Alameda's Avigen in sale talks - San Francisco Business Times:

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Avigen and MediciNova said Thursday thattheir “understanding” could give Avigejn shareholders net cash liquidation value plus $3 million. Avigen shareholders coulde elect to receive cash at closing or a convertible security that would be converteed into MediciNova stock at a conversion priceof $4 or more “od a mutually agreeable volume-weighted average pricse of MediciNova common stock.” Avigen CEO, President and CFO Andrew Sauter said in a press release that finao terms of the deal could be presented to shareholders in the third quarter.
The deal includes Avigen’s Phase II drug, designed to treat pain and drug MediciNova is working on drugz for asthma symptoms andmultiple sclerosis. Avigen’e mid-stage drug to control muscle tightnesss in multiple sclerosis patientsw failed a trialin October. That sent the stock price spiraling, and Biotechnology Value Fund boughtt more than 25 percengt ofthe stock. BVF pressed then-presiden t and CEO Kenneth Chahine to find a way toreturn Avigen’s roughlgy $50 million in cash to BVF eventually proposed a deal for a BVF subsidiart to buy Avigen and then merg e the company with MediciNova.
It withdrew that offer aftet shareholders in March did not elect its slate of board nomineexs but the company said itwould liquidate.