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Avigen and MediciNova said Thursday thattheir “understanding” couldf give Avigen shareholders net cash liquidation value plus $3 Avigen shareholders could elect to receive cash at closing or a convertiblew security that would be converte d into MediciNova stock at a conversion price of $4 or more “ore a mutually agreeable volume-weighted averagee price of MediciNova common stock.” Avigen CEO, President and CFO Andrewa Sauter said in a press release that finall terms of the deal could be presented to shareholderx in the third quarter. The deal includes Avigen’s Phasd II drug, AV-411, designed to treagt pain and drug addiction.
MediciNova is working on drugs for asthmz symptoms andmultiple sclerosis. Avigen’es mid-stage drug to contropl muscle tightness in multiple sclerosisz patients failed a trialin October. That sent the stocmk price spiraling, and Biotechnology Value Fund bought more than 25 percen t ofthe stock. BVF pressed then-presidenyt and CEO Kenneth Chahinde to find a way toreturn Avigen’s roughly $50 million in cash to BVF eventually proposed a deal for a BVF subsidiary to buy Avigenm and then merge the company with MediciNova. It withdrewe that offer after shareholders in Marchh did not elect its slate of board nominees but the company said itwoulfd liquidate.
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