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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

failed biotechnology companies that have found themselves in Avigen's current situation have managed to destroy between 80%-99% of stockholder value from their then liquidation value

We are concerned that Avigen will enter into a transaction without downside protection that would end up destroying value. We have good reason to fear this, because most recent mergers involving companies similarly situated to Avigen (e.g., Transcept Pharmaceuticals, Inc., Anesiva, Inc., ARCA biopharma, Inc., Evotec Aktiengesellschaft, Cardiovascular Systems, Inc. and others), managed to destroy stockholder value. In each of these transactions, the stock prices declined over 80% from their liquidation value following the Board's decision to pursue a transaction, resulting in aggregate lost value in excess of $200 million. Of course the management, directors, and bankers took their millions of dollars of fees in cash rather than stock in the companies they supposedly supported. The directors and management of companies like Avigen deserve recognition: it is quite a feat to destroy 80% of the liquidation value of a company possessing little else but cash! The charts below illustrate these astonishing failures.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090312/NY83148-a )

(Photo: http://www.newscom.com/cgi-bin/prnh/20090312/NY83148-b )

(Photo: http://www.newscom.com/cgi-bin/prnh/20090312/NY83148-c )

(Photo: http://www.newscom.com/cgi-bin/prnh/20090312/NY83148-d )

(Photo: http://www.newscom.com/cgi-bin/prnh/
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SOURCE Biotechnology Value Fund, L.P.
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