Biotechnology Value Fund, L.P. Requests Avigen Board to Provide Critical Information to St... ( Raises Questions to be Addressed by B...)

Biotechnology Value Fund, L.P. Requests Avigen Board to Provide Critical Information to Stockholders

Date:2/10/2009

Raises Questions to be Addressed by Board and Management on Avigen's February 11, 2009 Conference Call

SAN FRANCISCO, Feb. 10 /PRNewswire/ -- Biotechnology Value Fund, L.P. ("BVF"), today called for the management of Avigen, Inc. (Nasdaq: AVGN) to address certain fundamental questions BVF believes need to be answered in order for stockholders to effectively evaluate Avigen's future strategic direction. Avigen announced in its January 14, 2009 press release that it will hold a conference call on Wednesday, February 11, 2009 (time to be announced) to, among other things, "provide an update on the progress of the strategic review." To make that update more effective, BVF raises the following questions and challenges the Board and management to finally address these fundamental issues:

1. Why has Avigen failed to call the special meeting of stockholders that would permit stockholders to have a say in Avigen's future? BVF delivered its request for a special meeting to the Board over a month ago. To date, the Board has failed to call the requested special meeting. This meeting would provide stockholders with the ability to exercise their fundamental right to vote on Avigen's strategic direction. If stockholders agree with BVF, they can vote to remove existing directors and elect BVF's nominees. If the Board does not act prior to Wednesday, March 11, 2009 to set a meeting date, BVF can unilaterally set the date of the special meeting and would anticipate setting a meeting date for early April.

2. Why has Avigen not offered downside protection to stockholders? BVF has repeatedly called on Avigen to commit to protecting stockholder value by offering all stockholders a fixed amount of cash under any resulting scenario. Management has continually resisted this suggestion, leading us to believe
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Biotechnology Value Fund, L.P. Requests Avigen Board to Provide Critical Information to St...( Raises Questions to be Addressed by B...)