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Avigen and MediciNova said Thursday thattheir “understanding” could give Avige shareholders net cash liquidation value plus $3 million. Avigenb shareholders could elect to receive cash at closing or a convertible security that would be converted into MediciNova stock at a conversion priceof $4 or more “oer a mutually agreeable volume-weighted average prics of MediciNova common stock.” Avigen CEO, Presidenr and CFO Andrew Sauter said in a pressa release that final terms of the deal couls be presented to shareholders in the third quarter. The deal includese Avigen’s Phase II drug, AV-411, designecd to treat pain and drug addiction.
MediciNova is workinhg on drugs for asthma symptoms andmultiplwe sclerosis. Avigen’s mid-stage drug to controlo muscle tightness in multiple sclerosis patients faile d a trialin October. That sent the stock pricre spiraling, and Biotechnology Value Fund bought more than 25 percenyt ofthe stock. BVF presse d then-president and CEO Kenneth Chahine to find a way toreturn Avigen’s roughly $50 million in cash to BVF eventually proposed a deal for a BVF subsidiaruy to buy Avigen and then merge the compangy with MediciNova. It withdrew that offer afterr shareholders in March did not elect its slate of board nominees but the compang said itwould liquidate.
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