AVI BioPharma Added to Russell 3000 Index
PORTLAND, Ore. - July 1, 2003 - AVI BioPharma, Inc. (Nasdaq: AVII, AVIIW, AVIIZ) today announced that it has been added to the Russell 3000 Index, which measures performance of the 3,000 largest publicly held U.S. companies based on their market capitalization. AVI's addition to the index takes effect today and will remain in place for the next 12 months. According to the Frank Russell Co., more than $214 billion is invested in funds modeling Russell's U.S. indexes.
"Building upon our recent research and clinical successes, AVI's addition to the Russell 3000 Index is testimony to the strength of our company as well as the potential of our antisense technology," said Denis R. Burger, Ph.D., chief executive officer at AVI. "Achieving this milestone underscores the growing recognition and visibility that AVI BioPharma is experiencing with the investment community."
About AVI BioPharma
AVI BioPharma develops therapeutic products for the treatment of life-threatening diseases using two technology platforms: NEUGENE antisense drugs and cancer immunotherapy. Its lead cancer agent, AVICINE®, a therapeutic cancer vaccine, has completed three Phase II trials in colorectal and pancreatic cancer, and the company plans to initiate a Phase III pivotal trial in pancreatic cancer, with a supporting study in colorectal cancer. The first application of its NeuGene compounds, Resten-NG™, is designed to treat cancer, cardiovascular restenosis and other cell proliferation disorders by inhibiting the production of a cellular transcription factor, the oncogene c-myc. The company is currently in a Phase II trial for restenosis. AVI has completed four Phase I NEUGENE antisense studies that successfully down-regulated the liver enzyme cytochrome P-450 and modified drug metabolism, a Phase Ib trial in polycystic kidney disease and a Phase Ib trial in cancer. More information about AVI is available on the Company's Web site at http://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.