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AVI BioPharma ends drug program, cuts jobs

By Associated Press
June 10, 2008 | Comments (0)

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AVI BioPharma Inc. said Tuesday it will discontinue development of its drug candidate AVI-5126 in patients undergoing heart bypass surgery, and has cut 16 percent of its workforce.

The biotechnology company said it ended the midstage study of the drug, which focused on reducing graft failure in heart bypass surgery patients, following a disappointing analysis. After assessing interim data, the company determined it would not be able to meet the study's goal.

AVI will continue developing the drug as a treatment for cardiovascular restenosis, or a renarrowing of an artery following treatment.

Meanwhile, it expects to save just under $1 million in 2008 and about $1.6 million in 2009 from the job cuts.

Shares of AVI fell 16 cents, or 12.4 percent, to $1.13 in morning trading. The stock has traded between $1 and $3.14 over the last 52 weeks.

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