AVI BioPharma Announces $24 Million Direct Equity Placement

25-Jan-2005

AVI BioPharma, Inc. announced that it has entered into definitive agreements with several institutional investors for the purchase of 8 million shares of its common stock at $3.00 per share in a direct equity placement for gross proceeds to the company of $24 million. Investors also will receive four-year warrants to purchase 1.6 million shares of common stock at an exercise price of $5.00 per share.

The securities are being sold pursuant to the company's effective shelf registration statement. Rodman & Renshaw, LLC, acted as the exclusive placement agent on the transaction.

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