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12:00 AM
 | 
Apr 11, 2005
 |  BioCentury  |  Strategy

Avigen: Pay no more

Almost 13 years and $228 million from its inception, Avigen Inc. has done the math and decided to stretch its cash while it still can, deciding to focus on more "traditional pharmaceuticals" and leaving its viral vector gene therapy to others with an appetite to pay for it.

In all that time, the company’s adeno-associated virus technology had only been able to reach Phase I/II in Parkinson’s disease (PD). Investors were hardly happy. AVGN has been trading below its Dec. 31, 2004 cash of $64.3 million, closing Friday at $3.04 with a market cap of $62 million. The shares have fallen 96% from a high of $76.94 on Feb. 28, 2000(see "Avigen Chronicles"). ...

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