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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

why they have dismissed the offer as providing little value.
  • Free Option: Under the terms of the proposed merger, stockholders would have at least one year after the merger is consummated to choose whether they want downside protection or upside potential, as described above. We believe this free option period offers stockholders tremendous upside potential with low risk.
  • Neither BVF nor its nominees have any financial interests in MediciNova. BVF is only interested in the superior transaction for ALL stockholders. We simply believe that in light of similar historical transactions, it is important that stockholders have downside protection. If BVF's nominees are elected to the Board, stockholders can either tender their shares in the BVF tender, or not tender and participate with BVF in the future of Avigen, whether through a merger with MediciNova, subject to the nominees' fiduciary obligations, or if the merger is not feasible, to consider liquidation or other similar type transactions. In any case all stockholders will get to choose and have the opportunity to get immediate cash back. The nominees intend to present any potential MediciNova transaction to stockholders for approval - ensuring that stockholders will get a true say in the future of Avigen.

    We believe the Board's failure to commit exclusively to a transaction that offers downside protection based on the Company's liquidation value suggests that the Board is considering other options, which will put the value of Avigen at risk. As the Company's largest stockholder, we share the interest of all stockholders in protecting and preserving our investment. Unlike the directors and management, BVF only profits if the stock price goes up and shares the interest of all stockholders to increase share value and limit share loss. We receive no other payments or compensation.

    The vast majority of
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    SOURCE Biotechnology Value Fund, L.P.
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