Rochester, NY 8/28/2009 9:15:46 AM
AVI BioPharma Focused on the discovery and develop of drug utilizing proprietary derivatives of antisence
AVI BioPharma, Inc. AVII
AVI BioPharma, Inc.today announced the closing of the public offering of 24,295,775 shares of common stock and warrants to purchase an additional 9,718,310 shares of common stock for gross proceeds of approximately $34.5 million. AVI BioPharma sold the shares and warrants for a price 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 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. Jefferies & Company, Inc. acted as sole book-running manager in this offering. The co-manager in this offering was Securities. AVI BioPharma is focused on the discovery and development of RNA-based drugs utilizing proprietary derivatives of its antisense chemistry that can be applied to a wide range of diseases and genetic disorders through several distinct mechanisms of action.
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