AVI BioPharma Officers and Directors Complete Purchase Of Company's Common Stock
PORTLAND, Ore. - June 19, 2002 - AVI BioPharma, Inc. (Nasdaq: AVII, AVIIW, AVIIZ) today announced that all members of its senior management team and all outside members of the board of directors have recently purchased shares of the company's common stock. The six officers of the company and its five outside directors each purchased shares of the company's common stock during its recent price weakness.
"During this most recent market downturn, the small cap biotechnology sector has been particularly hard hit," said Denis R. Burger, chairman of the board and chief executive officer of AVI. "In a show of support for the fundamental strength of AVI in terms of progress in clinical programs, long-term pipeline and financial position, company officers and directors have stepped up to purchase the company's common stock in the open market. More important than the size of any one purchase, which may vary significantly depending on the financial position of individuals participating, is the fact that everyone on AVI's team participated."
"We continue to make strong progress toward our goal of commercializing drugs that treat life-threatening diseases, and are very pleased to have reported recent major clinical milestones with programs involving both of our core technologies, NeuGene® and AVICINE®," said Alan P. Timmins, president and chief operating officer of AVI. "We look forward to a productive second half of the year."
About AVI BioPharma
AVI BioPharma develops therapeutic products for the treatment of life-threatening diseases using two technology platforms: NeuGene antisense drugs and cancer immunotherapy. Its lead cancer agent, AVICINE, a therapeutic cancer vaccine, has completed three Phase II trials in colorectal and pancreatic cancer and is initiating a Phase III pivotal trial in pancreatic cancer, with a supporting study in colorectal cancer. The first application of its NeuGene compounds, Resten-NG™, is designed to treat cancer, cardiovascular restenosis and other cell proliferation disorders by inhibiting the production of a cellular transcription factor, the oncogene c-myc. It is currently in Phase II trials for restenosis and in Phase I/II trials for cancer and polycystic kidney disease. AVI has recently completed a Phase I NeuGene antisense study that successfully down-regulated the liver enzyme Cytochrome P450 and modified drug metabolism. More information about AVI is available on the Company's Web site at http://www.avibio.com/.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties including, but not limited to, the results of research and development efforts, the results of preclinical and clinical testing, the effect of regulation by the FDA and other agencies, the impact of competitive products, product development, commercialization and technological difficulties, and other risks detailed in the company's Securities and Exchange Commission filings.