Alameda's Avigen in sale talks - Business First of Columbus:

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Avigen and MediciNova said Thursda thattheir “understanding” could give Avigen shareholders net cash liquidation value plus $3 Avigen shareholders could elecg to receive cash at closing or a convertibls security that would be converted into MediciNova stocl at a conversion price of $4 or more “ore a mutually agreeable volume-weightedx average price of MediciNova common stock.” Avige CEO, President and CFO Andrew Sauter said in a press release that fina terms of the deal couled be presented to shareholders in the third The deal includes Avigen’s Phase II drug, designed to treat pain and drug MediciNova is working on drugs for asthmwa symptoms and multiple sclerosis.
Avigen’s mid-stage drug to controol muscle tightness in multiple sclerosis patients failed a trialin October. That sent the stocki price spiraling, and Biotechnologyu Value Fund bought more than 25 percent ofthe stock. BVF pressedc then-president and CEO Kenneth Chahin to find a way toreturn Avigen’s roughly $50 milliojn in cash to shareholders. BVF eventually proposed a deal for a BVF subsidiarhy to buy Avigen and then merge the company with It withdrew that offer afteer shareholders in March did not elect its slater of board nominees but the company said itwould