AVI BioPharma, Inc. Raises $20 Million.Health/Medical/Business Writers PORTLAND, Ore.--(BW HealthWire)--Aug. 2, 2000 AVI BioPharma, Inc. (Nasdaq:AVII), (Nasdaq:AVIIW), (Nasdaq:AVIIZ) today announced the completion of a secondary public offering of 3 million shares of Common Stock at a price of $7.25 per share, with net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the Company of approximately $20 million. The shares were offered by an underwriting group led by Paulson Investment Company, Inc., I-Bankers Securities, Inc., and First Colonial Securities Group, Inc. With the offering, AVI BioPharma now has 21.4 million shares outstanding. "With the addition of $20 million in cash to our existing capital resources, several key collaborative partners in place, and a promising proprietary product portfolio, we're well positioned to advance both of our platform technologies: cancer immunotherapy and NEUGENE(R) antisense antisense, DNA or RNA manipulated in a laboratory so that its components (nucleotides) form a complementary copy of normal, or "sense," messenger RNA (mRNA; see nucleic acid). drugs," said Denis Denis, king of Portugal: see Diniz. R. Burger, Ph.D., Chief Executive Officer of AVI (Audio Video Interleaved) A Windows multimedia video format from Microsoft. It interleaves standard waveform audio and digital video frames (bitmaps) to provide reduced animation at 15 fps at 160x120x8 resolution. Audio is 11,025Hz, 8-bit samples. . "AVICINE, our cancer vaccine for colorectal cancer colorectal cancer Malignant tumour of the large intestine (colon) or rectum. Risk factors include age (after age 50), family history of colorectal cancer, chronic inflammatory bowel diseases, benign polyps, physical inactivity, and a diet high in fat. , has finished five clinical trials and is headed for Phase III clinical trials this year. Our NEUGENE antisense compound, Resten-NG for cardiovascular restenosis, is in Phase II trials, and three additional antisense clinical programs will be underway by year end." AVI BioPharma develops therapeutic products for the treatment of life-threatening diseases using two technology platforms: cancer immunotherapy and gene-targeted drugs. Its lead clinical agent, AVICINE, is in a Phase II trial in pancreatic cancer and will soon enter a Phase III pivotal trial in colorectal cancer and a Phase II trial in prostate cancer. AVI has begun clinical trials of Resten-NG in cardiovascular restenosis, the first application of its novel third-generation NEUGENE antisense technology. Resten-NG is designed to treat cardiovascular restenosis, cancer, and other cell proliferation disorders by inhibiting the production of a cellular transcription factor, the oncogene oncogene Gene that can cause cancer. It is a sequence of DNA that has been altered or mutated from its original form, the proto-oncogene (see mutation). Proto-oncogenes promote the specialization and division of normal cells. c-myc. More information about AVI is available at http://www.avibio.com. "Safe Harbor" Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties including, but not limited to, the results of research and development efforts, the results of pre-clinical and clinical testing, the effect of regulation by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. and other agencies, the impact of competitive products, product development, commercialization and technological difficulties, and other risks detailed in the Companies' Securities and Exchange Commission filings. |
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