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Document Preview AVI Biopharma to Acquire Exegenics in $11.0 Million Stock Exchange |
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Title: |
AVI Biopharma to Acquire Exegenics in $11.0 Million Stock Exchange |
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Date: |
2003 |
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$35 |
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#299318 |
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For Immediate Release
AVI BIOPHARMA TO ACQUIRE EXEGENICS IN $11.0 MILLION STOCK EXCHANGE
AVI Contact:
AVI BioPharma, Inc.
Michael Hubbard (hubbard@avibio.com)
(503) 227-0554
eXegenics Contact:
eXegenics, Inc.
WaLisa Davenport
(214) 358-2000
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
PORTLAND, ORE. AND DALLAS, TEX. -- JULY 16, 2003 -- AVI BioPharma, Inc. (Nasdaq:
AVII, AVIIW, AVIIZ), and eXegenics, Inc. (Nasdaq: EXEG) today announced the
signing of a definitive merger agreement under which AVI has agreed to acquire
eXegenics in a stock-for-stock transaction. The transaction has been structured
as a two-step acquisition comprised of an immediate exchange offer for all of
the outstanding shares of eXegenics common stock and eXegenics preferred stock,
followed by a merger in which AVI would acquire those shares of eXegenics common
stock and eXegenics preferred stock that are not exchanged for AVI common stock
in the exchange offer.
This transaction offers 0.103 of a share of AVI common stock for each share of
eXegenics common stock, and 0.155 of a share of AVI common stock for each share
of eXegenics preferred stock. Based on the volume weighted average prices of AVI
common stock for the 30 consecutive trading days ending on July 14, 2003, the
transaction values eXegenics common stock at $0.64 per share, and eXegenics
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