AVI BioPharma Discloses New Contract With U.S. Government for Potential Funding of up to $291 Million to Advance Development of
July 16 2010 - 7:45AM
Marketwired
AVI BioPharma, Inc. (NASDAQ: AVII), a developer of RNA-based
therapeutics, yesterday filed a current report on Form 8-K with the
U.S. Securities and Exchange Commission providing the following
disclosure:
On July 14, 2010, AVI BioPharma, Inc. (the "Company") was
awarded a new contract with the U.S. Department of Defense Chemical
and Biological Defense Program through the U.S. Army Space and
Missile Defense Command for the advanced development of the
Company's hemorrhagic fever virus therapeutic candidates, AVI-6002
and AVI-6003, for Ebola and Marburg viruses, respectively. The
contract is funded as part of the Transformational Medical
Technologies (TMT) program, which was pioneered to develop
innovative platform-based solutions countering biological
threats.
The contract is structured into four segments with potential
funding of up to approximately $291 million. Activity under the
first segment is to begin immediately and provides for funding to
the Company of up to approximately $80 million. After completion of
the first segment, and each successive segment, TMT has the option
to proceed to the next segment for either or both AVI-6002 and
AVI-6003. If TMT exercises its options for all four segments,
contract activities would include all clinical and licensure
activities necessary to obtain FDA regulatory approval of each
therapeutic candidate and would provide for a total funding award
to the Company of up to approximately $291 million.
The contract was granted in response to proposals the Company
submitted to a Request for Proposal (RFP) issued in November 2009
and initially submitted by the Company in February 2010. Under an
earlier contract the Company completed development activities that
culminated in the opening of Investigational New Drug (IND)
applications for both AVI-6002 and AVI-6003.
AVI-6002 and AVI-6003 are RNA-based therapeutic candidates from
the Company's anti-infective portfolio and use AVI's proprietary
PMOplus™ chemistry.
About the Transformational Medical Technologies
(TMT) Program
The TMT program was created by the DoD to protect the Warfighter
from emerging and genetically altered biological threats by
discovering and developing a wide range of medical countermeasures
through enhanced medical research, development, test and evaluation
programs. The TMT Program Office is matrixed from the Joint Science
and Technology Office -- DTRA and Joint Program Executive Office --
Chemical and Biological Defense, with oversight from the Office of
the Secretary of Defense. For more information on TMT, visit
http://www.tmti-cbdefense.org.
About AVI BioPharma
AVI BioPharma is focused on the discovery and development of
novel RNA-based therapeutics for rare and infectious diseases, as
well as other select disease targets. Applying pioneering
technologies developed and optimized by AVI, we are able to target
a broad range of diseases and disorders through distinct RNA-based
mechanisms of action. Unlike other RNA-based approaches, our
technologies can be used to directly target both messenger RNA
(mRNA) and precursor messenger RNA (pre-mRNA) to either
down-regulate (inhibit) or up-regulate (promote) the expression of
targeted genes or proteins. By leveraging our highly differentiated
RNA antisense-based technology platform, we have built a pipeline
of potentially transformative therapeutic agents, including a
clinical stage Duchenne muscular dystrophy candidate and
anti-infective candidates for influenza and hemorrhagic fever
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.
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