Navigation Links
Biotechnology Value Fund Delivers Letter to Board of Directors of Avigen, Inc.
Date:12/11/2008

ain from voting or to vote in proportion to all other outstanding shares. This offer was not accepted. The pill should be redeemed altogether.

The Board's recent actions reveal its true self-interest and leave us concerned that Avigen will indeed destroy and/or take all remaining value. Consequently, our primary issue has been and remains that Avigen immediately guarantee the worst case outcome for all shareholders. This guarantee could be accomplished in several ways, including by dividending or otherwise distributing all excess cash to shareholders now, or by offering to buy back any and all shares from holders that wish to sell at a specific price at a specific future date (i.e., $1.25 per share in December, 2009). In both cases, shareholders could stand to reap potentially substantial upside derived from the monetization of Avigen's remaining assets and could finally stop worrying about whether the Company will destroy its substantial cash value. To the extent the Board believes it can generate value in excess of its cash in the bank today, offering downside protection ultimately costs the Company nothing. However, by rejecting our proposal to provide a downside guarantee, the Board has indicated its willingness to place its remaining cash at continued risk, without shareholder consent.

As the Company's largest shareholder, we are fighting to return value to all shareholders, not just ourselves, and we feel a responsibility to do so. To be clear, we do not seek to impose our own agenda on Avigen, we only ask that shareholders be empowered to decide the fate of the Company's residual cash, rather than the management and Board of a company which has repeatedly tried and failed to create any shareholder value whatsoever. Shareholders have good reason to worry that Avigen's management fully intends to put its remaining cash at risk. Yesterday, at the RBC Capital Markets Healthcare Conference, CEO Ken Chahine said,
'/>"/>

SOURCE Biotechnology Value Fund, L.P.
Copyright©2008 PR Newswire.
All rights reserved

Page: 1 2 3 4 5

Related biology technology :

1. Micromet Added to NASDAQ Biotechnology Index
2. Far From Beyond: A Glimpse into the World of Biotechnology and the Future of the Free World
3. North Carolinas Biotechnology Investment Tops Billion-Dollar Mark; Battelle Study Quantifies Economic Dividends and Jobs
4. Yongye Biotechnology Announces Record Third Quarter Results
5. World Market for Biotechnology Reagents to Reach $32.5 Billion by 2012, According to New Report by Global Industry Analysts, Inc.
6. Yongye Biotechnology to Present at Roth Capital China Comes to Vegas Conference
7. InNexus Biotechnology Announces New EGFR Antibody DXL1218 Targeting Colorectal Cancer and Announces $1.25 Million Private Placement
8. InNexus Biotechnology Receives Patent Grants in Europe
9. InNexus Biotechnology CEO to Present at the 7th Annual BIO Investor Forum
10. TechConnect World 2009 Matches Tomorrows Technology Solutions with Todays Business Needs for Clean-Technology, Biotechnology and Nanotechnology
11. Lixte Biotechnology Holdings Announces New Appointment to Board of Directors
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/30/2014)... Fla. , Sept. 30, 2014 CORD:USE ... pleased to announce that it has entered into an ... Inc. (Tianhe) which has licensed a series of patented technologies ... cells for possible clinical applications.  Tianhe is performing Phase ... and Spain using Tianhe,s Stem ...
(Date:9/30/2014)... Md., Sept. 30, 2014 BioHealth Innovation, ... commercializing market-relevant biohealth innovations and increasing access to early-stage ... today that venture capitalist, Tania Fernandez , Ph.D., ... Dr. Fernandez will be a member of the management ... provide up to $50 million in seed and early-stage ...
(Date:9/30/2014)... September 30, 2014 Lyme Research ... of Lyme disease research at universities, today announced the ... on the identification, treatment and cure for Lyme and ... received the most applications in its history—over 20 grant ... “While we were pleased to receive so many solid ...
(Date:9/30/2014)... Whitehouse Laboratories is pleased ... Parenteral Drug Association (PDA) to host a ... container closure integrity testing. This lecture/laboratory course will examine ... philosophies detailed in the recently proposed revision to USP ... course will span container closure integrity testing (leak testing) ...
Breaking Biology Technology:CORD:USE is Pleased to Announce it has Partnered with Tianhe Stem Cell Biotechnologies, Developer of Cord Blood Stem Cell Therapy Showing Promising Results in Clinical Trials for the Treatment of Diabetes and Autoimmune Diseases 2CORD:USE is Pleased to Announce it has Partnered with Tianhe Stem Cell Biotechnologies, Developer of Cord Blood Stem Cell Therapy Showing Promising Results in Clinical Trials for the Treatment of Diabetes and Autoimmune Diseases 3CORD:USE is Pleased to Announce it has Partnered with Tianhe Stem Cell Biotechnologies, Developer of Cord Blood Stem Cell Therapy Showing Promising Results in Clinical Trials for the Treatment of Diabetes and Autoimmune Diseases 4Seasoned Life Sciences Venture Capitalist Tania Fernandez Joins BHI to Help Manage New BioHealth Gap Fund 2Lyme Research Alliance Awards Nearly $600,000 in New Grants 2Lyme Research Alliance Awards Nearly $600,000 in New Grants 3Lyme Research Alliance Awards Nearly $600,000 in New Grants 4Whitehouse Laboratories to Partner with PDA for Educational Course on Container Closure Integrity Testing 2Whitehouse Laboratories to Partner with PDA for Educational Course on Container Closure Integrity Testing 3Whitehouse Laboratories to Partner with PDA for Educational Course on Container Closure Integrity Testing 4
... breaches - ... - ... 29 Protein Sciences Corporation,("PSC") announced today that the sale of ... Inc. (NYSE: EBS ),and its affiliate (collectively "Emergent") has been ...
... 29 /PRNewswire-FirstCall/ - Par,Pharmaceutical Companies, Inc. (NYSE: PRX ... and live webcast on Friday, August 8, 2008 at ... ended June 28, 2008. The,Company will release results after ... release will be available on the Par website at, ...
... Event Expected to Attract a Record Number of ... ... DeviceSpace(TM), the world,s,leading online medical device and diagnostics job board ... Minnesota on,Monday, September 8, 2008. The event will take place at ...
Cached Biology Technology:Protein Sciences Announces Termination of Deal to Sell to Emergent BioSolutions 2DeviceSpace(TM) to Host Medical Device and Diagnostics Career Fair in Minneapolis 2
(Date:9/30/2014)... research, involving mice and published in the October 2014 ... , suggests that just because you can do ... team of Italian scientists have found that using marijuana ... immune system. This damage may result in autoimmune diseases ... bowel disease and rheumatoid arthritis in adulthood. , "I ...
(Date:9/30/2014)... some hope: A new research report published in October ... , explains how scientists developed a synthetic version of ... development in human and mouse eggs similar to the ... during fertilization. , "We believe that the results of ... understanding of human fertilization by providing a precise answer ...
(Date:9/30/2014)... of perilous threats in today,s ocean. From overfishing ... fragile coral ecosystems are disappearing at unprecedented rates ... of corals surrounding the island of Moorea in ... tropical environment: coral guard-crabs. New research from the ... scientist Seabird McKeon and the museum,s predoctoral fellow ...
Breaking Biology News(10 mins):Adolescent exposure to thc may cause immune systems to go up in smoke 2Synthetic sperm protein raises the chance for successful in vitro fertilization 2Smithsonian scientists discover coral's best defender against an army of sea stars 2
... of different cancers actually share something in common ?a molecular ... microRNA (miRNA) that target key cancer genes and promote malignant ... as an emerging class of gene regulators and may also ... , The study appears online in the Proceedings of ...
... have for the first time reconstructed the Darwinian evolution ... research was led by Joe Thornton, assistant professor of ... and Evolutionary Biology, and will be published in the ... can drive the evolution of complex molecular systems ?those ...
... UT Southwestern Medical Center ophthalmologists will be the first in ... to fix nearsightedness. , "Think of it as a contact ... who is inserting the new implantable collamer lens, or ICL, ... , The ICL can replace or reduce the need for ...
Cached Biology News:Common molecular 'signature' identified in solid tumors 2Common molecular 'signature' identified in solid tumors 3Evolution of 'irreducible complexity' explained 2New 'implanted contacts' designed to fix nearsightedness 2
... from KUBTEC is a dual capability system with ... representation of the specimen under test. While the ... images, the micro focus source also allows the ... standard 2D images. The 50 mm x 50 ...
... electroporation products and specialty electrodes, has developed ... experiment optimization and large volume electroporation. The ... Molecular Delivery. The days of researchers struggling ... the number of samples and cell types ...
... (PR) Competitor Assay Kits are ideal ... receptor binding compounds using fluorescence polarization ... fusion of glutathione transferase to the ... receptor [PR-LBD(GST)] and a proprietary, fluorescently ...
... Kodak Companys Molecular Imaging Systems group ... Station 4000 Digital Imaging Systems, featuring ... for comprehensive fluorescence, luminescence, radiographic and ... million pixel CCD and 10x optical ...
Biology Products: