Medtronic Has 17% AVI BioPharma Stake With Investment Updated: Friday, June 29, 2001 10:28 AM ET Email this article to a friend!
WASHINGTON (Dow Jones)--Medtronic Inc. (MDT, news, msgs) has a 17% beneficial stake in AVI BioPharma Inc. (AVII, news, msgs) as a result of an equity investment Medtronic made in the developer of cancer and cardiovascular therapeutic products.
According to an original Schedule 13D filed Friday with the Securities and Exchange Commission, Medtronic beneficially owns 4,408,451 shares of AVI BioPharma common stock.
On June 20, Medtronic's Medtronic Asset Management Inc. unit bought 1,408,451 AVI BioPharma common shares at $7.10 a share. The subsidiary also received a warrant to buy an additional 3 million AVI BioPharma common shares at $10 a share exercisable any time during the five years after June 20.
As reported May 22, Medtronic and AVI BioPharma signed an agreement to license a family of antisense compounds, including Resten-NG. Medtronic will load those compounds on medical devices, including stents.
As part of the pact, Medtronic's asset management unit can buy up to $10 million in additional AVI BioPharma common shares, subject to achieving certain milestones and receiving certain governmental and regulatory approvals.
The alliance will target restenosis, which is the renarrowing or reclogging of arteries following balloon angioplasty or placement of a stent. Resten-NG is in Phase II clinical trials.
Medtronic, of Minneapolis, is a medical technology company that develops and makes implantable and interventional medical products for people with chronic disease.
-By Kevin Guerrero, Dow Jones Newswires; 202-628-7667; email@example.com
Maybe we had some profit taking from the secondary offering back in july of last year.
AVI BioPharma, Inc. Raises $20 Million
8/2/2000 6:45:00 AM PORTLAND, Ore., Aug 2, 2000 (BW HealthWire) -- AVI BioPharma, Inc. (AVII) , (AVIIW) , (AVIIZ) today announced the completion of a secondary public offering of 3 million shares of Common Stock at a price of $7.25 per share, with net proceeds to the Company of approximately $20 million.