Avi Biopharma Inc - Current report filing (8-K)
June 12 2008 - 3:36PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
June 5, 2008
AVI BioPharma, Inc.
(Exact name of Company as specified in its charter)
Oregon
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0-14895
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93-0797222
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(State or other
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(Commission File No.)
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(I.R.S. Employer
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jurisdiction of
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Identification No.)
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incorporation)
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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
Not Applicable
(Former name or former address, if changed since last report.)
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
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Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Item
7.01 Regulation FD Disclosure.
On June 10, 2008,
AVI BioPharma, Inc. (the Company) announced it has implemented a reduction
in force, which was effected June 5, 2008, and as a result the Companys
staff was reduced by approximately 16 percent. The Company currently estimates
the total costs associated with the reduction in force to be comprised of
severance costs and equal to approximately $100,000. The Company believes that
the reduction in force will save an estimated $0.88 million in 2008 and,
combined with selective re-hiring, an additional $1.6 million in 2009.
On that same date, the Company
announced it has decided to discontinue its clinical trial to assess the safety
and efficacy of AVI5126 in reducing clinicallysignificant graft failure in
coronary artery bypass grafting (CABG).
A copy of the press
release announcing the foregoing developments is furnished as Exhibit 99.1
to this Current Report on Form 8-K and incorporated by reference herein.
In accordance with General Instruction B.2 of Form 8-K, Exhibit 99.1
hereto shall not be deemed to be filed for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise
subject to the liabilities of that section, and shall not be incorporated by
reference into any registration statement or other document filed under the
Securities Act or the Exchange Act, except as shall be expressly set forth by
specific reference in such filing.
At the investor call held
on June 11, the Company stated that, as a result of the actions described
above, the Companys 2008 net burn rate is expected to be approximately $12 to
$16 million rather than the previously provided guidance of 2008 net burn rate
of $16 to $19 million.
Item
9.01 Financial Statements and
Exhibits.
(d)
Exhibits
The following exhibits are filed herewith:
99.1
Press Release
dated June 10, 2008.
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 June 12, 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)
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Exhibit Index
Exhibit
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Description
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Exhibit 99.1
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Press Release dated
June 10, 2008.
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