Press Release

For Immediate Release

CORVALLIS, OR — August 4, 2008 — AVI BioPharma, Inc. (NASDAQ: AVII), a developer of RNA–based drugs, today announced that Dr. Leslie Hudson, CEO, will present an update on the transitioning of AVI from an antisense pioneer into an RNA–based drug discovery and development company. The corporate overview will include an update on AVI’s clinical trials in Duchenne muscular dystrophy, its biodefense projects - which include significant data from our ongoing Ebola and Marburg virus programs — its partnership with Cook Medical in the development of a drug eluting stent for cardiovascular restenosis and the company’s renewed focus on partnership and collaboration to develop other promising applications and programs within AVI.

The BMO Capital Markets Focus on Healthcare Conference runs from Tuesday, August 5th to Wednesday, August 6th at the Millennium Broadway Hotel in New York City. Dr. Hudson’s presentation is scheduled to begin at 4:00 PM on Tuesday, August 5.

The audio and slides from Dr. Leslie Hudson's presentation are available here.

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.