Rochester, NY 8/22/2009 7:22:27 AM
AVI BioPharma, Inc. AVII , AVI BioPharma, Inc. (NASD ADF) Announces pricing of free contribution Common Stock and Warrants
AVI BioPharma, Inc. AVII
AVI BioPharma, Inc. announced the price of the public offering of 21,126,761 shares of common stock and warrants to purchase an additional 8,450,704 shares of common stock at a price to the public of $1.42 per unit. Each unit consists of one share of common stock and a warrant to purchase 0.40 of a share of common stock.
The shares of common stock and warrants are immediately separable and will be issued separately. The warrants have an exercise price of $1.78 per share of common stock, have a term of five years, and are exercisable starting with the date that is six months from the date of the closing of the offering.
In addition, AVI BioPharma has granted the underwriters a 30-day option to purchase up to an additional 3,169,014 units, consisting of 3,169,014 shares of common stock and warrants to purchase 1,267,606 shares of common stock, to cover over-allotments, if any. Jefferies &Company, Inc. is acting as sole book-running manager in this offering. AVI BioPharma expects the offering to close on or about August 25, 2009. Assuming no exercise of the underwriters' over-allotment option, AVI BioPharma expects to receive gross proceeds from the offering of approximately $30 million.
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