FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

FORREST K MICHAEL 		2. Issuer Name and Ticker or Trading Symbol

AVI BIOPHARMA INC [ AVII ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Outside Director
(Last)          (First)          (Middle)

ONE SW COLUMBIA, SUITE 1105 		3. Date of Earliest Transaction (MM/DD/YYYY)

5/20/2008
(Street)

PORTLAND, OR 97258
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock                  10000   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy)   $1.55   5/20/2008     A     20000       6/20/2008   (1) 5/20/2018   Common Stock   20000     (2) 20000   D    
Incentive Stock Option (right to buy)   $2.45                   4/27/2007   (1) 3/27/2017   Common Stock   81632     81632   D    
Non-Qualified Stock Option (right to buy)   $2.24                   6/15/2005   (1) 5/18/2015   Common Stock   10000     10000   D    
Non-Qualified Stock Option (right to buy)   $2.45                   4/27/2007   (1) 3/27/2017   Common Stock   218368     218368   D    
Non-Qualified Stock Option (right to buy)   $2.64                   3/4/2006   (3) 3/4/2015   Common Stock   33000     33000   D    
Non-Qualified Stock Option (right to buy)   $4.64                   6/24/2006   (1) 5/24/2016   Common Stock   10000     10000   D    

Explanation of Responses:
( 1)  Option Grant vests monthly until all shares are vested one year from date of grant.
( 2)  Price not required on initial report of stock option granted.
( 3)  Vesting: 25% of the shares vest each year from the date of grant with all shares vesting in four years.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
FORREST K MICHAEL
ONE SW COLUMBIA, SUITE 1105
PORTLAND, OR 97258 		X
Outside Director

Signatures
By: Mark M Webber, Attorney-in-fact For: K Michael Forrest 5/21/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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