New York, Nov. 14 - AVI BioPharma, Inc. said it has agreed to sell $22.6 million of stock in a direct placement with institutional investors.
The Portland, Ore.-based company will sell 6.9 million shares at $3.26 each.
Rodman & Renshaw LLC acted is placement agent for the off-the-shelf transaction.
AVI will use proceeds to funds its operations and ongoing clinical programs. AVI is developing therapies for the treatment of life-threatening diseases, including cardiovascular diseases, infectious diseases and cancer.
"We are pleased to complete this financing, and we see it as further validation of our successes to date," said Denis R. Burger, chief executive officer, in a news release. "This transaction will allow us to remain fully focused on our clinical programs and progress in the lab."
| Issuer: | AVI BioPharma, Inc.
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| Issue: | Stock
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| Amount: | $22.6 million
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| Shares: | 6.9 million
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| Price: | $3.26
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| Warrants: | No
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| Placement agent: | Rodman & Renshaw LLC
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| Announcement date: | Nov. 14
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| Stock price: | $3.69 at close Nov. 14
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