PORTLAND, Ore.--(BUSINESS WIRE)--May 5, 2006--AVI BioPharma, Inc. (Nasdaq:AVII - News) today reported financial results for the three months ended March 31, 2006. For the first quarter of 2006, AVI reported a net loss of $9.1 million, or $0.18 per share, compared with a net loss of $5.5 million, or $0.13 per share, for the first quarter of 2005. Results for the first quarter of 2006 include stock-based compensation expenses of approximately $1.9 million, of which approximately $1.1 million was upon adoption of SFAS 123R and approximately $830,000 related to the acceleration of the vesting of certain stock options. Results for the first quarter of 2005 do not include SFAS 123R compensation expenses since the adoption occurred at the beginning of January 1, 2006. Revenues for the first quarter of 2006 were $66,000, compared with $45,000 for the first quarter of 2005, reflecting higher grant revenues.
