Navigation Links
Biotechnology Value Fund, L.P. Announces Overwhelming Support to Remove the Board of Directors of Avigen, Inc. at Special Meeting of Stockholders
Date:3/27/2009

Concurs with Avigen's decision to return capital to stockholders through liquidation

A decisive victory for stockholder democracy

SAN FRANCISCO, March 27 /PRNewswire/ -- Biotechnology Value Fund, L.P. ("BVF"), today announced that stockholders of Avigen (Nasdaq: AVGN) voted overwhelmingly to remove the existing Board of Directors of Avigen and replace them with BVF's nominees. The vote took place earlier today at the special meeting of Avigen stockholders called by BVF. The preliminary vote count was approximately 58% in favor of removing Avigen's entire Board and 12% against removal.

Additionally, yesterday Avigen finally offered what BVF and stockholders have consistently sought but Avigen had steadfastly resisted: quantified downside protection. Specifically, Avigen announced yesterday that it would terminate merger discussions, implement a plan of liquidation and return at least $1.20 per share to all stockholders. BVF supports Avigen's decision, albeit a late one, and intends to work constructively with the Board to maximize the return to stockholders. Since the removal of the Board required the affirmative vote of 66 2/3% of the outstanding shares -- a very high hurdle -- the existing Board will remain in office and manage the liquidation.

Mark Lampert, BVF Founder and President stated, "This is a great day for stockholder democracy -- stockholders have spoken and their wishes have prevailed. Avigen's remaining capital will not be squandered but, instead, will be returned to stockholders so that each may decide how best to utilize their capital. For our part, we will look to reinvest the proceeds into the most promising small cap biotechnology companies that have the greatest potential to improve peoples' lives. In the current economic environment, the capital preserved through Avigen's liquidation may be the difference between success and failure of important new medicines."

Oleg Nodelman, a Portfolio Manager with BVF added, "We are deeply appreciative of the trust and support placed in us by the majority of Avigen stockholders. We believe their resounding support was directly responsible for the Board's decision to discontinue its risky merger discussions and to commence with a plan of liquidation. We are disappointed that Avigen did not offer downside protection sooner so that the significant capital consumed during this proxy contest could have been returned to stockholders months ago. We also wish to acknowledge the constructive and bold efforts of MediciNova throughout this process. We encourage Avigen to engage with MediciNova during the liquidation process; we intend to be helpful in this regard."

BVF's existing tender offer will terminate because BVF's nominees were not elected at the special meeting.


'/>"/>
SOURCE Biotechnology Value Fund, L.P.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. InNexus Biotechnology Announces a Loan Facility of up to USD$2.5 Million
2. Champions Biotechnology Reports Fiscal 2009 Third Quarter Financial Results
3. Biotechnology Value Fund Urges Stockholders to Remove and Replace Current Board of Avigen, Inc. in an Effort to Protect and Maximize Stockholder Value
4. Canadian Government Announces Funding for Leading Biotechnology Firms Project
5. InNexus Biotechnology Announces New Patents Protecting Novel Cell Penetrating DXL(TM) Antibodies
6. FDA Provides A Positive Review of InNexus Biotechnology Development Plan for Lead Product
7. PDS Biotechnology Corporation Finalizes Commercial Licensing Agreement with Merck Eprova AG to Utilize Merck Eprovas Enantiomers of DOTAP Chloride in Immunotherapies
8. Yongye Biotechnology Announces Preliminary Results for Fiscal Year 2008
9. Yongye Biotechnology to Host Virtual Retail Road Show to Provide Overview of the Company in English and Mandarin
10. Yongye Biotechnology International to Expand its Network of Branded Stores
11. Biotechnology Value Fund, L.P. Requests Avigen Board to Provide Critical Information to Stockholders
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/26/2017)... ... ... LABS, Inc. (LABS) announced in December 2016 that two new Zika Virus ... (NAT) for ZIKV; and Enzyme Immunoassays (EIAs) specific for IgM and IgG ZIKV antibodies. ... under an Investigational New Drug (IND) study protocol. , Now, as part of ...
(Date:4/26/2017)... ... April 26, 2017 , ... ... EMEA and North America this May on the following dates: ... Donald H. Taylor, Chairman of the Learning and Performance Institute will be the ...
(Date:4/26/2017)... April 26, 2017  Genisphere LLC, provider of ... signed a collaborative and sponsored research agreement with ... Muro . The overall goal of the partnership ... various 3DNA designs and formulations after in ... of the vasculature as well as inflammatory responses, ...
(Date:4/25/2017)... , ... April 25, 2017 , ... ... leading supplier of Common Lisp (CL) development tools, and market leader for ... includes key performance enhancements now available within the most effective system for developing ...
Breaking Biology Technology:
(Date:3/22/2017)... LIVERMORE, Calif. , March 21, 2017 ... recognition analytics company serving law enforcement agencies, announced today ... Sheridan as director of public safety business development. ... of diversified law enforcement experience, including a focus on ... Vigilant. In his most recent position, Mr. Sheridan served ...
(Date:3/13/2017)... Future of security: Biometric Face Matching software  ... ... DERMALOGs Face Matching enables to match face pictures against each other or against ... (PRNewsFoto/Dermalog Identification Systems) ... Matching" is the fastest software for biometric Face Matching on the market. The ...
(Date:3/7/2017)... 7, 2017   HireVue , the leading provider ... identify the best talent, faster, today announced the additions ... (CSO) and Diana Kucer as Chief Marketing ... executive team poised to drive continued growth in the ... year of record bookings in 2017. "Companies ...
Breaking Biology News(10 mins):