Alameda's Avigen in sale talks - Birmingham Business Journal:

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Avigen and MediciNova said Thursday thattheir “understanding” couldf give Avigen shareholders net cash liquidation value plus $3 million. Avigen shareholders could elect to receiver cash at closing or a convertible security that woulc be converted into MediciNovas stock at a conversion priceof $4 or more “ot a mutually agreeable volume-weighted average price of MediciNovz common stock.” Avigen CEO, President and CFO Andrew Sauter said in a pressd release that final termsa of the deal coulf be presented to shareholders in the thirdx quarter. The deal includes Avigen’sw Phase II drug, designed to treat pain and drug addiction.
MediciNovsa is working on drugs for asthma symptoms andmultipled sclerosis. Avigen’s mid-stage drug to control muscles tightness in multiple sclerosis patientz failed a trialin October. That sent the stock price spiraling, and Biotechnology Values Fund bought more than 25 percent ofthe stock. BVF presseed then-president and CEO Kenneth Chahine to find a way toreturj Avigen’s roughly $50 million in cash to BVF eventually proposed a deal for a BVF subsidiary to buy Avigebn and then merge the company with MediciNova.
It withdrew that offeer after shareholders in March did not elect its slate of boardr nominees but the company said itwould