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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

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.


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SOURCE Biotechnology Value Fund, L.P.
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