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Its a question of time, this stock rally`s above $1.. the reasen the menger situation..
29/12/08..
ITEM 4. Purpose of Transaction
Item 4 is hereby amended to add the following:
On December 22, 2008 MediciNova, Inc. (“MediciNova”) described details of a Proposed Merger between MediciNova and Avigen, Inc. ("Avigen") in a letter to Avigen's Chairman, Zola Horovitz. The Reporting Persons hereby express their full and enthusiastic support for this Proposed Merger and believe it is the best interest of all Avigen shareholders. The Reporting Persons presently have no economic interest in MediciNova. The Reporting Persons call on Avigen's Board of Directors to negotiate with MediciNova and work to consummate the Proposed Merger expeditiously.
The Reporting Persons support the Proposed Merger for the following reasons:
1. Downside Protection: The Proposed Merger provides for the same downside protection that the Reporting Persons encouraged Avigen to implement directly (which Avigen rejected). Subsequent to the Proposed Merger, if MediciNova is unsuccessful, Avigen shareholders will receive approximately the current liquidation value of Avigen (which the Reporting Persons estimate to be approximately $1.20/share, net of debt and expenses), as determined by an independent auditor. Incredibly, in a worst case scenario, the Proposed Merger would yield about a 60% premium to Avigen's current stock price.
2. Extraordinary Upside Potential: If MediciNova is successful post-merger, Avigen shareholders could own a substantial percentage of MediciNova (which the Reporting Persons estimate to be approximately 45% of the combined company). Thus, in a best case scenario, Avigen shareholders could enjoy an extraordinary, uncapped return. For this reason, the Proposed Merger is superior to an immediate liquidation of Avigen.
3. Free Option: Shareholders have at least one year after the merger is consummated to choose downside protection or upside potential, as described above. This decision can be based on information obtained over the course of the free option period, including the stock performance of MediciNova. This free option period offers shareholders tremendous upside potential with virtually no risk.
4. Change of Control: The Proposed Merger would result in new stewardship of Avigen's assets, curtailing current management's stated plan of seeking ways to utilize (and we fear waste) Avigen's cash in any way they wish. This is a particularly frightening prospect in light of CEO Ken Chahine's recent statements that "it’s hard to put a finger on exactly what we would do", that he "intends to build" and that he "thinks that there are opportunities outside of therapeutics."
5. Unique Synergies: The Reporting Persons believe there are unique synergies between MediciNova and Avigen which likely would not exist with other potential acquirers of Avigen. These synergies give rise to the compelling nature of the Proposed Merger.
BVF wishes to see the Proposed Merger brought to a shareholder vote as soon as practical and urges other Avigen shareholders to support this offer.
+10.5 milj volume in daysrange could mean, the starting of a nice ride up..
(25% of all outstandings trayded today.. a lot new investors steped in.. )
After Hours: 0.93 N/A (N/A) 9:25am EThelp
(seen on yahoo.com) http://finance.yahoo.com/q?s=avgn
8K filling out.. 3.36 PM
Item 1.01. Entry into a Material Definitive Agreement.
The disclosure under Item 2.01 hereof is incorporated by reference here.
Item 2.01. Completion of Acquisition or Disposition of Assets.
On December 17, 2008, Avigen, Inc. entered into an Asset Purchase Agreement with Baxter Healthcare Corporation, Baxter International Inc., and Baxter Healthcare S.A.
(collectively “Baxter”), providing for the sale of the rights to Avigen’s early stage blood coagulation compound, AV513, to Baxter. Pursuant to the Asset Purchase Agreement, Avigen sold the rights to AV513 to Baxter for $7 million. In addition, pursuant to the Asset Purchase Agreement, Avigen agreed not to compete with Baxter with certain compounds to treat certain disorders, both relating to AV513, and to indemnify Baxter for losses incurred by Baxter for breaches of representations, warranties covenants and certain other losses relating to the transaction.
AV513 is a compound poised for clinical research that has been shown to improve blood coagulation in preclinical models for hemophilia. Avigen has been developing AV513 as an oral therapy to treat patients with bleeding disorders, including hemophilia A.
Item 9.01. Financial Statements and Exhibits.
(b) Pro Forma Financial Information .
On December 17, 2008, Avigen, Inc. entered into an Asset Purchase Agreement with Baxter Healthcare Corporation, Baxter International Inc., and Baxter Healthcare S.A.
(collectively “Baxter”), providing for the sale of the rights to Avigen’s early stage blood coagulation compound, AV513, to Baxter.
Avigen received a cash payment of $7.0 million from Baxter as proceeds from the sale of AV513. At September 30, 2008, Avigen reported cash, cash-equivalents, and available for sale securities and restricted investments of $56.4 million and an accumulated deficit of $244.9 million. Avigen reported no revenue for the first nine-months of 2008 and a net loss of $24.2 million. The Company is in the process of evaluating the terms of the transaction, but believe that if the transaction had been completed at the beginning of the 2008 fiscal year, the cash received would have been recorded as revenue and would have increased the amount of financial assets and decreased each of the net loss and the accumulated deficit reported at September 30, 2008 by $7.0 million. Avigen is unable to estimate the amount of any expenses that would have been avoided, if any, if the sale of AV513 had been completed at the beginning of the 2008 fiscal year. Other than these items, the transaction would not have had any other impact on Avigen’s financial statements.
Nice stock to have in porto.. so I bought in..
gltya
Hope to see a $28 break today..
share your info with all here.. pls
Consensus Recommendations
Last Updated
Outperform December 20 Dec 2008
Analyst Recommendations and Revisions
1-5 Linear Scale Current 1 Month
Ago 2 Month
Ago 3 Month
Ago
(1) BUY 7 6 6 6
(2) OUTPERFORM 4 4 4 4
(3) HOLD 2 2 1 1
(4) UNDERPERFORM 0 0 0 0
(5) SELL 1 1 1 1
No Opinion 0 0 0 0
Mean Rating 1.86 1.92 1.83 1.83
above $28 we could see nice things.. (I believe)
Have nice weekend.. (if enyone read this.. lol)
Nice green again today, on the big $$ news..
Nice run yesterday on great news.. Hope to see more writings here..
Put some life in this I-box..
(I made Qmlm I-box) one of the best I-box I believe..
I hope not a profit-taking-day..! even then, a shance to buy more..
gltya
there we go..
It will be bought up again..
Nice.. goooooooooooo
I am so happy bought a big share here (days/weeks ago)
I agree.. soon 10 after 9 (I hope)
I think over the 9, this will run hard..
vollume more than 2.2 milj.. more to com..
big vollume in first hour.. looks like some news will com soon, but at these prize this stock is cheap.. thats a good reasen to..
this looks good.. !! hope it hits the 10 cnt soon..
can you post a link here pls, its interesting to look the moves over there..
thanks..
dont understand todays trayding.. sellings vollume from 100, 150 ($4-$5) looks like children trayding this..
All bad news is wrote now.. next news/pr can only be a positive one in this situation..
Hope they anounce talkings with an menger-candidate..
I hope this company is buying back stocks..at these lows..
no sign of big selling today.. hope this company can give us updates if some news is availeble..
we need news about this.. sounds great..
when you do, can you ask if the have a list with potential candidates.. for a menger.. ? have there bin aready talkings.. ?
please inform us..
thx,grtz..
The last Pr was an open offer to all companys in this business.. Hope some company will take this chance to get in contact with xtl and talk about menger posabilitys. There are more companys who want to be stronger (together) in these worse economic times/situation.. (I believe)
I think, and hope we soon get an Pr conforming talkings in this matter.
xtlb has something to offer...
from $2 all the bad is prized in.. in my believing.. now waiting for an positive PR.. thats trayding.. thats making $$
thanks for the sellers.. I bought a big stake more..
at this point just 1.1 milj. market cap.. In Dollar..
ist about 650.000 in Euro..
a Buy.. for me..
small vollume 290K= 1% outstanding.. I think the buyers doing good to buy at all time low.. under de 0.05
I think this stock must be worth $0.20 at assets, and still the posiblility this company is going to menge in the near future..
gltya
I think a menge situation is the most thinkful here.. this company has a lot of knowledge and cash in assets.. saving money at employes now is a normal thing to do in this situation.
In pre-market down, but I dont think this news is that negative at all.. the downvollume is less than 1% of all outstanding.. and could be the shares from the 9 people that fired..
News out: XTL Biopharmaceuticals says it is restructuring operations
12/8/2008 6:48 PM ET (RTTNews) - XTL Biopharmaceuticals Ltd. (XTLB:
News ) said on Monday that it is restructuring its operations following the failure of the Bicifadine Phase 2b clinical trial. The company is terminating the employment of 9 employees, representing 75% of its workforce.
The company said that the remaining employees will be responsible for seeking potential assets or a company to merge into XTL, or for assisting in the liquidation and/or disposition of XTL's assets.
by RTT Staff Writer
For comments and feedback: contact editorial@rttnews.com
http://www.rttnews.com/Content/QuickFacts.aspx?Node=B1&Id=796570%20&Category=Quick%20Facts
is posible, but the bid could be beter..
the day vollume shows that this stock is almost for nothing.. they print,print,print more and more..
sorry.. I trayded this stock, and believed a lot they said,, lucky I sold at a wright time..
glta who did not.....
I agree..
Yust bought some more.. ^^ next week new chances for great news.. in my believing..
I dont understand the selling at the green point..