Avigen, Inc. Reports First Quarter 2009 Financial Results

ALAMEDA, Calif., May 11, 2009 (GLOBE NEWSWIRE) -- Avigen, Inc. (Nasdaq:AVGN) a biopharmaceutical company, today reported financial results for its first quarter ended March 31, 2009. At March 31, 2009, after repaying $7.0 million of outstanding bank borrowings, Avigen had approximately $44.5 million in financial assets, including cash, cash equivalents and available-for-sale securities and restricted investments, compared with approximately $56.8 million at December 31, 2008 before the debt repayment. More complete financial results are detailed in the financial tables below.