AVI BioPharma, Inc. to Raise $20.3 Million in Registered Direct Offering
December 13 2007 - 8:52AM
Business Wire
AVI BioPharma, Inc. (NASDAQ:AVII) has obtained commitments to
purchase 10,696,616 shares of its common stock at a price per share
of $1.90 pursuant to a registered direct offering to a select group
of institutional investors, representing gross proceeds of
approximately $20.3 million. Investors will also receive warrants
to purchase 5,348,308 shares of AVI BioPharma, Inc.�s common stock.
The warrants have an exercise price of $2.45 per share and are
exercisable at any time after the six-month anniversary of the
closing of the transaction and before the fifth anniversary of the
closing of the transaction. The closing of the offering is expected
to take place on December 18, 2007, subject to the satisfaction of
customary closing conditions. AVI BioPharma, Inc. plans to use the
net proceeds from the offering to fund clinical trials for its lead
product candidates, to fund the advancement of its pre-clinical
programs, and for other research and development and general
corporate purposes. The shares and warrants are being offered by
AVI BioPharma, Inc. pursuant to an effective shelf registration
statement filed with the Securities and Exchange Commission dated
November 22, 2006. Citigroup Global Markets Inc. acted as the lead
placement agent and Oppenheimer & Co. Inc. and Maxim Group, LLC
acted as co-placement agents for the transaction. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The shares of
common stock may only be offered by means of a prospectus. Copies
of the final prospectus supplement and accompanying base prospectus
can be obtained from the SEC�s website at http://www.sec.gov or
from Citigroup Global Markets Inc., 388 Greenwich Street, New York,
New York 10013; 800-831-9146. About AVI BioPharma AVI BioPharma
develops therapeutic products for the treatment of life-threatening
diseases using third-generation NeuGene antisense drugs and ESPRIT
exon skipping technology. AVI�s ESPRIT technology is initially
being applied to potential treatments for Duchenne muscular
dystrophy. AVI�s NeuGene compounds are also designed to treat
cardiovascular restenosis, and aid in Coronary Artery Bypass Graft
(CABG) procedures. In addition to targeting specific genes in the
body, AVI�s antiviral program uses NeuGene antisense compounds to
combat disease by targeting single-stranded RNA viruses, including
Marburg virus, Ebola Zaire virus, and H5N1 avian influenza virus.
More information about AVI is available on the company�s Web site
at www.avibio.com. �Safe Harbor� Statement under the Private
Securities Litigation Reform Act 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 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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