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

opportunity to prove their worth and earn shareholder trust.

Sincerely,

Avigen Management"

Wesley R. Gray, ESS Portfolio Manager, stated, "I really appreciate the steps management has taken to maximize shareholder value and I value their hard work. I just wish they would listen to shareholder requests more diligently. For the vast majority of shareholders I have spoken to, downside protection and a decent chance for reasonable upside beats the outright ownership of a distressed biotech company--especially in this investment environment."


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SOURCE Empirical Search Strategies, L.P.
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