Avigen Inc. (AVGN)

[sea_devil]

Wow, great sign. BVF will bring this to true value

[ZRock]

GM Beach. I think they're on to something. I'm gonna tag along to see what it is.. Z

[~BC~]

BVF just keeps buying. http://ih.advfn.com/p.php?pid=nmona&cb=1226058563&article=29178133&symbol=N%5EAVGN#EDGAR_HTM_F6

[sea_devil]

Yep, just hanging tight right now. Looks great

[~BC~]

8-K - http://biz.yahoo.com/e/081105/avgn8-k.html

[~BC~]

Higher lows.... Nice and steady. ->

[ZRock]

I see that. I was out most of the day and just got back at 1900hrs. looks like some selling and we closed down. no big deal imo the whole market from what I see was DOWN. oh well, tomorrows another day. GLTY.. Z

[$$$-Play]

Very quiet here today..

[ZRock]

yelp, it would be buckle up and hold on time.. Z

[sea_devil]

Great day today! Look forward to more

[Built2Trade]

nice...

[~BC~]

New Target: $1.10 ->

Avigen upgraded to "buy"
10:46a.m. - Ladenburg Thalmann
NEW YORK, November 4 (newratings.com) - Analysts at Ladenburg Thalmann upgrade Avigen (AVGN) from "neutral" to "buy." The target price has been raised from $0.73 to $1.10.

http://www.newratings.com/en/main/company_an.m?section=company&isin=US0536901038&option=an&id=1831081&show_next=0&analyst_id=246

[~BC~]

Can you imagine what a PR announcing a partnership with a big-a$$ company would do?!

[ZRock]

man this moves fast. some buying volume and we're outta here.. Z

[sea_devil]

Nice BC Thanks!

[ZRock]

agree. surprised BM's not higher, this is a sweet one imo.. Z

[Built2Trade]

up over a dollar here soon!!

[Built2Trade]

chart does look good

[ZRock]

nice.. Z

[~BC~]

Chart is lookin BEAUtiful ->

GL All.

[~BC~]

Check it out Z, more good news...

DOWJONES Avigen Raised To Buy From Neutral By Ladenburg >AVGN

Avigen Raised To Buy From Neutral By Ladenburg >AVGN

Last Update: 11/4/2008 10:13:08 AM

(END) Dow Jones Newswires (201-938-5400)

November 04, 2008 10:13 ET (15:13 GMT)

[ZRock]

works for me Beach.. Z

[~BC~]

Yep. I'll take 10-15% a day. No problem-o.

[Built2Trade]

looking good again today!!!

[~BC~]

Lookin good! GL TX! em

[tx2308]

AVGN added to ZACHS #1 BUY recommendation.

http://biz.yahoo.com/zacks/081104/15677.html?.v=1

[~BC~]

Good AVGN post from another board regarding recent restructure, etc.:


todays news was great....I will explain.... 3-Nov-08 07:35 pm fundmgr1

In my opinion this was exactly what any avgn investor would want, they got rid of 70% of their workforce and basically said they are going to effectively end the burnrate and seek a partner which is what bvf asked them to do. Once a partner cant be found, then bvf will proceed forward with the liquidation proposal and by that time they should have in excess of 40% of the outstanding shares and the company will have maintained nearly all its value of the $1.88 per share bvf thinks the company is worth. I dont fault management at all for trying to seek a partner, I am sure they believe in their work and really would like to continue it. BVF is a sophisticated biotech investor and its very possible they will find a place for the remaining avigen workforce and they may even be able to keep their desire to work on their existing technology under the umbrella of said partner. WIN WIN all around, just be patient and this all will be wrapped up inside 3 months if not alot sooner. I think more then doubling your money in less then 3 months is a pretty good return. The fact is I cant believe anyone is selling at prices this low, my guess is the selling is coming from people who just want the tax loss and have no interest in the company any longer,pretty typical thinking for the average institutional investor.

[~BC~]

Co. is workin it! -> http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2008/11/03/daily17.html?ana=yfcpc

[ScovilleUnits]

8-K

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5953141

Item 1.02 Termination of a Material Definitive Agreement.

Termination of License Agreement

On October 28, 2008, Avigen, Inc. provided notice to SDI Diagnostics International Ltd. (“SDI”) that Avigen was terminating the Patent and Know-How License, Development and Commercialization Agreement, dated 12 January 2006, as amended, between Avigen and SDI (the “Agreement”). The agreement will terminate 180 days after Avigen’s notice. The Agreement provided Avigen with exclusive North American license rights to develop and commercialize proprietary formulations of the compound tolperisone from SDI, a division of Sanochemia Pharmazeutika AG, an Austrian-based pharmaceutical company, which Avigen was developing under the name of AV650. Under the terms of the Agreement, Avigen made a total of $5.5 million in payments to SDI and was required to make additional payments based on the achievement of clinical, regulatory and sales milestones and royalties on sales.

There were no material relationships between Avigen or its affiliates and SDI other than in respect of the Agreement (as amended). Avigen gave notice of termination of the Agreement because the data from Avigen’s AV650 trial for the treatment of spasticity in patients with multiple sclerosis did not meet its primary endpoint. As a result, Avigen has terminated the AV650 program, and no longer requires the rights under the Agreement.

There are no early termination penalties for terminating the Agreement. Upon termination, Avigen is required to grant to SDI an exclusive, sublicenseable, fully-paid, perpetual license under all data and information regarding AV650 to make and sell AV650 in North America, among other transition and surviving obligations as set forth in the agreement.

Termination of Lease

In addition, on November 3, 2008, in connection with the restructuring discussed under Item 2.05 below, Avigen notified Ellis Partners, the landlord of its building lease for 4,834 square feet of lab space at 1201 Harbor Bay Parkway, of its intent to exercise its termination rights and accelerate the expiration date on the remaining lease term to 240 days. The lease has a term that extends until November 30, 2010, with monthly lease payments of approximately $12,000. Costs associated with the termination of this contract are expected to be less than $100,000, which includes a potential $25,000 early termination fee, and will be paid over the remaining period of the lease agreement.

Item 2.05. Costs Associated with Exit or Disposal Activities.

On November 3, 2008, Avigen announced a significant restructuring of the company aimed at preserving cash and reassessing its strategic opportunities. As a result of this restructuring, Avigen will reduce its staff level by approximately 27 positions, or 70 percent of its workforce. In connection with this staff reduction, Avigen estimates that it will incur a charge for one-time personnel-related termination costs of approximately $1.5 million. Approximately $1.3 million of this charge represents severance payments, with the remainder representing benefits, including COBRA premiums. These termination costs are primarily expected to be paid in cash during the fourth quarter ending December 31, 2008; however some payments, including COBRA payments for extended healthcare benefits, will extend into the first half of 2009. Avigen expects to complete the restructuring by the end of 2008.

In connection with the restructuring, Avigen has notified the landlord of its building lease for 4,834 square feet of lab space at 1201 Harbor Bay Parkway of its intent to exercise its termination rights and accelerate the expiration date on the remaining lease term to 240 days. Costs associated with the termination of this contract are expected to be less than $100,000, which includes a potential $25,000 early termination fee, and will be paid over the remaining period of the lease agreement. Avigen is also in the process of reviewing its facility needs generally, including the leased premises at 1301 Harbor Bay Parkway.

The restructuring was approved by Avigen’s Board of Directors on October 30, 2008, because the data from Avigen’s AV650 trial for the treatment of spasticity in patients with multiple sclerosis did not meet its primary endpoint, as a result of which Avigen has terminated its AV650 program.

[sea_devil]

Today has been positive and I think we're at a turning point. $1.00 shouldn't be too far away IMO

[zoran]

poitive news imo. What are your thoughts if $1.00 is a reality in the near future?

[~BC~]

NEWS: Avigen Announces Restructuring and Strategic Direction

ALAMEDA, Calif., Nov 3, 2008 (GlobeNewswire via COMTEX) -- Avigen, Inc. (AVGN), a
biopharmaceutical company innovating therapeutics for neurological care, today
announced a significant restructuring of the company aimed at preserving cash and
reassessing its strategic opportunities. As a result of the restructuring, which
will involve staff reductions of over 70 percent of the company's total
workforce, Avigen expects to have sufficient cash to fund operations for over
four years.

"Our deepest gratitude goes out to all the talented and dedicated employees who
have worked so hard to complete a timely and well executed AV650 clinical
program, as well as enhance the value of our other clinical-stage drug candidates
from our internal research and development," said Kenneth Chahine, Ph.D., J.D.,
Avigen's President and Chief Executive Officer. "By reducing to only a core team,
however, we can significantly lower our infrastructure costs, while retaining the
know-how and expertise necessary to monetize our current assets and identify
opportunities to acquire new assets. We believe our strong cash position and
management team will make Avigen an attractive partner in this challenging
financial climate."

Highlights:



-- Avigen expects to end 2008 with top-line cash and securities of
approximately $49 million and believes this restructuring
will extend its resources to support at least four years of
operations, including providing funds to develop one asset to a
meaningful value inflection point without additional equity
financings.

-- Avigen's contract with Sanochemia Pharmaceutica AG regarding
AV650 has been terminated to avoid further payment obligations
on the part of Avigen.

-- Avigen believes the breadth and value of AV411 can be best
realized with the support of a partner; therefore, Avigen
intends to seek a partner and does not currently plan to
initiate the Phase 2b development program for neuropathic
pain. Current and future National Institute on Drug Abuse-funded
Phase 2a trials in opioid withdrawal and methamphetamine relapse
will continue.

-- Proceeds from the sale or partnering of Avigen's current assets
(AV411 and AV513) could significantly increase its cash position
and its ability to develop additional assets to meaningful value
inflection points without additional equity financings.



"Our experienced team has faced similar challenges, and has demonstrated the
ability to take decisive action to create valuable opportunities," said Dr.
Chahine. "Given the current economic environment, we believe this strategy
represents a sound plan that will not only withstand, but capitalize on, the
current market conditions."

About AV411

AV411 is a first-in-class orally bioavailable small molecule, a glial attenuator
that suppresses pro-inflammatory cytokines IL-1 beta, TNF alpha, and IL-6, and
may upregulate the anti-inflammatory cytokine IL-10. While considered a New
Molecular Entity (NME) in the United States and Europe, the drug was first
approved in Japan more than 15 years ago. The drug has been prescribed to over
one million patients for a different indication and has a good post-marketing
safety profile in nearly 15,000 patients studied at the prescribed doses.

Glial activation in the brain and spinal cord contribute to the establishment and
amplification of the chronic pain state. As part of its program investigating
glial attenuation as a novel approach to the treatment of neuropathic pain,
Avigen discovered that AV411 (ibudilast) was efficacious in standard preclinical
models of opioid withdrawal. While ibudilast was initially developed as a
non-selective phosphodiesterase (PDE) inhibitor for the treatment of bronchial
asthma, its efficacy in neuropathic pain models appears to be independent of this
activity. AV411 has advanced through Phase 1 and 2a clinical trials for
neuropathic pain and is currently in a NIDA-funded trial with Columbia University
addiction research specialists for opioid withdrawal. Additional preclinical
research has revealed that AV411 can attenuate opioid-induced glial activation
and both behavioral and neurochemical markers of opioid-induced reward and
withdrawal. Moreover, collaborative studies with NIDA have revealed utility in
methamphetamine relapse in animals which is being translated to a NIDA-funded
exploratory clinical trial with UCLA investigators in 2009. Based on its
research, Avigen has filed for patents protecting the use of AV411, as well as
for patents on AV411 analogs which the company believes have the potential to be
effective second generation molecules. Additional information on AV411 can be
found on Avigen's website at http://www.avigen.com.

About Avigen

Avigen is a biopharmaceutical company focused on developing and commercializing
unique small molecule therapeutics to treat serious neurological disorders,
including neuropathic pain and opioid addiction and withdrawal. Avigen's strategy
is to complete the requirements of clinical development for each of the
candidates in its product pipeline, and continue to look for opportunities to
expand its pipeline through a combination of internal research, acquisitions and
in-licensing, with the goal of becoming a fully integrated commercial
biopharmaceutical company that remains committed to its neurology products.
Avigen is currently developing AV411 for neuropathic pain, as well as opioid
withdrawal and addiction in collaboration with NIDA. Additionally, the company is
advancing AV513, a novel therapy for the treatment of multiple bleeding
disorders, including hemophilia A and B, toward clinical trials. For more
information about Avigen, consult the company's website at http://www.avigen.com.

The Avigen, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=2981

Statement under the Private Securities Litigation Reform Act

This press release contains forward-looking statements, which include, among
others, statements relating to Avigen's expectations that the current
restructuring and staff reduction will reduce its infrastructure costs and extend
its financial resources to support at least four years of operations without
additional equity financings; that it will retain the know-how and expertise
necessary to monetize its current assets; that it will be able to identify and
acquire new assets; that it will be able to secure a partner to initiate the
AV411 Phase 2b development program for neuropathic pain; that current and future
National Institute on Drug Abuse-funded trials in opioid withdrawal or
methamphetamine relapse will continue; that Avigen can avoid further payment
obligations to Sanochemia beyond those already paid; that it will be able to take
any asset to a meaningful value inflection point with or without additional
equity financings; that it can generate any proceeds from the sale or partnering
of current assets; and that the Company's current strategy will allow it to
withstand or capitalize on the current market conditions. These risks and
uncertainties include: unexpected expenses incurred with respect to the
restructuring may occur; savings from the restructuring may not be as much as
Avigen expects due to unexpected impediments to reducing expenses; in this
economic environment, Avigen may not be able to find a partner for AV411 on terms
favorable to Avigen; that costs necessary to bring products to a meaningful
inflection point may be more than Avigen expects; and those detailed in reports
filed by Avigen with the Securities and Exchange Commission, including Avigen's
quarterly report on Form 10-Q for the period ended June 30, 2008, under the
caption "Risks Related to Our Business" in Item 2 of Part I of that report, which
was filed with the SEC on August 11, 2008.

This news release was distributed by GlobeNewswire, http://www.globenewswire.com

SOURCE: Avigen, Inc.
Avigen, Inc.
Michael Coffee, Chief Business Officer
510-748-7372
[e-mail]
1301 Harbor Bay Parkway
Alameda, CA 94502


(C) Copyright 2008 GlobeNewswire, Inc. All rights reserved.

[~BC~]

Let's have a nice steady climb to where this should be this week.

[~BC~]

Yepper Cash. Lookin real good! em

[sea_devil]

Thanks BeachC! Nice Monday

[sea_devil]

Wow! Looking real good today! GL everyone

[Built2Trade]

looks good today

[~BC~]

"The Reporting Persons intend to work with the Issuer's Board of Directors to effecuate a prompt return of cash to the Issuer's stockholders and intend to bring the matter directly to a vote of stockholders if their efforts with the Board of Directors are unsuccessful."




http://ih.advfn.com/p.php?pid=nmona&cb=1225721501&article=29071798&symbol=N%5EAVGN

[sea_devil]

GL monkeyfrog! Just a little more time

[monkeyfrog]

yep---- looks good to me !!!

[sea_devil]

OK. I didn't notice it was amended; thank you! Looking better

[monkeyfrog]

Actually this one is ammended- The big holders are calling for AVGN to liquidate or sell ASAP. They figure the shareholder value at liquidation will be $1.50-$2.00/shr.

Something's gotta give here imo.

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5948907


ITEM 4. Purpose of Transaction


At the invitation of the Chairman of the Issuer, the Reporting Persons articulated their views regarding the future of the Company in a conference call with the Board of Directors held on October 30, 2008. The Reporting Persons stated their strong belief that the Issuer should immediately reduce its expenses to as low a level as possible, partner or sell its remaining assets without further investment and take actions to distribute to the Issuer's stockholders as much of the resulting cash as possible. The Issuer reported $56 million, or $1.88 per share, of financial assets as of September 30, 2008, consisting of cash, cash equivalents, available-for-sale securities and restricted investments.

The Reporting Persons informed the Board of Directors that they think that the previously announced plan of spending the Issuer's remaining cash on the development of its early-stage pain drug, AV411 as well as the Issuer's corporate infrastructure is fundamentally flawed, especially in light of the current environment for raising additional capital. The Reporting Persons believe that AV-411 is a high risk drug candidate that is best developed (if at all) by a larger company with greater financial resources and a lower cost of capital. By the time AV-411 could be commercialized, or even definitively proven safe and efficacious, the Issuer's existing cash resources would be depleted. The Reporting Persons believe that the investment community clearly lacks confidence in such a plan, as evidenced by recent reports from stock analysts and by the $0.61 per share closing price of the Issuer's common stock on October 30, 2008, reflecting only 31% of the Issuer's financial assets as of September 30, 2008.

The Reporting Persons intend to work with the Issuer's Board of Directors to effecuate a prompt return of cash to the Issuer's stockholders and intend to bring the matter directly to a vote of stockholders if their efforts with the Board of Directors are unsuccessful.

ITEM 5. Interest in Securities of the Issuer


The Reporting Persons’ percentage ownership of Common Stock is based on 29,769,115 shares being outstanding.

(a) As of October 23, 2008, BVF beneficially owns 1,837,440 shares of Common Stock, BVF2 beneficially owns 1,268,911 shares of Common Stock, BVLLC beneficially owns 4,622,764 shares of Common Stock, ILL10 beneficially owns 472,585 shares of Common Stock and each of Partners and BVF Inc. may be deemed to beneficially own 8,201,700 shares of Common Stock, representing percentage ownership of approximately 6.17%, 4.26%, 15.53%, 1.59% and 27.55%, respectively

[sea_devil]

Most know of this. It's why I'm here! Hard to believe we still hang at this level though

[monkeyfrog]

Hmmm getting even more interesting here...

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5948907

[~BC~]

Chart showing a nice pinch here..

Just need some decent volume/news.

[stockpyle4]

Count me in! I grabbed a small position at .61

Will be looking to add more.

[~BC~]

http://finance.yahoo.com/q/sa?s=avgn

[~BC~]

Lookin good cash!

[sea_devil]

Nice day so far.

[sea_devil]

Yep! AVGN is definitely gaining interest on iHub and other boards I've noticed. Nice upward trend has started

GLTA