UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
AVI BIOPHARMA, INC.
(Name of Issuer)
COMMON
-------------------------------
(Title of Class of Securities)
637184-10-8
-------------------------------
(CUSIP Number)
JUNE 8, 1999
--------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
/ / Rule 13d-1(b)
/X/ Rule 13d-1(c)
/ / Rule 13d-1(d)
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB control number.
Page 1
CUSIP No. 037184-10-8
- --------------------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
PAULSON INVESTMENT COMPANY, INC. - I.R.S. IDENTIFICATION NO. 93-0789804
- --------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------------
4. Citizenship or Place of Organization
U.S.A.
- --------------------------------------------------------------------------------------
5. Sole Voting Power 564,956
Number of Shares
Beneficially Owned ---------------------------------------------------------
by Each Reporting 6. Shared Voting Power 0
Person With:
---------------------------------------------------------
7. Sole Dispositive Power 793,309
---------------------------------------------------------
8. Shared Dispositive Power 0
- --------------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,048,969
- --------------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
/ /
- --------------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (11)
7.8%
- --------------------------------------------------------------------------------------
12. Type of Reporting Person
BD, IC, CO
Page 2
CUSIP No. 037184-10-8
- --------------------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
CHESTER L. F. PAULSON
- --------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------------
4. Citizenship or Place of Organization
U.S.A.
- --------------------------------------------------------------------------------------
5. Sole Voting Power 0
Number of Shares ---------------------------------------------------------
Beneficially Owned by Each 6. Shared Voting Power 106,820
Reporting Person With:
---------------------------------------------------------
7. Sole Dispositive Power 0
---------------------------------------------------------
8. Shared Dispositive Power 132,020
- --------------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,048,969
- --------------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
/ /
- --------------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (11)
7.8%
- --------------------------------------------------------------------------------------
12. Type of Reporting Person
IN
Page 3
CUSIP No. 037184-10-8
- --------------------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
ERICK J. C. PAULSON
- --------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------------
4. Citizenship or Place of Organization
U.S.A.
- --------------------------------------------------------------------------------------
5. Sole Voting Power 13,640
Number of Shares ---------------------------------------------------------
Beneficially Owned by Each 6. Shared Voting Power 0
Reporting Person With:
---------------------------------------------------------
7. Sole Dispositive Power 13,640
---------------------------------------------------------
8. Shared Dispositive Power 0
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,048,969
- --------------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
/ /
- --------------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (11)
7.8%
- --------------------------------------------------------------------------------------
12. Type of Reporting Person
IN
Page 4
CUSIP No. 037184-10-8
- --------------------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
WAYNE M. HAMERSLY
- --------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------------
4. Citizenship or Place of Organization
U.S.A.
- --------------------------------------------------------------------------------------
5. Sole Voting Power 50,000
Number of Shares ---------------------------------------------------------
Beneficially Owned by Each 6. Shared Voting Power 50,000
Reporting Person With:
---------------------------------------------------------
7. Sole Dispositive Power 100,000
---------------------------------------------------------
8. Shared Dispositive Power 0
- --------------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,048,969
- --------------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
/ /
- --------------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (11)
7.8%
- --------------------------------------------------------------------------------------
12. Type of Reporting Person
IN, IA
Page 5
CUSIP No. 037184-10-8
- --------------------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
JACQUELINE M. PAULSON
- --------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a /X/
(b) / /
- --------------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------------
4. Citizenship or Place of Organization
U.S.A.
- --------------------------------------------------------------------------------------
5. Sole Voting Power 0
Number of Shares ---------------------------------------------------------
Beneficially Owned by Each 6. Shared Voting Power 106,820
Reporting Person With:
---------------------------------------------------------
7. Sole Dispositive Power 0
---------------------------------------------------------
8. Shared Dispositive Power 132,020
- --------------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,048,969
- --------------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
/ /
- --------------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (11)
7.8%
- --------------------------------------------------------------------------------------
12. Type of Reporting Person
IN
Page 6
CUSIP No. 037184-10-8
- --------------------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SCOTT T. WEBER
- --------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------------
4. Citizenship or Place of Organization
U.S.A.
- --------------------------------------------------------------------------------------
5. Sole Voting Power 0
Number of Shares ---------------------------------------------------------
Beneficially Owned by Each 6. Shared Voting Power 10,000
Reporting Person With:
---------------------------------------------------------
7. Sole Dispositive Power 0
---------------------------------------------------------
8. Shared Dispositive Power 10,000
- --------------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,048,969
- --------------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
/ /
- --------------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (11)
7.8%
- --------------------------------------------------------------------------------------
12. Type of Reporting Person
IN
Page 7
ITEM 1.
(a) Name of Issuer:
AVI BIOPHARMA, INC.
(b) Address of Issuer's Principal Executive Offices:
ONE S.W. COLUMBIA STREET, STE. 1105
PORTLAND, OREGON 97258
ITEM 2.
(a) Name of Person Filing:
SEE 1 ON PAGE 2 (COVER SHEET)
(b) Address of Principal Business Office or, if none, Residence:
PAULSON INVESTMENT COMPANY, INC.
811 S.W. NAITO PARKWAY, SUITE 200
PORTLAND, OREGON 97204
(c) Citizenship:
SEE 4 ON PAGE 2 (COVER SHEET)
(d) Title of Class of Securities:
COMMON
(e) CUSIP Number:
037184-10-8
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO Sections 240.13D-1(b) OR
240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
SEE # 12 ON PAGE 2 (COVER SHEET)
(a) / / Broker or dealer registered under section 15 of the Act (15
U.S.C. 78o).
(b) / / Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) / / Insurance company as defined in section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d) / / Investment company registered under section 8 of the Investment
Company Act of 1940 (15U.S.C. 80a-8).
(e) / / An investment adviser in accordance with
Section 240.13d-1(b)(1)(ii)(E);
(f) / / An employee benefit plan or endowment fund in accordance with
Section 240.13d-1(b)(1)(ii)(F);
(g) / / A parent holding company or control person in accordance
Section 240.13d-1(b)(1)(ii)(G);
(h) / / A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) / / A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3);
Page 8
(j) Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).
ITEM 4. OWNERSHIP.
(a) Amount beneficially owned: 1,048,969
(b) Percent of class: 7.8%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote SEE 5 ON PAGE 2 (COVER
SHEET).
(ii) Shared power to vote or to direct the vote SEE 6 ON PAGE 2
(COVER SHEET).
(iii) Sole power to dispose or to direct the disposition of SEE 7
ON PAGE 2 (COVER SHEET).
(iv) Shared power to dispose or to direct the disposition of SEE
# 8 ON PAGE 2 (COVER SHEET).
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following / /.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
NOT APPLICABLE
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
NOT APPLICABLE
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
SEE EXHIBIT ITEM 8
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
NOT APPLICABLE
10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of
Page 9
changing or influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in any
transaction having that purpose or effect.
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
PAULSON INVESTMENT COMPANY, INC.
By: /s/ CHESTER L. F. PAULSON /s/ ERICK J. C. PAULSON
----------------------------------------- --------------------------------------
Chester L. F. Paulson, President ERICK J. C. PAULSON, Individually
/s/ JACQUELINE M. PAULSON /s/ WAYNE M. HAMERSLY
- -------------------------------------------- --------------------------------------
JACQUELINE M. PAULSON, Individually WAYNE M. HAMERSLY, Individually
/s/ CHESTER L. F. PAULSON /s/ SCOTT T. WEBER
- -------------------------------------------- --------------------------------------
CHESTER L. F. PAULSON, Individually SCOTT T. WEBER, Individually
Page 10
EXHIBITS
ITEM 8:
Paulson Investment Company, Inc.
Chester L. F. Paulson
Jacqueline M. Paulson
Erick J. C. Paulson
Wayne M. Hamersly
Scott T. Weber
Page 11
