By Sheri Kasprzak
Atlanta, Jan. 19 - AVI BioPharma Inc. will conduct a direct placement of shares for $24 million, according to a market source.
The company has received agreements already with institutional investors for 8 million shares at $3 each.
The investors will also receive warrants for 1.6 million shares at $5 each for four years.
The shares sold in the deal are being offered through the company's shelf registration.
Rodman & Renshaw LLC is the placement agent in the deal.
Based in Portland, Ore., AVI develops therapeutic and gene-targeted treatments for cancer and heart disease.
Proceeds from the placement will be used to fund AVI's operations and ongoing clinical programs.
| Issuer: | AVI BioPharma Inc.
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| Issue: | Stock
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| Amount: | $24 million
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| Shares: | 8 million
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| Price: | $3.00
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| Warrants: | For 1.6 million shares
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| Warrant expiration: | Four years
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| Warrant strike price: | $5.00
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| Placement agent: | Rodman & Renshaw LLC
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| Announcement date: | Jan. 19
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| Stock price: | $4.14 at close Jan. 19
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