U.S. Senate Committee on Appropriations Directs $10 Million For Defense-Related Research to AVI BioPharma
PORTLAND, Ore. — June 24, 2004 — AVI BioPharma, Inc. (Nasdaq: AVII), today announced that the U.S. Senate Committee on Appropriations has approved $10 million in funding for two AVI infectious disease projects, as a portion of the minimum $103.5 million in total funding for defense-related projects in Oregon for the 2005 fiscal year. AVI is designated to receive $6 million for the development of technology to test for and find therapeutic agents for viruses, including Ebola and Marburg viruses, as well as an additional $4 million specifically targeted for anthrax and ricin toxins.
“Our previous experience using our proprietary NeuGene® antisense technology to develop drugs against viruses provides a solid framework for developing therapeutic agents against these potential bioterror agents”, said Alan P. Timmins, president and COO of AVI. “In addition, we feel these appropriations are a credit to our Oregon Senators, Ron Wyden and Gordon Smith, and their diligence and dedication to funding bioterrorism defense, creating jobs and supporting biomedical research in the state of Oregon. This funding is truly an example of bipartisan teamwork at its best.”
Through these awards, AVI will leverage its antisense antiviral work and its collaboration with the U.S. Army Medical Research Institute of Infectious Diseases to promote survival and favorable clinical outcomes following exposure to these toxins. These funds are now included in the government’s fiscal year 2005 defense spending bill, which must now be approved by the full Senate. The company anticipates that the research for the Ebola/Marburg project and the anthrax/ricin project may take up to three years each with the company positioned to receive additional $10 million allocations in fiscal years 2006 and 2007, but government appropriations beyond the initial $10 million for fiscal year 2005 would depend upon ongoing successes and future legislative actions.
AVI believes its NeuGene antisense “rapid response therapeutics” have a significant role to play in the future of bioterrorism defense. NeuGene compounds are synthetic compounds that mirror a critical portion of a disease-causing organism’s genetic code, which bind to specific portions of the target genetic sequence. Like a key in a lock, NeuGene antisense compounds are designed to match up perfectly with a specific gene or viral sequence, blocking the function of the target gene or virus.
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.