Navigation Links
Leading Advisory Firm, PROXY Governance, Recommends Avigen Shareholders Vote on GOLD Card to Remove Incumbent Directors and Elect BVF's Stockholder-Oriented Nominees

NEW YORK, March 23 /PRNewswire/ -- Biotechnology Value Fund, L.P. ("BVF") today announced that PROXY Governance, widely recognized as a leading independent proxy advisory firm, has recommended that shareholders vote for all BVF Proposals on the GOLD proxy card for the special meeting of Avigen, Inc. (Nasdaq: AVGN) to be held on March 27, 2009.

In its report PROXY Governance notes, "Under ordinary circumstances we believe the dissidents (BVF) must clear a high bar to justify a change in control of the board, and a still higher bar to remove a sitting CEO from the board. Given that the company is now in hibernation mode and a sale or liquidation is imminent, however - and the strong argument the dissidents have presented that shareholders face substantial risk if the board will not guarantee downside protection for their liquidity option - we believe shareholders would be best served by replacing the incumbent board with the dissident slate of nominees."

The report further notes, "that shareholders best interests are better served by the dissidents. We take the dissidents at their word that they would pursue the best offer which guaranteed the liquidity downside because - as a fund with a clear fiduciary obligation to its investors, and no economic relationship with MediciNova - their interests are clearly aligned with all other shareholders in the pursuit of that goal."

Mark Lampert, BVF Partner, stated, "We are gratified that PROXY Governance, a leader among the proxy advisory services, after thoughtful and insightful analysis, has recommended Avigen stockholders support our efforts to remove the current Board of Directors and replace them with our stockholder-oriented director nominees. We once again urge all stockholders to vote the GOLD proxy card for all BVF Proposals today."

RiskMetrics Group, another leading independent proxy advisory service stated in their report, "the underperformance to peer indexes, positive market reaction to dissident involvement, the reactive nature of the company, governance concerns and the likely diverging incentive and risk tolerance of management and other shareholders such as BVF, we believe some change is needed and the board could benefit from greater shareholder representation." Mr. Lampert commented, "While we disagree with RiskMetrics' reluctance to recommend replacing the full Avigen Board, we do agree with the report's description of the Board's many failings. We encourage all shareholders to read these independent reports carefully."

SOURCE Biotechnology Value Fund, L.P.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. BioMarin Licenses Technology From Leading Cystic Fibrosis Research Laboratory at the University of California, San Francisco
2. Elekta Contract Provides Sisters of Mercy Health System Access to Leading Radiation Therapy Solutions
3. United BioSource Acquires Interest in Leading Adaptive Design Technology Service Provider
4. Panel to Discuss the Far-Ranging Effects and Consequences of Heart Disease, Which is the Leading Killer in Both Men and Women in the United States
5. FDA Approves Expanded Labeling for Campath(R) to Include First-line Treatment for Leading Form of Adult Leukemia
6. Cooler Solutions and Leading Research Hospital to Design Revolutionary Osteoporosis Diagnosis Device
7. K-State Research Leading to Software to Help Nations Cattle Producers Identify Biosecurity Risks, Evaluate Impact of Cow-Calf Diseases Online
8. Leading Biotechnology Company Grows with StayinFront CRM
9. Leading Pharmaceutical Communication Executives Gather for the 1st Annual Pharmaceutical Public Relations Symposium
10. Agendia Acquires Rights to the Discovery of a Major Drug Resistance Mechanism in Breast Cancer Potentially Leading to a Herceptin(R) Sensitivity Test
11. 2007 Massachusetts Biotechnology Council MASS Opportunities Investment Conference Showcases Leading Growth Companies
Post Your Comments:
(Date:11/30/2015)... and PETACH TIKVAH, Israel , ... BCLI ), a leading developer of adult stem ... subsidiary, Brainstorm Cell Therapeutics Ltd., has been awarded an additional ... Office of the Chief Scientist (OCS). This grant, the second ... for 2015 activities to approximately $1.8 million (approximately NIS7 million).  ...
(Date:11/27/2015)... 2015 /PRNewswire/--  Mallinckrodt plc (NYSE: MNK ), ... has closed the sale of its global contrast media ... Euronext) in a transaction valued at approximately $270 million. ... a total of approximately 1,000 employees spread across the ... Louis area. This entire workforce and the ...
(Date:11/27/2015)... , November 27, 2015 ... Growing popularity of companion diagnostics is ... cancer biomarkers market with pharmaceutical companies and ... companion diagnostic tests. . ... Complete report on global cancer biomarkers ...
(Date:11/26/2015)... England , November 26, 2015 ... innovative medical device company specializing in imaging technologies, announced today ... European Commission as part of the Horizon 2020 European Union ... carry out a large-scale clinical trial in breast cancer. ... (Logo: , --> --> ...
Breaking Biology Technology:
(Date:11/18/2015)... New York , November 18, 2015 ... Market Research has published a new market report titled ... Growth, Trends, and Forecast, 2015 - 2021. According to the ... in 2014 and is anticipated to reach US$29.1 bn ... to 2021. North America ...
(Date:11/17/2015)... LIVERMORE, Calif. , Nov. 17, 2015  Vigilant ... has joined its Board of Directors. ... Vigilant,s Board after recently retiring from the partnership at ... owning 107 companies with over $140 Billion in revenue.  ... performance improvement across all the TPG companies, from 1997 ...
(Date:11/12/2015)... , Nov. 12, 2015  A golden retriever ... Duchenne muscular dystrophy (DMD) has provided a new lead ... Children,s Hospital, the Broad Institute of MIT and Harvard ... Brazil . Cell, pinpoints ... dogs "escape" the disease,s effects. The Boston Children,s lab ...
Breaking Biology News(10 mins):