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 *

Hudson Leslie 		2. Issuer Name and Ticker or Trading Symbol

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

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

3450 MONTE VILLA PARKWAY, SUITE 101 		3. Date of Earliest Transaction (MM/DD/YYYY)

7/6/2010
(Street)

BOTHELL, WA 98021
(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   7/6/2010     M (1)    21089   A $0.92   405648   D    
Common Stock   7/6/2010     S (1)    5930   D $1.55   399718   D    
Common Stock   7/6/2010     S (1)    2070   D $1.54   397648   D    
Common Stock   7/6/2010     S (1)    4800   D $1.49   392848   D    
Common Stock   7/6/2010     S (1)    8289   D $1.56   384559   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)   $0.92   7/6/2010     M   (1)       21089    2/10/2010   (2) 2/10/2019   Common Stock   21089   $0   200000   D    
Incentive Stock Option (right to buy)   $1.09                    2/8/2009   (3) 2/8/2018   Common Stock   366972     366972   D    
Incentive Stock Option (right to buy)   $1.45                    2/9/2011   (4) 2/9/2020   Common Stock   68965     68965   D    
Non-Qualified Stock Option (right to buy)   $1.09                    2/8/2009   (4) 2/8/2018   Common Stock   300028     300028   D    
Non-Qualified Stock Option (right to buy)   $1.45                    2/9/2011   (4) 2/9/2020   Common Stock   531035     531035   D    

Explanation of Responses:
( 1)  This transaction was a Same Day Sale. The optionholder exercised 21,089 non-qualified options and the shares were sold on the same day.
( 2)  The original 333,000 option grant vested 1/3 each year over 3 years. On 4/20/2010, the option had 116,667 fully vested shares and the Company approved a vesting acceleration of the remaining 233,333 shares.
( 3)  Option Grant vests 25% per year on grant date with all shares vesting four years from date of grant.
( 4)  The Stock Option Grant vest as follows: 1/3 vest one year from date of grant and 1/3 each year thereafter until all shares vest three years from grant date.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Hudson Leslie
3450 MONTE VILLA PARKWAY, SUITE 101
BOTHELL, WA 98021

Former CEO Former CEO

Signatures
By: Melinda Miles For: Dr. Leslie Hudson 7/7/2010
** 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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