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

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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(Print or Type Responses)
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)
__X__ 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. Date of Earliest Transaction (Month/Day/Year)
02/16/2006
(Street)

PORTLAND, OR 97258		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(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 Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               44,919 D  
Common Stock               3,000 I by Spouse
Common Stock               6,000 I by Trust

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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 Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Option (right to buy) $ 7.35 02/16/2006   A   23,605   02/16/2007(1) 02/16/2016 Common Stock 23,605 $ 0 23,605 D  
Incentive Stock Option (right to buy) $ 7.35 02/16/2006   A   1,000   02/16/2007(1) 02/16/2011 Common Stock 1,000 $ 0 1,000 I by Spouse
Incentive Stock Option (right to buy) $ 7.35 02/16/2006   A   310   02/16/2006(2) 02/16/2011 Common Stock 310 $ 0 1,310 I by Spouse
Non-Qualified Stock Option (right to buy) $ 7.35 02/16/2006   A   51,395   02/16/2007(1) 02/16/2016 Common Stock 51,395 $ 0 51,395 D  
Incentive Stock Option (right to buy) $ 2.53             02/22/2006(1) 02/22/2015 Common Stock 75,000   75,000 D  
Incentive Stock Option (right to buy) $ 3.6875             01/21/2000 01/21/2009 Common Stock 14,000   14,000 D  
Incentive Stock Option (right to buy) $ 5.35             12/05/2004 12/05/2012 Common Stock 37,382   37,382 D  
Incentive Stock Option (right to buy) $ 5.75             01/03/2001 01/03/2010 Common Stock 25,960   25,960 D  
Incentive Stock Option (right to buy) $ 6.6875             09/11/1998 09/01/2007 Common Stock 59,812   59,812 D  
Incentive Stock Option (right to buy) $ 2.53             07/15/2005(3) 02/22/2010 Common Stock 344   344 I by Spouse
Non-Qualified Stock Option (right to buy) $ 3.6875             01/21/2000 01/21/2009 Common Stock 14,000   14,000 D  
Non-Qualified Stock Option (right to buy) $ 5.35             12/05/2003 12/05/2012 Common Stock 55,018   55,018 D  
Non-Qualified Stock Option (right to buy) $ 5.75             01/03/2001 01/03/2010 Common Stock 58,040   58,040 D  
Non-Qualified Stock Option (right to buy) $ 6.625             01/01/1999 02/02/2008 Common Stock 56,000   56,000 D  
Non-Qualified Stock Option (right to buy) $ 6.6875             09/11/1998 09/01/2007 Common Stock 40,188   40,188 D  

Reporting Owners

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

Signatures

 By: Mark M. Webber, Attorney-in-fact For: Patrick L. Iversen   02/21/2006
**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) 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.
(2) Grant vest 100% on grant date.
(3) Grant vest 100% at July 15, 2005.
 
Remarks:
The amount of Securities Beneficially Owned include shares acquired through the Company's registered Employee Stock Purchase Plan.

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