Avanir continues rising while Russell sags
April 19 (SmallCapInvestor.com) – Shares of Aliso Viejo, Calif.-based Avanir Pharmaceuticals (Nasdaq: AVNR) are continuing their positive momentum from Wednesday, when the stock price nearly tripled on news the drug Zenvia decreases the nerve pain experienced by diabetics. At 9:50 a.m. ET shares were up $0.92, or 17.70%, to $6.11 in heavy trading.
Meanwhile, the Russell 2000 was down 6.22 points, or 0.75 percent, to 818.16.
A Phase III clinical trial showed that patients with diabetic neuropathic pain treated with the drug reported significantly less pain over 90 days when compared to patients given a placebo. Both groups were asked to rate their pain daily by making journal entries. Avenir said on Wednesday that it sees potential in the underserved diabetic pain market and will continue developing the drug Zenvia.
In October 2006 the U.S. Food and Drug Administration declined approval of the drug, asking instead for more data. In February 2007, Avanir was asked to hold a new clinical trial to test a modified form of Zenvia, and a month later the company announced it’s exiting one of its facilities to save money for trials of Zenvia.
