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Biotech / Medical : AVIGEN(avgn)

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To: trevor john wilkinson who wrote ()	1/17/1997 1:06:00 PM
From: BulbaMan	of 228

Avigen is ridiculuosly undervalued. Avigen (Nasdaq: AVGN) is a small cap gene therapy company (7.25 million shares out) with a unique method of delivering genes to a target. The company has approximately $16 million in cash (about $2.20 per share), yet the stock is trading today (1/17/97) at only $4.375. Subtracting its cash from the $4.375 stock price, the market is valuing AVGN's technology at about $15.8 million -- less than two times its cumulative research spending of approximately $9.2 million. (Michael Murphy of the California Technology Stock Letter says normal valuation for biotechs is 10 times cumulative research spending.) AVGN has a prestigious scientific advisory board with scientists from Harvard Medical School, the Johns Hopkins University School of Medicine and the University of California at San Francisco. AVGN's IPO came out at $8 in May, 1996 and the stock quickly hit a high of $13.25. But it fell all the way to $3.375 in the summer biotech slaughter and unlike some other biotechs has not recovered much. For more info on AVGN, call the company at 510-748-7150.

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