AVI BioPharma, Inc. to Raise $16.5 Million in Registered Direct Offering
January 30 2009 - 9:20AM
Marketwired
AVI BioPharma, Inc. (NASDAQ: AVII), a developer of RNA-based drugs,
has obtained commitments to purchase 14,224,203 shares of its
common stock at a price per share of $1.16 pursuant to a registered
direct offering to a select group of institutional investors,
representing gross proceeds of approximately $16.5 million.
Eastbourne Capital Management, LLC is the lead investor in the
financing.
Investors will also receive warrants to purchase 14,224,203
shares of AVI BioPharma, Inc.'s common stock. The warrants have an
exercise price of $1.16 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 such initial exercise date. The
closing of the offering is expected to take place on January 30,
2009, 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.
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman
& Renshaw Capital Group, Inc. (NASDAQ: RODM), acted as the
placement agent 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 Rodman & Renshaw, LLC at
212-536-0550.
About AVI BioPharma
AVI BioPharma is focused on the discovery and development of
RNA-based drugs utilizing proprietary derivatives of its antisense
chemistry (morpholino-modified phosphorodiamidate oligomers or
PMOs) that can be applied to a wide range of diseases and genetic
disorders through several distinct mechanisms of action. Unlike
other RNA-based therapeutic approaches, AVI's antisense technology
has been used to directly target both messenger RNA (mRNA) and its
precursor (pre-mRNA), allowing for both up- and down-regulation of
targeted genes and proteins. AVI's RNA-based drug programs are
being evaluated for the treatment of Duchenne muscular dystrophy as
well as for the treatment of cardiovascular restenosis through our
partner Global Therapeutics, a Cook Group Company. AVI's antiviral
programs have demonstrated promising outcomes in Ebola Zaire and
Marburg Musoke virus infections and may prove applicable to other
viral targets such as HCV or Dengue viruses. For more information,
visit 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.
AVI Press and Investor Contact: Julie Rathbun Investor Relations
(541) 224-2575 Investorrelations@avibio.com
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