AVI BioPharma (AVII) Signs Contract with US Defense Threat Reduction Agency for Development of Therapeutics Targeting H1N1 Swine Flu

June 22, 2009 8:50 AM EDT

AVI BioPharma, Inc. (NASDAQ: AVII) is under contract with the U.S. Defense Threat Reduction Agency for development of one or more nucleotide-based candidate drugs targeting the present epidemic of H1N1 swine flu.

The material terms of this contract were previously announced by AVI on May 5, 2009 in a regulatory filing (8-K) with the U.S. Securities and Exchange Commission regarding a funding award of up to $5.1 million. The objective of the contract is to accomplish the preclinical development of one or more medical countermeasures based on AVI's proprietary antisense Phosphorodiamidate Morpholino Oligonucleotide backbone and demonstrate efficacy using an appropriate animal model.

Under the contract, AVI will analyze the H1N1 sequence, determine appropriate targets and identify lead and back-up candidate drugs. The Company will also manufacture development grade material in sufficient quantities for planned animal tests and perform animal studies for lead and back-up candidate drugs.

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