Navigation Links
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

>

  1. Avigen has consumed over $250 million of investor capital, with little value to show for it. Why should they be entrusted with the last $50 million?
  2. Avigen selected a Chief Executive Officer who lives in Park City, Utah when the Company is based in California.
  3. Avigen has committed to pay significant fees in the form of golden parachutes to its senior executives and multiple investment bankers, lawyers and consultants in an amount that, we believe, could exceed $5 million under certain circumstances.
  4. Despite purporting to have reduced their use of cash and working to protect stockholders, we believe Avigen will spend nearly $20 million, or over $0.65 per share, between the time they announced the failure of AV650 and when they supposedly hope to complete a merger.
  5. Avigen adopted a "poison pill," which we believe is just another example of the Board acting first to protect their jobs rather than the stockholders they have a fiduciary duty to represent.
  6. Avigen delayed calling the special meeting for approximately two months before setting a rushed meeting date that we believe was set to prevent stockholders from having adequate opportunity to receive and review proxy materials and vote at the special meeting.

We have grown increasingly dismayed that Avigen's Board and management team, who collectively own little stock, have wasted money on golden parachutes, multiple investment bankers, consultants and lawyers. Had Avigen merely agreed to guarantee a worst case scenario for stockholders, this fight would not have transpired. Thus, we can only conclude that Avigen is likely to gamble stockholders' remaining capital that, precedent warns, could result in a near total destruction of stockholder value.

We are frankly surprised that the Board has not previously addressed our concerns by affirmatively a
'/>"/>

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

0

GOOD

Page: 1 2 3 4 5 6 7 8 9

Related biology technology :

1. Canadian Government Announces Funding for Leading Biotechnology Firms Project
2. InNexus Biotechnology Announces New Patents Protecting Novel Cell Penetrating DXL(TM) Antibodies
3. FDA Provides A Positive Review of InNexus Biotechnology Development Plan for Lead Product
4. PDS Biotechnology Corporation Finalizes Commercial Licensing Agreement with Merck Eprova AG to Utilize Merck Eprovas Enantiomers of DOTAP Chloride in Immunotherapies
5. Yongye Biotechnology Announces Preliminary Results for Fiscal Year 2008
6. Yongye Biotechnology to Host Virtual Retail Road Show to Provide Overview of the Company in English and Mandarin
7. Yongye Biotechnology International to Expand its Network of Branded Stores
8. Biotechnology Value Fund, L.P. Requests Avigen Board to Provide Critical Information to Stockholders
9. Yongye Biotechnology to Present at Roth Conference
10. MannKind to Present at the 11th Annual Biotechnology Industry Organization BIO CEO & Investor Conference
11. Energy, Biotechnology and Agribusiness Veterans Form SG Biofuels to Develop Jatropha as Low-Cost, Sustainable Oil
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/20/2013)... ANGELES , May 20, 2013 Today, ... San Francisco , James McGough ... Clinical Psychiatry at the Semel Institute for Neuroscience and ... of Medicine at the University of California Los ... both Child and Adolescent Psychopharmacology and ADHD at UCLA, ...
(Date:5/20/2013)... , May 20, 2013   BioHealth ... focusing on commercializing market-relevant biohealth innovations and increasing ... Maryland , today announced its selection of ... (EIR) for BHI at the National Institutes of ... Institute (NHLBI). Dr. Aiyar will help advance ...
(Date:5/20/2013)... Researchers from the Southern University of Denmark ... and the acne causing P.acnes bacteria. Researchers believe found that ... out oxygen deprived location to seek shelter and grow. When ... the ability to live in the open joint areas, causing ... “ The best acne treatment ” explains why starting a ...
(Date:5/20/2013)... 2013 The World Molecular Imaging Society ... Lisa Baird as Executive Director. Baird will assume ... The WMIS vision is to encompass and promote ... effectively treat diseases in the developed and developing world. ... in 2011 by integrating the Academy of Molecular Imaging ...
Breaking Biology Technology:Positive Results Reported for Phase I Clinical Trial at UCLA for the Treatment of ADHD in Children Using External Trigeminal Nerve Stimulation (eTNS) 2Positive Results Reported for Phase I Clinical Trial at UCLA for the Treatment of ADHD in Children Using External Trigeminal Nerve Stimulation (eTNS) 3Positive Results Reported for Phase I Clinical Trial at UCLA for the Treatment of ADHD in Children Using External Trigeminal Nerve Stimulation (eTNS) 4Positive Results Reported for Phase I Clinical Trial at UCLA for the Treatment of ADHD in Children Using External Trigeminal Nerve Stimulation (eTNS) 5BioHealth Innovation, Inc. Names Ram Aiyar as Entrepreneur-in-Residence to NIH National Heart, Lung and Blood Institute 2BioHealth Innovation, Inc. Names Ram Aiyar as Entrepreneur-in-Residence to NIH National Heart, Lung and Blood Institute 3BioHealth Innovation, Inc. Names Ram Aiyar as Entrepreneur-in-Residence to NIH National Heart, Lung and Blood Institute 4Adult Acne Treatment, Probiotic Action Shares New Insight How Treating Acne May Help Reduce Body Pain 2WMIS Appoints Lisa Baird as Next Executive Director 2
... /PRNewswire-FirstCall/ Varian, Inc. (NasdaqGS:,VARI) announced that its Board ... new director. Glover is the seventh member of ... a term expiring at the annual meeting of,the ... Vice President, Operations and Chief Financial Officer,of Anadys ...
... May 7 Arena Pharmaceuticals, Inc.,(Nasdaq: ARNA ) ... 31, 2008., Total revenues in the first quarter ... the first quarter of 2007, and included $2.0 million ... $0.6 million in patent reimbursements from Arena,s collaborations with,Merck ...
... to Provide Full Functional Validation Data for Its MISSION(R) ... ... LOUIS, May 7 Sigma-Aldrich(TM) (Nasdaq:,SIAL) and the second phase ... Consortium,s collection of approximately,160,000 previously-cloned lentiviral-based shRNA vector constructs.,Currently, more ...
Cached Biology Technology:James T. Glover Appointed to Board of Directors of Varian, Inc. 2Arena Pharmaceuticals Announces First Quarter 2008 Financial Results 2Arena Pharmaceuticals Announces First Quarter 2008 Financial Results 3Arena Pharmaceuticals Announces First Quarter 2008 Financial Results 4Arena Pharmaceuticals Announces First Quarter 2008 Financial Results 5Arena Pharmaceuticals Announces First Quarter 2008 Financial Results 6Arena Pharmaceuticals Announces First Quarter 2008 Financial Results 7Arena Pharmaceuticals Announces First Quarter 2008 Financial Results 8Sigma-Aldrich Joins Phase 2 of The RNAi Consortium to Validate shRNA Libraries 2Sigma-Aldrich Joins Phase 2 of The RNAi Consortium to Validate shRNA Libraries 3
(Date:5/20/2013)... Foundation (NSF) planning grant will help establish the Center ... of the University of Illinois at Urbana-Champaign and Worcester ... be devoted to research in drying moist, porous materials ... paper products; chemical products; textiles; and biopharmaceuticals," said Hao ... and human nutrition and the Illinois site director. , ...
(Date:5/20/2013)... New Geology articles posted online ahead ... a wide swath of geoscience subdisciplines, including minerals ... paleobotany. Locations studied include Siberia; the Sumatran subduction ... Italy; Ukraine; Mars; and the Southeastern U.S. Atlantic ... jadeite, and plate tectonics;, 2. The clear fingerprint ...
(Date:5/19/2013)... University of California, Davis have engineered a strain of ... They report their findings today at the 113th ... "In this work, we used synthetic biology approaches to ... and light energy for growth) cyanobacterial metabolism for the ... the lead researcher on the study. He is ...
Breaking Biology News(10 mins):NSF approves planning grant for Center for Advanced Research in Drying 2New in GEOLOGY: Gems, Darwin, Mars, Hemp, Snowball Earth, a Siberian Impact Crater, and More 2New in GEOLOGY: Gems, Darwin, Mars, Hemp, Snowball Earth, a Siberian Impact Crater, and More 3New in GEOLOGY: Gems, Darwin, Mars, Hemp, Snowball Earth, a Siberian Impact Crater, and More 4New in GEOLOGY: Gems, Darwin, Mars, Hemp, Snowball Earth, a Siberian Impact Crater, and More 5New in GEOLOGY: Gems, Darwin, Mars, Hemp, Snowball Earth, a Siberian Impact Crater, and More 6New in GEOLOGY: Gems, Darwin, Mars, Hemp, Snowball Earth, a Siberian Impact Crater, and More 7New in GEOLOGY: Gems, Darwin, Mars, Hemp, Snowball Earth, a Siberian Impact Crater, and More 8New in GEOLOGY: Gems, Darwin, Mars, Hemp, Snowball Earth, a Siberian Impact Crater, and More 9New in GEOLOGY: Gems, Darwin, Mars, Hemp, Snowball Earth, a Siberian Impact Crater, and More 10New in GEOLOGY: Gems, Darwin, Mars, Hemp, Snowball Earth, a Siberian Impact Crater, and More 11
... Spring Harbor, NY A team of neuroscientists at Cold ... to a GPS system for locating and tracking a vital ... identification, particularly in living animals. The cells ... neurotransmitter called GABA (gamma aminobutyric acid). GABA neurons function ...
... mussels, squids as different as they may look, ... to the phylum Mollusca , also called molluscs. ... and Professor Ken Halanych, USA, with the participation of ... research into the relationships among different molluscs as part ...
... to make pest insects buzz off for good or even ... a tiny finding with enormous potential. Sujata Chaudhari, a ... the senior author of a study that was published this ... Sciences , also called PNAS. Her work includes a discovery ...
Cached Biology News:Team creates genetic 'GPS' system to comprehensively locate and track inhibitory nerve cells 2Team creates genetic 'GPS' system to comprehensively locate and track inhibitory nerve cells 3Team creates genetic 'GPS' system to comprehensively locate and track inhibitory nerve cells 4Research into molluscan phylogeny reveals deep animal relationship of snails and mussels 2Research into molluscan phylogeny reveals deep animal relationship of snails and mussels 3From protein to planes and pigskin 2From protein to planes and pigskin 3
... linear ion trap mass spectrometer enables high-throughput ... The LXQ linear ion trap mass spectrometer ... applications, delivering the fast cycle time and ... trap at an attractive price. The ...
... developed specifically for reduced mutagenicity to be ... agarose or acrylamide gels. SYBR Safe stain is ... SYBR Safe stain's detection sensitivity is better than ... as a premixed solution that can be used ...
... These are just some the things youll ... of Protein-Protein Interactions, edited by Erica Golemis, One ... skillfully edited compilation of topics in protein interaction ... text that must be a part of your ...
... This exceptionally sensitive nucleic acid gel stain ... low background in gels, making it ideal for ... standard UV transilluminators. SYBR Green I nucleic ... in capillary electrophoresis, real-time PCR assays and bandshift ...
Biology Products: