PORTLAND, Ore.--(BUSINESS WIRE)--AVI BioPharma, Inc. (NASDAQ:AVII) has obtained commitments to purchase 10,696,616 shares of its common stock at a price per share of $1.90 pursuant to a registered direct offering to a select group of institutional investors, representing gross proceeds of approximately $20.3 million. Investors will also receive warrants to purchase 5,348,308 shares of AVI BioPharma, Inc.’s common stock. The warrants have an exercise price of $2.45 per share and are exercisable at any time after the six-month anniversary of the closing of the transaction and before the fifth anniversary of the closing of the transaction. The closing of the offering is expected to take place on December 18, 2007, subject to the satisfaction of customary closing conditions. AVI BioPharma, Inc. plans to use the net proceeds from the offering to fund clinical trials for its lead product candidates, to fund the advancement of its pre-clinical programs, and for other research and development and general corporate purposes.
