Antivirals, ImmunoTherapy Corp. deal

AVII signed a letter of intent to acquire ImmunoTherapy, a cancer vaccine company, for $24 million in AVII common stock and warrants. ImmunoTherapy is conducting Phase II trials of CTP-37, a synthetic cancer vaccine, to treat colorectal and pancreatic cancer. ImmunoTherapy expects to begin Phase III trials for at least one cancer indication in early 1998, as well as additional Phase II studies for metastatic breast and prostate cancer.

AVII plans to complete the acquisition by year-end, at which time the combined company will be renamed AVI BioPharma. AVI BioPharma's common shares will trade under the symbol AVII. ImmunoTherapy shareholders would own 15 percent of AVII after the acquisition. ...