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ap

AVI BioPharma rises after getting $11.5M in funds

AVI BioPharma says it received $11.5M in funding from Defense Threat Reduction Agency

  • On 4:15 pm EDT, Monday October 5, 2009

NEW YORK (AP) -- AVI BioPharma Inc. said Monday it received $11.5 million from the U.S. government to support development of a drug intended to treat Junin virus, which can cause a type of hemorrhagic fever.

AVI received the funding from the Defense Threat Reduction Agency for work on its drug candidate AVI-7012. The company said it has received $45 million in funding from the agency for work on RNA-based drugs that are intended to fight Junin, Ebola and Marburg viruses.

AVI shares climbed 36 cents, or 23.1 percent, to $1.92 in late afternoon trading.

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