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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

nd unequivocally agreeing to proceed only with a transaction that provides for stockholders to receive no less than the Company's approximate liquidation value. In fact, it appears to us that the Board is only now even mentioning an undefined intent to provide some merger liquidity in response to our demand for full downside protection for all stockholders. We believe that Avigen's shares are undervalued by the market as a result of stockholders' concern about the direction the current Board is taking the Company. New leadership is needed to prevent further erosion of each stockholder's investment in Avigen, as well as to take advantage of opportunities that exist to maximize stockholder value.

Without Any Evident Rational Motive, Avigen Has Not Aggressively Pursued The COMPELLING Merger Proposal By MediciNova That Offered BOTH Downside Protection AND Significant Upside To All Avigen Stockholders

Unlike the current Board, we believe that a merger with MediciNova makes sense for all Avigen stockholders and we cannot understand why only lip service was paid to pursue a deal with MediciNova. Among the extraordinary potential benefits we see in a merger with MediciNova are:

  • Downside Protection: Based on our analysis, even if a merger with MediciNova is unsuccessful, Avigen stockholders would still receive the approximate current liquidation value of Avigen. This means that, even in the worst-case scenario, the merger would yield an approximate 65% premium to Avigen's stock price before we submitted our request to the Company to call the special meeting.
  • Tremendous Upside Potential: Based on our analysis, if a merger with MediciNova is successful, Avigen stockholders could own a substantial percentage of MediciNova (approximately 45% of the combined company). We believe the Board has not had any substantive discussions with MediciNova. We do not understand
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SOURCE Biotechnology Value Fund, L.P.
Copyright©2009 PR Newswire.
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