Investors will also receive warrants to purchase 14.22 million shares of Avi BioPharma common stock. The closing of the offering is expected to take place on January 30, 2009, subject to the satisfaction of customary closing conditions.
Avi BioPharma plans to use the net proceeds from the offering to fund clinical trials for its lead product candidates, to fund the advancement of its preclinical programs, and for other R&D and general corporate purposes.
Rodman & Renshaw, a wholly owned subsidiary of Rodman & Renshaw Capital Group acted as the placement agent for the transaction.