Michael Coffee Joins Avigen as Chief Business Officer
Avigen Furthers Development Strategy
Alameda, CA, February 9, 2005 – Avigen, Inc. (Nasdaq: AVGN - News ) announced today that Michael Coffee has joined the Company to lead its business development efforts. In keeping with Avigen's strategic objectives, Mr. Coffee's responsibilities will include business development, product in-licensing and acquisitions. His initial focus will be centered upon corporate development and the in-licensing of pharmaceutical product candidates for serious neurological conditions that have advanced into late-stage human clinical trials. Prior to joining Avigen, Mr. Coffee was president and chief operating officer of Amarin Corporation PLC. Previous to that, as president and chief operating officer of Elan Pharmaceuticals, North America, and executive vice president of Athena Neurosciences, Inc., Mr. Coffee helped identify, acquire and launch a number of successful pharmaceutical products.
Ken Chahine, Ph.D., J.D., Avigen's President and CEO, commented, "Mike is a great addition to our senior management team. He brings years of experience in establishing and growing businesses that address neurological diseases. Mike has also successfully established U.S. marketing organizations which could invaluably complement our late-stage small molecule in-licensing and acquisition efforts."
Mike Coffee commented, "I am pleased to have the opportunity to join Avigen and have a hand in realizing the potential to take the Company to the next phase of its progress. It is an exciting time to be involved in the development of products that offer hope to millions suffering from serious pain and neurological diseases."
About Avigen
Avigen, Inc., based in the San Francisco Bay Area, is committed to developing innovative therapeutics to treat serious disorders, primarily focused on neurological conditions. Avigen's gene delivery products are designed for direct administration to patients in order to achieve expression of therapeutic proteins within the body. The company is currently evaluating a novel gene therapeutic in a Phase I/II study for advanced Parkinson's disease. Additionally, Avigen is actively seeking to broaden its portfolio of drug development candidates through an active in-licensing program. This effort has identified several compounds as in-licensing candidates, some of which are currently in late-stage human clinical trials.
Investors Please Note: The statements in this news release regarding Avigen's expectations regarding the possible acquisition and/or in-licensing of late-stage drug development candidates are forward-looking statements. Actual results may differ materially from current expectations due to a variety of factors, including: the uncertainty of being able to in-license drug development candidates on terms advantageous to Avigen; the possibility that in-licensed drug development candidates may displace or take resources away from Avigen's current drug development candidates; and uncertainty of obtaining or maintaining approvals and authorizations required by regulatory or institutional authorities. In addition, there are many other risks and uncertainties inherent in the development of drug products. Other risks relating to Avigen are detailed in Avigen's Quarterly Report on Form 10-Q for the period ended September 30, 2004, under the caption "Risk Factors" in Item 2 of Part 1 of that report, which was filed with the SEC on November 5, 2004.
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Contact: Michael Coffee
Chief Business Officer
Avigen, Inc.
1301 Harbor Bay Parkway , Alameda , CA 94502
Tel: 510-748-7372
Fax: 510-748-7155
Internet: mcoffee@avigen.com
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