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

20090312/NY83148-e )

* Approximate net cash per share liquidation value at time of negative binary event.

This repeated lost value and waste is a key reason why we believe downside protection is so important for all stockholders. We want to prevent Avigen from joining this long and infamous list of failures. This is a key reason why we believe the MediciNova transaction is so attractive.

We Believe The Avigen Board Is Entrenching Itself As It Prepares To Enter Into An Egregious Transaction That Could Burn Through Our Company's Remaining Cash

In a shameless example of protecting their own self-interest, in October 2008 Avigen increased its golden parachute payments, allegedly to attract and retain executive talent. Our first question is: which executive employees does Avigen need to retain when, in our view, Avigen does not possess a viable business? We have estimated that the golden parachute payouts total at least $2 million. Payments to consultants, bankers and lawyers are quickly adding up as well. Given the current economic conditions, we find it irresponsible for Avigen to engage in such behavior that amounts to a slap in the face of all Avigen stockholders. The recent addition of a poison pill by the Board adds further insult to stockholders who have already been insulted by a Board that ignores their pleas.

We are afraid that if the current Board remains in place, they will burn through Avigen's remaining cash by engaging in a transaction that will further destroy stockholder value. For example, any transaction proposed by Avigen is likely to have a substantial and non-refundable breakup fee that will not be returned to stockholders even if a transaction is not approved. Everyday that the current Board remains in place, the cash per share is dwindling.

After Delaying the Special Meeting for Months, the Board Finally Set AN Accelerated MEETING Da
'/>"/>

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:5/22/2013)... Oven Industries announces the new 5R1-1400 AC ... a PC through the TTL level UART Communication port. ... square can deliver up to 15 AMPS of load ... state relay. Operator safety is achieved with 1KV of ... sensor input. Specifications: Input Voltage 85 to 265VAC ...
(Date:5/22/2013)... iLuv Creative Technology, the premier provider of ... lifestyle, announces they are now shipping MultiCharger-X, an easy ... devices efficiently. Winner of the 2013 internationally recognized iF ... MultiCharger-X is revolutionizing the way businesses, schools, and medical ... , MultiCharger-X (iAD910) combines the best of ...
(Date:5/22/2013)... 2013 The Conference Forum ... to Advance Clinical Trials conference taking place on September ... MA. , Disruptive thinkers from Novartis, Pfizer, Eli ... bold approaches to reduce expensive infrastructure, engage patients and ... to be big, or novel, or it must change ...
(Date:5/22/2013)...  Empire Genomics announced today it has acquired ... genomic biomarker from Cornell University for use in ... in diagnosing and determining treatment for patients with ... prostate cancer (NEPC) is a lethal variant of ... but more commonly arises after hormonal therapy for ...
Breaking Biology Technology:New AC Temperature Controller Announced by Oven Industries 2iLuv Now Shipping the All New MultiCharger-X 2iLuv Now Shipping the All New MultiCharger-X 3Disruptive Innovation Hits Clinical Trials, Dedicated Event Launches 2Empire Genomics Licenses Novel DNA Biomarker for Use in Diagnosing and Creating a Companion Diagnostic Test for Neuroendocrine Prostate Cancer 2
... Transfer has committed $350,000 in funding to Erie, Pa.-based ... series of technologies that will enable Wisconsin thermal metal processing ... , ,The funds will support a sales representative focusing on ... offerings, the center reported in a news release. , ,While ...
... - Madison's High Tech Happy Hour will mark ... event starts at 5 p.m. at R&R Kelly's at 2685 Research ... for the networking events, which were launched in July of 2001 ... and Allen Dines of the UW Office of Corporate Relations ...
... an MRI vital signs monitor manufactured by a Milwaukee ... ,The Veris monitor, manufactured by Criticare Systems, Inc. ... was honored in the multiparameter monitoring market area. , ... Medrad. The product was launched in March and is ...
Cached Biology Technology:Tech center supports energy-saving device for heat-treating plants 2
(Date:5/23/2013)... age when microbial pathogens are growing increasingly resistant to ... team of Wisconsin scientists has synthesized a potent new ... cause staph infections. , Writing online in the ... led by University of Wisconsin-Madison chemistry Professor Helen Blackwell ... behavior of Staphylococcus aureus , a bacterium at ...
(Date:5/22/2013)... engineers must join together in a major new effort ... crisis in providing Earth,s people with clean water that ... of a comment article in the current edition of ... of the American Chemical Society (ACS), the world,s largest ... Sedlak, Ph.D., and Jerald L. Schnoor, Ph.D., explain that ...
(Date:5/22/2013)... is responsible for legionellosis, an infectious disease that can ... pathogen has developed a complex method enabling it to ... avoiding these acting against the infectious bacteria. , Research ... in which teams from the National Institute of Health ... in Barcelona (BSC) have also participated, has described for ...
Breaking Biology News(10 mins):University of Wisconsin chemists find new compounds to curb staph infection 2Mechanism discovered which aids Legionella to camouflage itself in the organism 2
... engineers and colleagues have built a new tissue scaffold ... into the knees and other joints. The scaffold ... and other cartilage damage, such as arthritis, says Lorna ... and Engineering and co-leader of the research team with ...
... New evidence of how the elevated glucose ... lead to novel strategies for blocking the destruction, Medical ... decreased ability of blood vessels to relax resulted from ... form and function, says Dr. Rita C.Tostes, physiologist in ...
... designated FV-100, which could alleviate the suffering of millions of ... stage of clinical testing in patients. Developed and ... clinical trial with FV-100 has recently been initiated in America. ... to 10,000 times more potent than existing treatments in early ...
Cached Biology News:MIT: New tissue scaffold regrows cartilage and bone 2New evidence of how high glucose damages blood vessels could lead to new treatments 2Clinical trials for shingles drug take an important step forward 2
This bispecific antibody complex has been tested for efficient depletion of CD41+ cells using the StemSep ; negative immunomagnetic cell separation system....
... and rapid solutions to meet your laboratory's requirements for data management and quality control. ... ... ... CLARA® is the standard software for Staccato Systems and custom Allegro Modules allowing for ...
... by end-users to be "a delight to ... light microscopy and electronic imaging. With its ... not require much space and can easily ... The DM-BA300 combines Motic's own revolutionary Colour ...
The LAS-3000 imaging system combines new CCD camera technology with a simplified user interface to provide significantly improved system sensitivity with a wide range of modularities. This system is...
Biology Products: