SAN FRANCISCO--(BUSINESS WIRE)--MedCap Management & Research LLC (“MedCap”), a substantial VaxGen Inc. (VXGN) shareholder, in a letter to VaxGen’s board of directors, has informed VaxGen that MedCap opposes VaxGen’s proposed merger with Raven biotechnologies, inc. (“Raven”) and intends to vote its VaxGen shares against the transaction. MedCap and its affiliates have recently accumulated additional VaxGen shares in the open market and currently hold approximately 4% of the company’s stock.
