ALAMEDA, Calif., Feb. 6, 2009 (GLOBE NEWSWIRE) -- Avigen, Inc. (Nasdaq:AVGN), a biopharmaceutical company, today said its Board of Directors rejected the unsolicited conditional offer from BVF Acquisition LLC ("BVF") to acquire all of the outstanding shares of Avigen for $1.00 per share. The Board, after a thorough review with management and its financial and legal advisors, determined that the offer was inadequate and not in the best interests of stockholders. The Board strongly recommends that stockholders not tender their shares into BVF's offer and withdraw any previously tendered shares.
