AVIGEN(avgn) Message Board

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Biotech / Medical : AVIGEN(avgn)

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To: adam hefian who wrote (82)	9/3/1997 8:22:00 AM
From: Tom M	of 228

Adam, what I find more curious than "why they took Avigen public" is why investors are selling this now. The information that was always available said they wouldn't be making money for the first couple years. Investors knew this and bought it at $8 - a price which supposedly would make it worth the wait. I'm confused as to why the same people willing to pay $8 and wait 3 years for earnings to appear, now feel it's a bad deal to pay $2 1/2 and wait 1 1/2 years. This was never presented as "an earnings story". Who wouldn't want it to take less time? But the fact remains, the losses being reported should NOT be surprises to the investors. I do think that at these depressed prices & low trading volumes (except yesterday), it's pretty easy for someone who wanted to take it over to manipulate the price down to dirt cheap to accumulate an ownership position. I'd like to know what kind of takeover provisions the board made. It's not clear to me if there are any provisions to protect the shareholders from someone manipulating the price down without eventually having to reimburse them. wish I had a crystal ball, regards, Tom

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