Re: Conference Call

I have to admit I was expecting a lot more selling on the news since the stock had such a great run-up on the rummors. Does this mean that those long on the stock are really in for the long term and not in it for a quick buck? Is this stock is attracting a lot more Fundamentalists and fewer Techies? Or is the science and management so convincing that everyone expects to get off at >$100/share?

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AVANIR Pharmaceuticals Receives $5 Million Milestone Payment

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AVANIR Pharmaceuticals Receives $5 Million Milestone Payment From GlaxoSmithKline for ABREVA(TM) Licensing Comments on Revenue Growth Target for 2001 SAN DIEGO, Sept. 19 /PRNewswire/ -- AVANIR Pharmaceuticals (Amex: AVN - news) today announced the receipt of a $5 million dollar licensing milestone payment from GlaxoSmithKline Consumer Healthcare, the consumer product division of GlaxoSmithKline (NYSE: GSK - news). GlaxoSmithKline is AVANIR's marketing partner in North America for ABREVA(TM), the first cold sore product approved by the U.S. Food and Drug Administration available to consumers without prescription. Under the terms of the license agreement with GlaxoSmithKline, AVANIR receives up to $25 million in licensing fees plus royalties on sales. This payment brings total milestone payments received to date to $20 million, with the final $5 million expected in the fourth quarter of 2001. ``ABREVA has become a leading treatment for cold sores in the short time it has been available in the market,'' said President and Chief Executive Officer Gerald J. Yakatan, Ph.D. ``Pairing our licensing fees with increasing royalties from the successful marketing of ABREVA in North America, we expect to generate revenue growth of approximately 30% for fiscal 2001. The revenue generated from ABREVA licensing is in turn reinvested to help fund both our projects in clinical trials and our pre-clinical research.'' Opportunities for future revenue growth beyond fiscal 2001 are expected to come from the international licensing and registration of docosanol in Europe and Asia, research collaborations in other business areas, and the development of additional products in the development pipeline. AVANIR's objective is to have sufficient resources to achieve positive, sustained cash flow from operations by 2005. ABREVA, AVANIR's lead product, first became available for sale in late 2000. By March of 2001, ABREVA had become the largest selling consumer healthcare product for the treatment of cold sores. In clinical trials, ABREVA was shown to cut healing time in half when compared to a cold sore left untreated. Stress, sunlight, extreme weather temperatures, fatigue, colds, and flu are among common cold sore triggers for the estimated 40% of the U.S. population that suffers from cold sores.

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