Avanir Pharmaceuticals Inc., an Aliso Viejo drug developer, said Monday it has regained compliance with Nasdaq listing requirements.
The drug maker said a $40 million sale of shares to investors two weeks ago allowed it to become compliant with the exchange’s requirements.
Nasdaq officials in late March sent Avanir a notice saying the market value of its stock had been below the exchange’s $50 million minimum for 10 straight days.
Avanir is using the money raised to complete a clinical trial of its Zenvia drug candidate for treating involuntary emotional expression disorder, which is marked by bouts of uncontrollable laughing or crying.
The company, which moved to Orange County from San Diego in 2006, expects results of the Zenvia trial in this year’s second half.
The company plans to send a complete response to the Food and Drug Administration, which had raised some safety concerns about an ingredient in Zenvia, in the first half of 2010.
