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Document Preview AVI Biopharma Announces Increase in Exchange Ratios for Exegenics Capital Stock and Extends Expiration Date to Aug. 29, 2003 |
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Title: |
AVI Biopharma Announces Increase in Exchange Ratios for Exegenics Capital Stock and Extends Expiration Date to Aug. 29, 2003 |
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2003 |
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$40 |
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#286907 |
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Filed by AVI BioPharma, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: eXegenics, Inc.
Commission File No. 000-26078
AVI Contact:
AVI BioPharma, Inc.
Michael Hubbard (hubbard@avibio.com)
(503) 227-0554
Investor Contacts:
Lippert/Heilshorn & Associates Inc.
Bruce Voss (bvoss@lhai.com)
Jody Cain (jcain@lhai.com)
(310) 691-7100
Press Contact:
Waggener Edstrom Bioscience
Wendy Carhart (wendyc@wagged.com)
(503) 443-7000
AVI BioPharma Announces Increase in Exchange Ratios
For eXegenics Capital Stock and Extends Expiration Date to Aug. 29, 2003
PORTLAND, Ore.Aug. 11, 2003AVI BioPharma, Inc. (Nasdaq: AVII, AVIIW, AVIIZ) announced today that it has amended the terms of its offer to exchange shares of common stock of AVI for shares of common stock and preferred stock of eXegenics, Inc., as previously announced July 25, 2003, and has extended the exchange offer to Aug. 29, 2003.
Under the terms of the amended offer, AVI, through a wholly owned subsidiary, is offering to exchange 0.123 of a share of AVI common stock for each share of eXegenics common stock, and 0.185 of a share of AVI common stock for each share of eXegenics preferred stock. These exchange ratios represent an increase of approximately 20 percent over the corresponding exchange ratios previously announced. According to Denis R. Burger, Ph.D., AVI's chief executive officer: "We believe the transaction is particularly attractive with the increase in the exchange ratios. The current value of the consideration offered for shares of eXegenics common stock represents a significant premium over the current market value of eXegenics common stock."
The exchange offer is subject to various conditions, including the tendering of at least a majority of the shares of eXegenics capital stock in the exchange offer. The changes in the terms of the offer will be reflected in a revised prospectus that AVI will file with the SEC and distribute to eXegenics' stockholders on or before Aug. 15.
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