Avigen Reports Net Loss of $7.3 MIL for 2nd QTR 2008 (Financial Report‪)‬

Avigen, Inc. (Nasdaq:AVGN), Alameda, Calif., a biopharmaceutical company innovating therapeutics for neurological care, has reported financial results for its second quarter ended June 30, 2008. At June 30, 2008, Avigen had approximately $65 million in financial assets, including cash, cash equivalents, and available-for-sale securities and restricted investments, compared with approximately $78 million at December 31, 2007. "This quarter we made significant progress toward achieving our major goal for 2008 -- to report data from our ongoing AV650 Phase II trial in patients with spasticity associated with multiple sclerosis," stated Kenneth Chahine, Ph.D., J.D., Avigen's president and CEO. "We completed enrollment of the planned 150 patients in the trial and remain on track to report top-line data in the fourth quarter. Looking ahead, our focus remains on having a successful end-of-Phase II interaction with the FDA in early 2009 and subsequently initiating our Phase III registration trials.