-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 SGxKjbkh6XOiGdWlVwuEe8Puy0s6UrUrV5X+0ocIwZmrXIoBCQ3Fcsowp0Dc/8MV
 APrWx7ZkyFieSenJ1s169Q==

<SEC-DOCUMENT>0001144204-10-015917.txt : 20100326
<SEC-HEADER>0001144204-10-015917.hdr.sgml : 20100326
<ACCEPTANCE-DATETIME>20100326153331
ACCESSION NUMBER:		0001144204-10-015917
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100316
FILED AS OF DATE:		20100326
DATE AS OF CHANGE:		20100326

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			O'Driscoll Conor
		CENTRAL INDEX KEY:			0001436170

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14895
		FILM NUMBER:		10707541

	MAIL ADDRESS:	
		STREET 1:		C/O MELDRUM ASSET MANAGEMENT, LLC
		STREET 2:		570 LEXINGTON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Egan Con
		CENTRAL INDEX KEY:			0001436172

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14895
		FILM NUMBER:		10707540

	MAIL ADDRESS:	
		STREET 1:		C/O MELDRUM ASSET MANAGEMENT, LLC
		STREET 2:		570 LEXINGTON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVI BIOPHARMA INC
		CENTRAL INDEX KEY:			0000873303
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				930797222
		STATE OF INCORPORATION:			OR
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3450 MONTE VILLA PARKWAY
		STREET 2:		SUITE 101
		CITY:			BOTHELL
		STATE:			WA
		ZIP:			98021
		BUSINESS PHONE:		425-354-5038

	MAIL ADDRESS:	
		STREET 1:		3450 MONTE VILLA PARKWAY
		STREET 2:		SUITE 101
		CITY:			BOTHELL
		STATE:			WA
		ZIP:			98021

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANTIVIRALS INC
		DATE OF NAME CHANGE:	19970123

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Rockall Emerging Markets Master Fund Ltd
		CENTRAL INDEX KEY:			0001436169
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14895
		FILM NUMBER:		10707542

	BUSINESS ADDRESS:	
		STREET 1:		C/O CITI HEDGE FUND SERVICES
		STREET 2:		1748GT 24 HOSPITAL ROAD
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			000000
		BUSINESS PHONE:		212-317-4815

	MAIL ADDRESS:	
		STREET 1:		C/O CITI HEDGE FUND SERVICES
		STREET 2:		1748GT 24 HOSPITAL ROAD
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			000000

	FORMER NAME:	
		FORMER CONFORMED NAME:	Rockall Emerging Marekts Master Fund Ltd
		DATE OF NAME CHANGE:	20080528

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Meldrum Asset Management, LLC
		CENTRAL INDEX KEY:			0001436171
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14895
		FILM NUMBER:		10707544

	BUSINESS ADDRESS:	
		STREET 1:		570 LEXINGTON AVENUE
		STREET 2:		24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-317-4815

	MAIL ADDRESS:	
		STREET 1:		570 LEXINGTON AVENUE
		STREET 2:		24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>v178623_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2010-03-16</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000873303</issuerCik>
        <issuerName>AVI BIOPHARMA INC</issuerName>
        <issuerTradingSymbol>AVII</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001436169</rptOwnerCik>
            <rptOwnerName>Rockall Emerging Markets Master Fund Ltd</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MELDRUM ASSET MANAGEMENT, LLC</rptOwnerStreet1>
            <rptOwnerStreet2>570 LEXINGTON AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>May be deemed 10% group member</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001436170</rptOwnerCik>
            <rptOwnerName>O'Driscoll Conor</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MELDRUM ASSET MANAGEMENT, LLC</rptOwnerStreet1>
            <rptOwnerStreet2>570 LEXINGTON AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>May be deemed 10% group member</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001436172</rptOwnerCik>
            <rptOwnerName>Egan Con</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MELDRUM ASSET MANAGEMENT, LLC</rptOwnerStreet1>
            <rptOwnerStreet2>570 LEXINGTON AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>May be deemed 10% group member</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001436171</rptOwnerCik>
            <rptOwnerName>Meldrum Asset Management, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>570 LEXINGTON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>May be deemed 10% group member</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2935696</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Warrants (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.16</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2009-07-30</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-07-30</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>431034</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Warrants (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.78</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2010-02-25</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-08-25</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>200000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">This Form 3 is being jointly filed by Rockall Emerging Markets Master Fund Limited (the &quot;Fund&quot;), Meldrum Asset Management,
 LLC (&quot;Meldrum&quot;), and Messrs. Con Egan and Conor O'Driscoll, who may be deemed members of a &quot;group&quot; with George Haywood and
 Cheryl Haywood for purposes of Section 13(d) of the Securities Exchange Act.  The securities reported in this Form 3 are
 directly owned by the Fund and are indirectly owned by Meldrum, by virtue of it being the Fund's investment manager, and by
 Messrs. Con Egan and Conor O'Driscoll by virtue of their positions as managers of Meldrum.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Rockall Emerging Markets Master Fund, Ltd., By: MELDRUM ASSET MANAGEMENT, LLC Its Investment Manager - /s/ Con Egan  (Con Egan, Principal)</signatureName>
        <signatureDate>2010-03-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>By: MELDRUM ASSET MANAGEMENT, LLC - /s/ Con Egan (Con Egan, Principal)</signatureName>
        <signatureDate>2010-03-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Con Egan</signatureName>
        <signatureDate>2010-03-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Conor O'Driscoll</signatureName>
        <signatureDate>2010-03-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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