Avi Biopharma Inc - Current report filing (8-K)
March 03 2008 - 6:03AM
Edgar (US Regulatory)
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 25, 2008
AVI BioPharma, Inc.
(Exact name of registrant as specified in its charter)
Oregon
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001-14895
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93-0797222
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(State or other jurisdiction of
incorporation or organization)
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(Commission
File Number)
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(IRS Employer
Identification Number)
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One S.W. Columbia, Suite 1105
Portland, OR 97258
(Address of principal executive offices)
(503) 227-0554
Registrants telephone number, including area code
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
5.02.
Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On February 25, 2008,
after consideration of presentations and recommendations of management, the
Compensation Committee (the Committee) of AVI BioPharma, Inc. (Company)
took the following actions:
Fiscal 2007 Base Salaries.
The base salary levels, effective January 1, 2008,
of the persons who are anticipated to be the Companys named executive officers
for 2008 are as follows:
Name
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Title
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2007 Base
Salary
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2008 Base
Salary
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Alan P. Timmins
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President and Chief
Operating Officer
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$
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310,000
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$
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316,000
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Patrick L. Iversen, Ph.D.
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Senior Vice President of
Research and Development
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$
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260,000
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$
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265,000
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Dwight D. Weller, Ph.D.
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Senior Vice President of
Chemistry and Manufacturing
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$
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240,000
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$
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248,400
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Peter D. OHanley, Ph.D, M.D.,
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Senior Vice President of
Clinical Development and Regulatory Affairs
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$
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260,000
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$
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270,400
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|
|
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Mark M. Webber
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Chief Financial Officer
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$
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235,000
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$
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242,520
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2
2007
Cash Bonus
. The
following bonuses were established for persons who are anticipated to be among
the Companys named executive officers for 2008:
Name
|
|
Title
|
|
Bonus
|
|
Alan P. Timmins
|
|
President and Chief
Operating Officer
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|
$
|
43,500
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|
|
|
|
|
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Patrick L. Iversen, Ph.D.
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|
Senior Vice President of
Research and Development
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|
$
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27,700
|
|
|
|
|
|
|
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Dwight D. Weller, Ph.D.
|
|
Senior Vice President of
Chemistry and Manufacturing
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|
$
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30,000
|
|
|
|
|
|
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Peter D. OHanley, Ph.D., M.D.
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Senior Vice President of
Clinical Development and Regulatory Affairs
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$
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42,000
|
|
|
|
|
|
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Mark M. Webber
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|
Chief Financial Officer
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$
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27,500
|
|
|
|
|
|
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Stock Option Awards.
Incentive stock option for the purchase of the
Companys common stock were granted effective February 28, 2008 to the persons
who are anticipated to be among the named executive officers of the Company for
2008, pursuant to the Companys 2002 Equity Incentive Plan (the 2002 Plan) as
follows:
Name
|
|
Title
|
|
Shares Subject to
Option Grant
|
|
Alan P. Timmins
|
|
President and Chief
Operating Officer
|
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90,000
|
|
|
|
|
|
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Patrick L. Iversen, Ph.D.
|
|
Senior Vice President of
Research and Development
|
|
75,000
|
|
|
|
|
|
|
|
Dwight D. Weller, Ph.D.
|
|
Senior Vice President of
Chemistry and Manufacturing
|
|
75,000
|
|
|
|
|
|
|
|
Peter D. OHanley, Ph.D., M.D
|
|
Senior Vice President of
Clinical Development and Regulatory Affairs
|
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82,500
|
|
|
|
|
|
|
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Mark M. Webber
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Chief Financial Officer
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75,000
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The
stock options granted become exercisable starting twelve months after the grant
date, with one-third of the options becoming exercisable at that time and an
additional one-third of the options becoming exercisable on the second and
third anniversary dates of the option grant, respectively. The options are
subject to the terms of the 2002 Plan and the individual award agreements.
The exercise price per share of the shares subject to the option grants is $1.39,
the reported closing price on the Nasdaq Stock Market on February 28, 2008
(the grant date).
3
Item
7.01 Regulation FD Disclosure
The information set forth
above is incorporated by reference herein.
Item
8.01 Other Events
The information set forth
above is incorporated by reference herein.
4
SIGNATURES
Pursuant to the
requirements of Section 13 or 15(d) of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Portland,
State of Oregon, on February 29, 2008.
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AVI
BioPharma, Inc.
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By:
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/s/ ALAN P. TIMMINS
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Alan P. Timmins
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President
and Chief Operating
Officer
(Principal Operating Officer)
|
5
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