Avigen, MediciNova Settle Shareholder Suit Over Deal

Law360, New York (April 27, 2010, 3:03 PM EDT) -- An Ohio investment company has settled a breach of fiduciary duty lawsuit it brought against MediciNova Inc. and Avigen Inc. over MediciNova's plan to buy Avigen's outstanding shares for $37 million and combine the two companies' efforts to develop the anti-inflammatory drug ibudilast.

MediciNova began notifying shareholders on Friday about the deal with Pennsylvania Avenue Funds, according to a settlement agreement Judge Steven A. Brick preliminarily approved April 6 in the Alameda County, Calif., Superior Court.

The settlement provides for the disclosure of additional information by...
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