U.S. Senate Committee on Appropriations Directs $10 Million For Defense-Related Research to AVI BioPharma.PORTLAND, Ore. -- AVI BioPharma, Inc. (Nasdaq:AVII), today announced that the U.S. Senate Committee on Appropriations has approved $10 million in funding for two 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. infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. projects, as a portion of the minimum $103.5 million in total funding for defense-related projects in Oregon for the 2005 fiscal year. AVI is designated to receive $6 million for the development of technology to test for and find therapeutic agents for viruses, including Ebola and Marburg viruses, as well as an additional $4 million specifically targeted for anthrax and ricin toxins. "Our previous experience using our proprietary 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). technology to develop drugs against viruses provides a solid framework for developing therapeutic agents against these potential bioterror agents," said Alan P. Timmins, president and COO of AVI. "In addition, we feel these appropriations are a credit to our Oregon Senators, Ron Wyden and Gordon Smith, and their diligence and dedication to funding bioterrorism defense, creating jobs and supporting biomedical research in the state of Oregon. This funding is truly an example of bipartisan teamwork at its best." Through these awards, AVI will leverage its antisense antiviral work and its collaboration with the U.S. Army Medical Research Institute of Infectious Diseases to promote survival and favorable clinical outcomes following exposure to these toxins. These funds are now included in the government's fiscal year 2005 defense spending bill, which must now be approved by the full Senate. The company anticipates that the research for the Ebola/Marburg project and the anthrax/ricin project may take up to three years each with the company positioned to receive additional $10 million allocations in fiscal years 2006 and 2007, but government appropriations beyond the initial $10 million for fiscal year 2005 would depend upon ongoing successes and future legislative actions. AVI believes its NEUGENE antisense "rapid response therapeutics" have a significant role to play in the future of bioterrorism defense. NEUGENE compounds are synthetic compounds that mirror a critical portion of a disease-causing organism's genetic code, which bind to specific portions of the target genetic sequence. Like a key in a lock, NEUGENE antisense compounds are designed to match up perfectly with a specific gene or viral sequence, blocking the function of the target gene or virus. About AVI BioPharma AVI BioPharma develops therapeutic products for the treatment of life-threatening diseases using two technology platforms: third-generation NEUGENE 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 RNA viruses, n See 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, calicivirus and hepatitis C Hepatitis C Definition Hepatitis C is a form of liver inflammation that causes primarily a long-lasting (chronic) disease. Acute (newly developed) hepatitis C is rarely observed as the early disease is generally quite mild. . AVI's second technology, AVICINE(R), is a therapeutic cancer vaccine with late-stage trials planned for the treatment of pancreatic cancer pancreatic cancer Malignant tumour of the pancreas. Risk factors include smoking, a diet high in fat, exposure to certain industrial products, and diseases such as diabetes and chronic pancreatitis. Pancreatic cancer is more common in men. . More information about AVI is available on the company's Web site 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 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion