AVI BioPharma Announces Exercise of Warrants
PORTLAND, Ore. - Jan. 27, 2004 - AVI BioPharma, Inc. (Nasdaq: AVII), today announced that several institutional investors had exercised warrants for the purchase of 1,623,377 shares of its common stock at $4.62 per share for gross proceeds to the company of $7.5 million. The warrants had been issued pursuant to a direct equity placement of the Company's common stock in December 2003 under the Company's effective shelf registration. The proceeds of the warrant exercise will be used to fund AVI's operations and ongoing clinical programs.
The investors will receive new five-year warrants to purchase 389,611 shares of common stock at an exercise price of $5.50 per share. Rodman & Renshaw, Inc., acted as the exclusive placement agent on the transaction.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About AVI BioPharma
AVI BioPharma develops therapeutic products for the treatment of life-threatening diseases using two technology platforms: third-generation NeuGene® antisense drugs and cancer immunotherapy. AVI's lead NeuGene antisense compound is designed to target cell proliferation disorders, including cardiovascular restenosis, cancer and polycystic kidney disease. In addition to targeting specific genes in the body, AVI's antiviral program uses NeuGene antisense compounds to target single-stranded RNA viruses, including West Nile virus, SARS coronavirus, calicivirus and hepatitis C. AVI's second technology, Avicine®, is a therapeutic cancer vaccine with late-stage trials planned for the treatment of pancreatic 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.