AVI BioPharma To Acquire Privately Held Ercole - Quick Facts

(RTTNews) - AVI BioPharma, Inc. (AVII | news | PowerRating | PR Charts ) said it agreed to acquire privately held Ercole Biotech, Inc. The acquisition of Ercole is considered to be a major step toward AVI's goal of becoming the preeminent developer of drugs that modify RNA splicing. Under the terms of the agreement, AVI will issue up to $7.5 million in common stock valued at $1.3161 per share for all outstanding shares of Ercole. AVI will also assume responsibility for up to $1.5 million in liabilities of Ercole.

It is to be noted that AVI and Ercole have collaborated since December 2006 to develop drug candidates including AVI-4658, which is in clinical testing in the United Kingdom for treatment of Duchenne muscular dystrophy.

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