posted
``We will now shift our focus and resources toward the clinical development of our AV411 program. At the end of 2008, we will have approximately $50 million of cash and securities. This represents approximately 2 years of cash and provides a strong foundation for advancing the development of AV411 for neuropathic pain and opioid addiction and withdrawal.''
posted
That was one of my daytrades today. In at .565ish and out at .62ish, and now back in at .60 and looking to add if it drops much more. I thikn it could spike back up pretty big over a day or two.
IP: Logged |
Avigen Sells Early Stage Research Program in Hemophilia to Baxter 8:00a ET December 18, 2008 (GlobeNewswire) Avigen, Inc. (Nasdaq:AVGN), a biopharmaceutical company, announced today that the company has sold the rights to its early stage blood coagulation compound, AV513, to Baxter Healthcare Corporation, a global leader in hemophilia therapy, for $7 million. Baxter acquired all rights to AV513, a compound poised for clinical research that has been shown to improve blood coagulation in preclinical models for hemophilia. Avigen has been developing AV513 as an oral therapy to treat patients with bleeding disorders, including hemophilia A.
"The sale of AV513 is an example of building value in a product that is differentiated from current therapies, and bringing it to a valuation point that generated a positive return on investment," said Kenneth Chahine, Ph.D., J.D., Avigen's president and chief executive officer. "Our team identified AV513 as a drug candidate with a novel approach for treating hemophilia and other bleeding disorders, and which offered strong IP potential in a target patient population with an unmet need. Because it was outside our neurology focus, it was our goal to follow a reasonable budget to establish AV513's value, and then move it to a better-resourced company with the expertise to develop a safe and effective therapy."
"This technology acquisition supports Baxter's efforts to research the application of novel technologies that will pioneer the next generation of hemophilia therapies," said Hartmut Ehrlich, M.D., vice president of global BioScience research and development for Baxter.
"Looking ahead, our objective is to identify opportunities that represent significant potential value for patients, while balancing our investment of resources and development risk in order to provide a significant and timely return to shareholders. Along these lines, we are also in the process of partnering AV411, our non-opioid glial-attenuator product for neuropathic pain and drug addiction," continued Chahine.
AV513 was first identified in 2004 by Avigen's vice president of Research and Development, Kirk Johnson, Ph.D., and colleagues, seeking an existing molecule with strategic characteristics for providing an alternative delivery approach for hemophilia therapies. Pre-clinical efficacy data in hemophilic mice was first published in 2006 in the medical journal Thrombosis & Haemostasis. Efficacy data from the study of an oral form of AV513 in other hemophilia A preclinical models was published in the journal Blood in 2007. Most recently, an in vitro study on AV513 pro-coagulant efficacy in the donated blood of human hemophilia patients was presented at the American Society of Hemophilia meeting in San Francisco on December 9th.
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
