AVI BioPharma Buys Ercole Biotech

Mar 25, 2008 (financialwire.net via COMTEX) -- AVII | news | PowerRating | PR Charts -- March 24, 2008 (FinancialWire) AVI BioPharma, Inc. (NASDAQ: AVII | news | PowerRating | PR Charts ) has closed its acquisition of Ercole Biotechnology Inc. for $7.4 million in AVI common stock valued at $1.3161 per share.

Under the deal, AVI is buying all outstanding shares of Ercole stock not already owned by AVI. In addition, AVI has assumed responsibility for $1.5 million in liabilities of Ercole, to be paid by a combination of cash and AVI stock.

Portland, Oregon-based AVI BioPharma develops therapeutic products for the treatment of diseases using third-generation Neugene antisense drugs and Esprit alternative RNA splicing technology.

AVI's Esprit technology is initially being applied to potential treatments for Duchenne muscular dystrophy. AVI's Neugene compounds are also designed to treat cardiovascular restenosis in stent and coronary artery bypass graft procedures.

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