Press Release

For Immediate Release

CORVALLIS, OR — August 7, 2008 — AVI BioPharma, Inc. (NASDAQ: AVII), a developer of RNA–based drugs, today announced that the Company will hold a conference call to report its second quarter 2008 financial results on Monday, August 11, 2008, at 9:30 a.m. Eastern time (6:30 a.m. Pacific time).

Individuals interested in listening to the live conference call may do so by dialing 877.704.5378 toll free within the United States and Canada, or 913.312.1268 for international callers.

Following the conference call, a recording of the call will be available for download on the company’s website: www.avibio.com.

About AVI BioPharma

AVI BioPharma is focused on the discovery and development of RNA–based drugs using the company’s expanded portfolio of proprietary antisense compounds (PMOs). The company’s technology applications leverage distinct mechanisms of action in a range of genetic diseases, genetic disorders and the genetic code of disease–causing organisms. The emerging field of directed alternative RNA splicing represents AVI’s newest and most exciting application based on the company’s core antisense technology. Functional attributes of this approach may include correcting genetic defects (RNA mutations; which AVI believes could produce promising treatments for Duchenne muscular dystrophy), coding for novel soluble receptors (an exciting and novel approach which could have application in the treatment of inflammatory diseases such as rheumatoid arthritis), and the reduction in activity of immune modulators in disease states (currently being applied to IL–10). AVI’s RNA–based drug programs also include blocking mRNA translation. In AVI’s biodefense program, this application has been successful against the single–stranded RNA viruses Ebola Zaire and Marburg Musoke in non–human primates and may have value against other viral targets such as HCV, Dengue, Junin, influenza and RSV viruses. This application also will be evaluated in the clinic for the treatment of cardiovascular restenosis by our partner Cook Medical. More information about AVI is available at www.avibio.com.