess, how far long are you in terms of penetration, if it might need as many as 12 visits to get people started, I mean, some of the doctors I've talked to like did just started prescribing and usually they'll do one of two patients and then see how they do. Can you comment on that?

Keith Katkin

Exactly. So you hit the nail on the head there, Carol, it relates to Thomas's question earlier in that neurologist tend to be more conservative, want to get that initial experience and also want to hear about the experience from their colleagues, which is like the speaker program is so important. So, as we said all along we've provided very board target lists to our field sales force about 200 physicians per territory. But here still early in the launch stage. They really focused on the doctors that they think have the greatest potential early on in launch as we continue to progress and move forward in the later months of launch, they will expand their breasts, but if you think about the data that Bill talked about earlier with doctors that have been called on 12 times or more verses doctors being called on six times being much more likely to write and writing on many more prescriptions that's the definite sign to us that we need to make sure that we stay focused on those doctors that we continue to see them, continue to talk about NUEDEXTA, continue to talk about PBA, so that we can move them along that adoption spectrum and move them to write their first prescription, because when they like their first prescription doctors tend to have extremely positive things to say about NUEDEXTA after that first prescription.

Carol Werther – Summer Street Research Partners

Okay, thanks. And lastly though, could you just – now you have a path forward in the EU, can you just talk a little bit about, how you are thinking about a potential partnership there?

Keith Katkin

Yeah, first and foremost our main focus is on the regulatory front. So, not much as our clinical and regulatory team had success here in the U.S., it's that same team with now the addition of doctors evolve separate, and that's going to continue with the European filing there. So that's the main objective for the company, as it related to any type XUS partnership, as we've said in the past, their certainly in X.U.S. partnerships but as we continue to hit these milestones like this positive EMA meeting, like agreeing on a pediatric investigation plan like ultimately filing with the EMA and then the final step obviously approval through each one of those different milestones, we think that the potential value of partnership increases. So, we are in certainly in no rush to do any type of X .US. partnership. We'll focus on getting NUEDEXTA approved in Europe and then opportunistic if you look at potential partnerships.

Carol Werther – Summer Street Research Partners

Thank you.

Keith Katkin

Sure. Thanks Carol.

Operator

Ladies and gentlemen at this time, I would like to turn the conference over to Mr. Clements for any closing remarks.

Ian Clements

Thanks very much. In closing, I'd like to thank you for joining us today and your continued interest in Avanir. And we look forward to providing updates to you on the progress we are making here at Avanir with upcoming conferences and on future calls.

If you have further questions or you'd like to discuss any portion of results today, you can call my direct line in the Investor Relations department, 949-389-6737. Thanks very much.

Operator

Ladies and gentlemen thank you for participating in today's conference call. You may now disconnect.

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