ALAMEDA, Calif., Jan. 17 /PRNewswire-FirstCall/ -- Avigen, Inc. will hold a conference call today, Tuesday, January 17, 2006 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific) to discuss the exclusive North American license it has acquired to develop and commercialize proprietary formulations of the neuroactive compound tolperisone (AV650), a small molecule for the treatment of disabling neuromuscular conditions and provide a company update. The call will be webcast and can be accessed on the Avigen web site at www.avigen.com.
The company announced yesterday that it signed an agreement with SDI Diagnostics International LTD (SDI), a division of Sanochemia Pharmazeutika AG, an Austrian-based pharmaceutical company. Avigen is providing SDI an upfront payment of $3 million; payments based on successful clinical and regulatory product development milestones; assumption of certain liabilities and royalty payments on sales. In return, Avigen receives the rights to all current and future proprietary formulations of tolperisone developed by SDI and exclusive marketing and sales rights in North America. The companies have also entered into a long term supply agreement in which SDI, a leading API (active pharmaceutical ingredients) manufacturer, will manufacture the product for Avigen.
In addition to access on the Avigen website, the webcast will also be distributed over CCBN's Investor Distribution Network to both institutional and individual investors. The live conference call may be accessed by dialing 866-510-0704 (within the U.S.) and 617-597-5362 (non-U.S. locations). The participant passcode is 56217215. A telephone replay will also be available until January 31, 2006. The replay may be accessed by dialing 888-286-8010 (U.S.) or 617-801-6888 (non-U.S.) and entering the passcode: 81445351.
About Avigen
Avigen is a specialty biopharmaceutical company focused on unique small molecule therapeutics and biologics to treat serious neurological disorders, including neuropathic pain. Avigen's strategy is to build a robust pipeline through a combination of internal research, acquisitions, and in-licensing with the goal of becoming a fully integrated biopharmaceutical company fully committed to its small molecule and biologics neurology product development. The company currently has in development two preclinical candidates for neuropathic pain, AV411 and AV333. For more information about Avigen, consult the company website at www.avigen.com.
Statement under the Private Securities Litigation Reform Act
This press release contains forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include, among others, the risks and uncertainties described in reports filed by Avigen with the Securities and Exchange Commission. Avigen's goal of becoming a fully integrated biopharmaceutical company; Avigen's expectation on achieving development milestones for any indication or making milestone and royalty payments or commercializing any Tolperisone products are considered forward-looking statements that are subject to risks and uncertainties. These risks and uncertainties include: SDI may not fulfill its contractual obligations with Avigen, including its development and supply obligations; and small molecule therapeutic development and commercialization is unpredictable and a time- and resource-intensive process with no guarantee of success, which may result in the expenditure of a significant amount of time and resources with no marketable product resulting from the effort. In addition, there are many other risks and uncertainties inherent in the development of drug products. Other risks relating to Avigen are detailed in Avigen's Annual Report on Form 10-K for the period ended December 31, 2004, under the caption "Risk Factors" in Item 1 of Part 1 of that report, which was filed with the SEC on March 16, 2005.
Avigen, Inc.CONTACT: Michael Coffee, Chief Business Officer of Avigen, Inc.,+1-510-748-7372
Web site: http://www.avigen.com/
