Avigen Inc. (AVGN)

[leoncio1]

Avigen Retains Independent Strategic Advisors !

GlobeNewswire(Wed 14 jan. 1:32pm)

AVGN) 0.88 +0.01 : Co announces that its Board of Directors has retained two independent financial advisors to support its strategic objectives. RBC Capital Markets and Pacific Growth Equities have been engaged to oversee the review of merger and acquisition opportunities and assist in monetizing the company's AV411 assets, as outlined in the recent Open Letter to Shareholders. "We believe our strong balance sheet and public listing provide shareholders with an opportunity for an attractive return on their investment... While we recognize that the distribution of cash is one option, we have a responsibility to our shareholders to run a comprehensive and competitive process. For over a year, we have explored strategic discussions with MediciNova and will include their proposed acquisition offer in our analysis. We believe that our recently expanded effort to partner or sell AV411 and our glial attenuation program can deliver significant value to our shareholders in 2009 and are moving actively to review all alternatives... If at any point during this process, however, our Board of Directors concludes that a favorable transaction is unlikely, we intend to narrow our focus to our other options, including a partial or compete distribution of cash."