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Biotechnology Value Fund Urges Stockholders to Remove and Replace Current Board of Avigen, Inc. in an Effort to Protect and Maximize Stockholder Value
Date:3/12/2009

NEW YORK, March 12 /PRNewswire/ -- Biotechnology Value Fund, L.P. ("BVF"), today announced that it has sent a letter to the stockholders of Avigen, Inc. (Nasdaq: AVGN) urging stockholders to remove the current members of the Avigen Board and replace them with BVF's four new, stockholder-oriented, independent director nominees at the Special Meeting of stockholders to be held on March 27, 2009. BVF, the beneficial owner of approximately 30% of the Company's outstanding common stock, has called the Special Meeting to give stockholders the opportunity to protect what remains of Avigen's assets, which it believes are in danger of being completely wasted by the Board.

BVF encourages stockholders to join its campaign to maximize stockholder value by voting the GOLD proxy card today.

BIOTECHNOLOGY VALUE FUND, L.P.

VOTE THE ENCLOSED GOLD PROXY CARD TO HELP UNLOCK VALUE AT AVIGEN, INC.

ELECT DIRECTORS WHO ARE DEDICATED TO MAXIMIZING VALUE FOR ALL AVIGEN STOCKHOLDERS BY REDUCING CORPORATE WASTE AND PROTECTING STOCKHOLDERS' DOWNSIDE RISK WHILE MAINTAINING SIGNIFICANT UPSIDE POTENTIAL

Dear Fellow Stockholders:

SAN FRANCISCO - March 12, 2009 - We, the Biotechnology Value Fund ("BVF"), are the owners of 8,819,600 shares, or approximately 30% of Avigen's outstanding common stock. Since we took the lead in protecting value for all stockholders of Avigen in October of 2008, the stock price has increased by over 65%. We have successfully caused the Avigen management team and Board to reduce expenses and sell off programs that they do not have the necessary expertise to develop. We now need your participation to secure Avigen's substantial remaining value by removing the members of the
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SOURCE Biotechnology Value Fund, L.P.
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