AVI BioPharma Announces $24 Million Direct Equity Placement.PORTLAND, Ore. -- AVI BioPharma, Inc. (Nasdaq:AVII), today announced that it has entered into definitive agreements with several institutional investors for the purchase of 8 million shares of its common stock at $3.00 per share in a direct equity placement for gross proceeds to the company of $24 million. Investors also will receive four-year warrants to purchase 1.6 million shares of common stock at an exercise price of $5.00 per share. The securities are being sold pursuant to the company's effective shelf registration statement. Rodman & Renshaw, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , acted as the exclusive placement agent on the transaction. The proceeds of the financing will be used to fund AVI's operations and ongoing clinical programs. 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. is a biopharmaceutical company developing therapies for the treatment of life-threatening diseases, including cardiovascular diseases, infectious diseases and cancer. "We are pleased to complete this financing in today's volatile market," said Denis Denis, king of Portugal: see Diniz. R. Burger, Ph.D., chief executive officer at AVI. "This transaction will allow us to remain fully focused on our clinical programs and progress in the lab." This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. About AVI BioPharma AVI BioPharma develops therapeutic products for the treatment of life-threatening diseases using two technology platforms: third-generation NEUGENE(R) antisense drugs and cancer immunotherapy. AVI's lead NEUGENE antisense compound is designed to target cell proliferation disorders, including cardiovascular restenosis, cancer and polycystic kidney disease Polycystic Kidney Disease Definition Polycystic kidney disease (PKD) is one of the most common of all life-threatening human genetic disorders. . In addition to targeting specific genes in the body, AVI's antiviral program uses NEUGENE antisense compounds to target single-stranded RNA viruses, including West Nile virus West Nile virus, microorganism and the infection resulting from it, which typically produces no symptoms or a flulike condition. The virus is a flavivirus and is related to a number of viruses that cause encephalitis. , SARS coronavirus, hepatitis C virus
"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 preclinical 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 company's Securities and Exchange Commission filings. |
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