Navigation Links
Empirical Search Strategies Seeks Downside Protection Option at Avigen, Inc.
Date:3/20/2009

l" from an acquirer who is in financial distress by offering them a pile of cash. However, if a potential buyer is strapped for cash in this environment, it's probably not a company Avigen shareholders want to own--even if they offer a slight premium. As a matter of fact, the very thought of owning a distressed company is the main reason ESS values a downside protection measure that is clear and transparent from the beginning.

In conclusion, ESS believes it is not impossible that in a year from now Avigen shareholders will find themselves experiencing a bout of deja vu. We worry that we will be holding a biotech company that is burning cash, selling at .5x liquidation value, and paying management salaries of $500,000 to $1,000,000 a year during the worst economic environment since the Great Depression. In the end, ESS believes the following statement from Avigen (or anything even resembling this statement) would maximize the utility of all Avigen shareholders, and cause BVF to IMMEDIATELY drop their proxy fight, which will save shareholders the fees associated with the proxy battle:

"Dear Avigen Shareholders:

Regardless of the deal we choose to pursue, we will guarantee a downside protection option for all shareholders. Specifically, we will offer all shareholders the opportunity to exchange their shares for $1.10, six months following the closing of a deal. If shareholders find that the NewCo is simply burning cash and providing no value, they will have a 30 day window to exchange their shares for $1.10 per share. If shareholders believe the NewCo is worth more than $1.10, they can maintain their ownership in NewCo and participate in the future of the company.

We believe this arrangement will provide downside protection to shareholders who are risk-averse in the current economic environment, and at the same time, this deal will offer NewCo management an
'/>"/>

SOURCE Empirical Search Strategies, L.P.
Copyright©2009 PR Newswire.
All rights reserved

Page: 1 2 3

Related biology technology :

1. Venter Institute Launches the J. Robert Beyster and Life Technologies 2009-2010 Research Voyage of the Sorcerer II Expedition
2. StartUpHire Launches Comprehensive Search Engine for Jobs at Venture-Backed Companies
3. HOGGAN Ergo Announces Highly Anticipated Enhancements to the ergoFET Handheld Digital Force Gauge, Greatly Impacting the Field of Ergonomic Research and Application
4. Renowned Stem Cell Researcher Files Study Results With Stemedica
5. Medarex Announces Presentations at Annual Meeting of the American Association for Cancer Research
6. Thomson Reuters Names Hottest Researchers and Papers of 2007-2008
7. DuPont Partners with Indonesian Center for Rice Research to Advance Hybrid Rice
8. Oncolytics Biotech(R) Inc. Announces Reovirus Research to be Presented at AACR Annual Meeting
9. Micromet to Present Six Posters on Progress of BiTE Antibodies at the Annual Meeting of American Association for Cancer Research
10. FasterCures Rewards Two InnoCentive Solvers for Innovative Ideas to Accelerate Medical Research
11. BG Medicine Signs Collaborative Research Agreement with the National Heart, Lung and Blood Institute (NHLBI), and Boston University
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/15/2014)... , Jan. 15, 2014 ­ RedBrick Health ... behavior change technology, today announces that EmblemHealth , ... and wellness company, is now providing the RedBrick Compass ... coaching program, to all of its members. EmblemHealth is ...
(Date:1/15/2014)... NY (PRWEB) January 15, 2014 The Microcompetition ... a major disease. One of these latent viruses is the ... rheumatoid arthritis (RA). Rheumatoid arthritis (RA) is a chronic inflammatory ... theory, a study found that RA patients have high concentrations ...
(Date:1/15/2014)... 15, 2014 TaiGen Biotechnology Company, Limited ("TaiGen") today ... R-Pharm, a leading Russian pharmaceutical company, to develop and ... Russian Federation , Turkey ... is a novel antibiotic for the treatment of bacterial ...
(Date:1/14/2014)... As pet owners drew up their lists of New Year,s ... better care of my furry companion." Nowadays there are pet salons, ... cases to take the little canine or feline darlings along wherever ... buy some pricey toys at the pet store. But anyone who ...
Breaking Biology Technology:EmblemHealth Selects RedBrick Health to Power its Next-Generation Health Engagement and Behavior Change System 2EmblemHealth Selects RedBrick Health to Power its Next-Generation Health Engagement and Behavior Change System 3Study: Rheumatoid Arthritis (RA) Patients Have EBV; The CBCD Says this is Consistent with Microcompetition 2Study: Rheumatoid Arthritis (RA) Patients Have EBV; The CBCD Says this is Consistent with Microcompetition 3TaiGen Biotechnology Signed Exclusive License Agreement with R-Pharm for Nemonoxacin (Taigexyn(R)) 2TaiGen Biotechnology Signed Exclusive License Agreement with R-Pharm for Nemonoxacin (Taigexyn(R)) 3TaiGen Biotechnology Signed Exclusive License Agreement with R-Pharm for Nemonoxacin (Taigexyn(R)) 4New Year's Resolution: Give Pets the Gift of Top-Notch Health Care 2
... Clinton will,participate as one of the main speakers at the ... in Sao Paulo, Brazil. The event is organized by the,Brazilian ... gatherings focused on biofuels in the world. , ... a second term,in six decades. After leaving the White House, ...
... - Aegera Therapeutics is pleased to announce the ... for AEG33773, a novel, orally bio-available small molecule ... neuropathy. , The Phase 2a study, entitled A ... and Efficacy of AEG33773 versus Placebo in Patients ...
... announced successful,completion of the single-day oral dosing part ... patients with its new anti-cancer drug AXL1717,an,insulin-like growth ... the closely related insulin receptor. The study is ... The results showed that a single-day,dosing of AXL1717 ...
Cached Biology Technology:President Bill Clinton to Speak at the Ethanol Summit in Brazil 2Aegera Initiates Phase 2 Clinical Trial Of AEG33773 - A Small Molecule Targeting Neuropathic Pain 2Successful Phase I/II Clinical Trial Results From Cancer Patients Treated With Anti-Cancer Drug From Axelar AB 2
(Date:4/18/2014)... crystallography and nuclear magnetic resonance imaging (NMR) to gain ... such efforts have long been hampered by the fact ... and often in ordered and crystalized form to be ... into the structure of most molecules. , Harvard researchers, ... of the past. , A team of scientists, ...
(Date:4/18/2014)... the past 20 years, researchers have published soil organic ... have suggested that soil organic carbon can be sequestered ... to no-till systems. However, there is a growing body ... and soybean rotations without cover crops, small grains, and ... at the published rates. , "Some studies have shown ...
(Date:4/18/2014)... Durham, NC Seeds that sprout as soon as they,re ... plants need to be more careful. In the wild, a ... rainy day would risk disaster. More than just an insurance ... out that seed dormancy has long-term advantages too: Plants ... give rise to more species, finds in a team of ...
Breaking Biology News(10 mins):MRI, on a molecular scale 2MRI, on a molecular scale 3Researchers question published no-till soil organic carbon sequestration rates 2Researchers question published no-till soil organic carbon sequestration rates 3Researchers question published no-till soil organic carbon sequestration rates 4Plants with dormant seeds give rise to more species 2
... may aid the quest for accurate, low-cost genomic sequencing, according ... by Stuart Lindsay and his collaborators at the Biodesign Institute ... an electron, can cross a barrier, when, according to classical ... Unraveling the DNA sequences of the human genome a ...
... N.J., March 4 BIO-key International, Inc. (OTC Bulletin ... finger-based biometric identification solutions, today announced that on or ... United States District Court for the Southern District of ... two of the Company,s investors, Longview Special Finance, Inc. ...
... Detects Faces in Motion, Matches with Watch-list ... Lithuania, March 9 Neurotechnology, a provider ... the availability of VeriLook Surveillance SDK, a ... using live video streams from high-resolution digital ...
Cached Biology News:Covering the bases: Quantum effect may hold promise for low-cost DNA sequencing, sensor applications 2Covering the bases: Quantum effect may hold promise for low-cost DNA sequencing, sensor applications 3Covering the bases: Quantum effect may hold promise for low-cost DNA sequencing, sensor applications 4BIO-key to Respond in Court to a Lawsuit Filed by Two Investors 2BIO-key to Respond in Court to a Lawsuit Filed by Two Investors 3VeriLook Surveillance SDK Provides Real-Time Face Identification Using Video Surveillance Cameras 2VeriLook Surveillance SDK Provides Real-Time Face Identification Using Video Surveillance Cameras 3
Homo sapiens olfactomedin 1, transcript variant 3...
RABBIT ANTI QUINOLINIC ACID...
Coverslips for Microarrays, 1. *Category: MICROARRAY ACCESSORIES....
Agarase cleaves agarose to neoagaro-oligosaccharides, and is used for,quantitative, gentle recovery of DNA from low melting point agarose....
Biology Products: