SECURITIES AND EXCHANGE COMMISSION

                               Washington, D.C.  20549


                                       FORM 8-K

                                    CURRENT REPORT


        PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

          Date of Report (Date of earliest event reported) November 6, 1997


                                   ANTIVIRALS INC.
                                     ------------
                (Exact name of registrant as specified in its charter)


          Oregon                     0-22613                     93-0797222
 ------------------------    ------------------------       -------------------
 (State of incorporation)    (Commission file Number)          (IRS Employer
                                 Identification No.)


                  One S.W. Columbia, Suite 1105, Portland, OR  92258
                      -----------------------------------------


          Registrant's telephone number, including area code (503) 227-0554




Item 5.  Other Events

    AntiVirals, Inc. (the "Company") announced November 6, 1997 that it has
signed a letter of intent to acquire ImmunoTherapy Corporation ("ITC"), a
private company focused on the development of vaccine products for the
treatment, prevention and control of cancer, for $24 million in stock and
warrants.

    Seattle-based ITC has developed CTP-37-TM-, a novel synthetic cancer
vaccine for the treatment of advanced colorectal, pancreatic, breast and
prostate cancer.  CTP-37 is being evaluated in Phase II multi-center clinical
studies for colorectal cancer and for pancreatic cancer, and the company expects
to begin Phase III  for at least one cancer indication in early 1998.  Phase II
studies for the treatment of metastatic breast and prostate cancer also are
planned for early 1998.  To date, more than 125 cancer patients have been
treated with CTP-37, which is protected by 9 issued and 10 pending U.S. patents.

    Evidence of CTP-37 clinical efficacy includes objective anti-tumor
responses, stabilization of tumor growth and apparent survival benefits
(colorectal and pancreatic cancers, Phase I and II studies).  CTP-37 is an
essentially non-toxic therapy with potential application in the treatment of a
wide range of malignancies.

    Denis Burger, Ph.D., President and CEO of the Company, stated, "The ITC
acquisition represents tremendous market opportunities for AntiVirals, and is an
important step toward enhancing our product portfolio and focusing our
development efforts.  Specifically, CTP-37 for the treatment of colorectal
cancer will become our lead vaccine product candidate.  To date, more than $20
million has been invested in this vaccine which addresses the multi-billion
dollar cancer market."

    Commenting on CTP-37, Philip C. Manhill, Ph.D. a clinical investigator who
serves as Chairman, Cancer Committee, at the Dixie Regional Medical Center (St.
George, Utah), stated, "In my experience, CTP-37 vaccine therapy has proven
highly effective in a subset of patients with metastatic colorectal cancer.  Not
only has it proven effective, but it is well tolerated. Hopefully this will help
pave the way for further vaccine development in multiple tumor types.  I
strongly believe that vaccine therapy will someday become the foundation of
cancer therapy."

    Dr. Burger also noted that CTP-37's initial success has produced several
near-term partnering opportunities for the continued development and
commercialization of the vaccine, which AntiVirals intends to pursue.

    "Along with our two platform technologies, NEU-GENES-Registered Trademark-
in antisense and CYTOPORTER-TM- in drug delivery, the addition of this vaccine
technology significantly enhances our ability to develop novel therapeutics




that address the multi-billion dollar cancer market," added Dr. Burger.  "To
better reflect the company's broad portfolio of technologies, we will be
changing our corporate name to AVI BioPharma, upon the completion of this
acquisition"

    Following the adoption of the new name, the company's common stock will
continue to trade on the NASDAQ National Market System under the symbol AVII.
It is anticipated that the two companies will consolidate operations in Oregon.
Jeffrey Lillard, Managing Director of ITC, will be appointed Vice President and
serve on AVI BioPharma's Board of Directors.  Gordon Duncan, Ph.D., an
experienced FDA regulatory expert who has been a consultant to the Company for
the past year, will join the Company as Vice President of Regulatory Affairs and
Clinical Development and lead CTP-37 through Phase III clinical trials and FDA
license applications.

    "With a novel approach to cancer management, ITC is contributing to the
development of new therapeutic options for cancer therapy," stated Lillard.
"Our vision for cancer therapy is that the disease can be successfully
controlled by immunotherapy - just as heart disease and diabetes are controlled
- - with the right combination of biologic and therapeutic regimens.  I look
forward to working closely with Dr. Duncan and AntiVirals' research and
development team to continue pursuing this vision."

    CTP-37 is a synthetic peptide conjugate vaccine designed to elicit an
anti-hCG (human chorionic gonadotropin) immune response that targets
hCG-producing cancer cells.  The hCG hormone is naturally produced during
pregnancy and shields developing embryos from immune attack.  It also is
produced by a wide range of cancers, where it concentrates in the tumor cell
membrane.  The hormone is found in highest concentration among the most
aggressive cancers (i.e., malignant and metastatic).

    The hCG hormone stimulates tumor cell growth while compromising immune
responses that normally defend against cancer.  This is analogous to the natural
role of hCG during pregnancy, where it promotes fetal development and
down-regulates the immune response against the fetus.  These same properties are
believed to render patients unresponsive to tumors, promote tumor
vascularization and lead to aggressive tumor behavior.

    Closing of the transaction, which is expected to occur by the end of 1997,
remains subject to the negotiation and execution of a definitive acquisition
agreement between parties and approval by the board of directors of the Company
and the board of directors and shareholders of ITC.

    AntiVirals Inc. (AVI BioPharma) is dedicated to the development and
commercialization of products for the treatment and prevention of cancer and
other life-threatening diseases.  The Company has developed two platform
technologies in antisense and drug delivery.  Its patented class of NEU-GENES
antisense compounds may be useful in the treatment of a wide range of human
diseases, including cardiovascular disease and cancer.  The first




applications of the NEU-GENE technology are designed to treat both cancer and
restenosis, a cardiovascular disease.  The Company also has developed a drug
delivery technology called CYTOPORTER, which may be useful with drugs approved
by the FDA that have significant delivery problems, such as Paclitaxel (Taxol)
for the treatment of cancer.
                                      #   #   #
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995.  THE STATEMENTS THAT ARE NOT HISTORICAL FACTS CONTAINED IN THIS RELEASE
ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES INCLUDING,
BUT NOT LIMITED TO, THE RESULTS OF RESEARCH AND DEVELOPMENT EFFORTS, THE RESULTS
OF PRE-CLINICAL AND CLINICAL TESTING, THE EFFECT OF REGULATION BY THE FDA AND
OTHER AGENCIES, THE IMPACT OF COMPETITIVE PRODUCTS, PRODUCT DEVELOPMENT,
COMMERCIALIZATION AND TECHNOLOGICAL DIFFICULTIES, AND OTHER RISKS DETAILED IN
THE COMPANY'S SECURITIES AND EXCHANGE COMMISSION FILINGS.






SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                   ANTIVIRALS INC.
                                   --------------------------------------------
                                                       (Registrant)


Date:     November 6, 1997             By: /s/ Alan P. Timmins
     ----------------------        --------------------------------------------
                                   Alan P. Timmins
                                   Chief Operating Officer and
                                   Chief Financial Officer