Ownership Submission
FORM 5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person *
IVERSEN PATRICK L
 2. Issuer Name and Ticker or Trading Symbol
AVI BIOPHARMA INC [AVII] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Sr VP of Research & Devlopment
(Last)
(First)
(Middle)

ONE SW COLUMBIA, SUITE 1105		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2007
(Street)


PORTLAND, OR 97258		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Reporting
(check applicable line)

_X_ Form Filed by One Reporting Person
___ Form Filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
Common Stock 05/15/2007   J 2,817 (1) A $ 2.278 51,883 D  
Common Stock 11/15/2007   J 2,875 (1) A $ 2.261 54,758 D  
Common Stock             3,000 I by Spouse
Common Stock             6,000 I by Trust

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Persons who 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. SEC 2270 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Option (right to buy) $ 6.6875 09/01/2007   J   59,812 09/01/1997 09/01/2007(2) Common Stock
59,812
(2) 0
D
 
Non-Qualified Stock Option (right to buy) $ 6.6875 09/01/2007   J   40,188 09/01/1997 09/01/2007(2) Common Stock
40,188
(2) 0
D
 
Incentive Stock Option (right to buy) $ 2.53           02/22/2006(3) 02/22/2015 Common Stock
75,000
  75,000
D
 
Incentive Stock Option (right to buy) $ 3           02/06/2009(3) 02/06/2017 Common Stock
33,334
  33,334
D
 
Incentive Stock Option (right to buy) $ 3.6875           01/21/2000(4) 01/21/2009 Common Stock
14,000
  14,000
D
 
Incentive Stock Option (right to buy) $ 5.35           12/05/2004(3) 12/05/2012 Common Stock
37,382
  37,382
D
 
Incentive Stock Option (right to buy) $ 5.75           01/03/2001(3) 01/03/2010 Common Stock
25,960
  25,960
D
 
Incentive Stock Option (right to buy) $ 7.35           02/16/2007(3) 02/16/2016 Common Stock
23,605
  23,605
D
 
Non-Qualified Stock Option (right to buy) $ 3           02/06/2008(3) 02/06/2017 Common Stock
91,666
  91,666
D
 
Non-Qualified Stock Option (right to buy) $ 3.6875           01/21/2000(4) 01/21/2009 Common Stock
14,000
  14,000
D
 
Non-Qualified Stock Option (right to buy) $ 5.35           12/05/2003(3) 12/05/2012 Common Stock
55,018
  55,018
D
 
Non-Qualified Stock Option (right to buy) $ 5.75           01/03/2001(3) 01/03/2010 Common Stock
58,040
  58,040
D
 
Non-Qualified Stock Option (right to buy) $ 6.625           01/01/1999(5) 02/02/2008 Common Stock
56,000
  56,000
D
 
Non-Qualified Stock Option (right to buy) $ 7.35           02/16/2007(3) 02/16/2016 Common Stock
51,395
  51,395
D
 

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
IVERSEN PATRICK L
ONE SW COLUMBIA, SUITE 1105
PORTLAND, OR 97258		       Sr VP of Research & Devlopment  

Signatures

By: Mark M. Webber, Attorney-in-fact For: Patrick L. Iversen 02/14/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) This amount represents shares acquired through the company's ESPP program.
(2) All shares expired.
(3) The Stock Option Grant vest as follows: 1/3 vest one year from date of grant and 1/3 each year thereafter until all shares vest three years from grant date.
(4) Vesting: 25% of the shares vest each year from the date of grant with all shares vesting in four years.
(5) Option Grant vests 50% each year on grant date with all shares vesting two years from grant date.

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