AVI BioPharma, Cook in agreement to develop Neugene drugs for vascular diseases

By Lisa Kerner

Erie, Pa., March 13 - AVI BioPharma, Inc. said it has entered into agreements with Cook Group Inc. whereby Cook will develop and commercialize products for vascular diseases.

Cook has specifically licensed AVI's Neugene antisense technology for down-regulating c-myc gene expression in the field of cardiovascular disease, according to a company news release.

Under the agreements, Cook will be responsible for clinical development of AVI's device-related programs for cardiovascular restenosis, including its Resten-NG drug-eluting stent program, Resten-MP microparticle delivery program and its new program for catheter delivery of Resten-NG.

Cook will fully fund the development, clinical and regulatory costs of these programs in the United States and Europe at a cost of up to $100 million.

Additionally, Cook will purchase the drugs for development, clinical studies and commercialization from AVI.

AVI said it has forgone certain near-term milestone payments in favor of a double-digit royalty on worldwide product sales and a commercialization milestone.

Cook will purchase 692,003 shares of AVI common stock for $5 million as well as take over AVI's facilities and personnel at its Colorado site.

Additional terms of the agreements were not disclosed.

"Based upon promising phase 2 clinical data in combating cardiovascular restenosis and progress in our drug-eluting stent and Resten-MP programs, AVI has now partnered its device-related cardiovascular programs with one of the pre-eminent vascular device companies in the world," chief executive officer Denis R. Burger said in the release.

"Together, Cook's device expertise and AVI's antisense technology become a formidable combination to address vascular diseases on many fronts."

The agreements allow AVI to focus on its coronary artery bypass graft program, which is moving into phase 2 clinical trials later this year, and its infectious disease program, focusing on hepatitis C, influenza A and avian influenza type H5N1.

Cook is a privately held manufacturer of medical devices with international headquarters in Bloomington, Ind.

AVI develops therapeutic products using its Neugene antisense compound to target cell-proliferation disorders, including cardiovascular restenosis, cancer and polycystic kidney disease. The company is located in Portland, Ore.

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