AVI BioPharma Announces Termination of Cardiovascular Agreement With Medtronic
AVI Continues Further Development of Resten-NG in Several Areas
PORTLAND, Ore. — June 30, 2004 — AVI BioPharma, Inc. (Nasdaq: AVII) today announced the termination of its license agreement with Medtronic Inc. for the delivery of AVI’s antisense therapy Resten-NG® via devices, including stents and catheters, in cardiovascular disease. AVI and Medtronic first entered into an agreement to develop Resten-NG for stent and catheter delivery in 2001, and modified the agreement in September 2003. AVI regains full exclusive rights to development of Resten-NG in all cardiovascular applications, including device delivery.
“Our cardiovascular program is moving forward on several levels, including evaluating the delivery of Resten-NG using our proprietary microparticle delivery system,” said Denis R. Burger, Ph.D., chief executive officer at AVI.
Resten-NG works by inhibiting c-myc expression, a major contributor to the pathology that the company believes leads to restenosis following an angioplasty procedure. This third-generation antisense compound has been successfully delivered using three methods: systemically with a microparticle preparation, locally via a drug-delivery catheter, or as a drug coating on stents.
In August 2003, AVI initiated a Phase II clinical study to evaluate efficacy and safety of Resten-NG delivered systemically with AVI’s microparticle preparation, compared with angioplasty and stent placement alone. Successful systemic delivery of Resten-NG could make the drug available for broad application with stent placement and for multiple applications after angioplasty.
About AVI BioPharma
AVI BioPharma develops therapeutic products for the treatment of life-threatening diseases using two technology platforms: third-generation NeuGene® antisense drugs and cancer immunotherapy. AVI’s lead NeuGene antisense compound is designed to target cell proliferation disorders, including cardiovascular restenosis, cancer and polycystic kidney disease. In addition to targeting specific genes in the body, AVI’s antiviral program uses NeuGene antisense compounds to target single-stranded RNA viruses, including West Nile virus, SARS coronavirus, calicivirus and hepatitis C. AVI’s second technology, Avicine®, is a therapeutic cancer vaccine with late-stage trials planned for the treatment of pancreatic cancer. 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.