Biotech Values

[DewDiligence]

AGIX to Shareholders: “You Get Nuttin’ ”

http://finance.yahoo.com/news/AtheroGenics-Provides-Update-iw-14125490.html

›No Proceeds From Liquidation Expected to Be Available for Shareholders

Thursday January 22, 2009, 9:00 am EST

ATLANTA, GA--(MARKET WIRE)--Jan 22, 2009 -- AtheroGenics, Inc. (Other OTC: AGIXQ.PK ), a pharmaceutical company focused on the treatment of chronic inflammatory diseases, today provided an update on its bankruptcy proceedings, during which it expects to sell the company and/or its key assets. The date to receive initial offers from potential purchasers of the Company's key assets has now passed and the Company and its financial advisor, Merriman Curhan Ford & Co., have concluded that the amount of the expected sale proceeds when combined with its cash on hand will be substantially less than the Company's outstanding liabilities. Therefore, the Company believes there will be no proceeds available for distribution to its shareholders. The Company cannot predict when the bankruptcy proceedings will be finalized.‹