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	<title>Greenbackd &#187; Biotechnology Value Fund</title>
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	<description>Identifying undervalued activist situations</description>
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		<title>Greenbackd &#187; Biotechnology Value Fund</title>
		<link>http://greenbackd.com</link>
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		<item>
		<title>Capstone Therapeutics (NASDAQ:CAPS) position exited</title>
		<link>http://greenbackd.com/2009/09/17/capstone-therapeutics-nasdaqcaps-position-exited/</link>
		<comments>http://greenbackd.com/2009/09/17/capstone-therapeutics-nasdaqcaps-position-exited/#comments</comments>
		<pubDate>Thu, 17 Sep 2009 05:00:22 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Biotechnology Value Fund]]></category>
		<category><![CDATA[Net Cash Stocks]]></category>
		<category><![CDATA[OrthoLogic Corporation (NASDAQ:CAPS)]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Net Cash Stock]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=2455</guid>
		<description><![CDATA[We&#8217;ve decided to exit our position in OrthoLogic Corporation (NASDAQ:CAPS) at its $0.90 close yesterday. We opened the position at $0.60, so we&#8217;re up 50% on an absolute basis. The S&#38;P500 Index closed at 752.83 on February 27, the day we opened the position, and closed yesterday at 1,068.76, which means we&#8217;re up 8.0% on [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=2455&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2009/09/17/capstone-therapeutics-nasdaqcaps-position-exited/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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		<title>AVGN releases terms of MNOV deal; Shareholder launches class action</title>
		<link>http://greenbackd.com/2009/08/27/avgn-releases-terms-of-mnov-deal-directors-sued-by-shareholder/</link>
		<comments>http://greenbackd.com/2009/08/27/avgn-releases-terms-of-mnov-deal-directors-sued-by-shareholder/#comments</comments>
		<pubDate>Thu, 27 Aug 2009 05:00:58 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Activist Investors]]></category>
		<category><![CDATA[Avigen (NASDAQ:AVGN)]]></category>
		<category><![CDATA[Biotechnology Value Fund]]></category>
		<category><![CDATA[Net Cash Stocks]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Activist investment]]></category>
		<category><![CDATA[Avigen Inc (NASDAQ:AVGN)]]></category>
		<category><![CDATA[Liquidation Value]]></category>
		<category><![CDATA[Net Cash Stock]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=2310</guid>
		<description><![CDATA[Although we closed our position in Avigen Inc (NASDAQ:AVGN) earlier this week, we&#8217;re keeping a watching brief on the stock. AVGN has now filed with the SEC the terms of the deal with MediciNova Inc (NASDAQ:MNOV), and they&#8217;re not as bad as the earlier report seemed to suggest. The deal has, however, attracted the ire [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=2310&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2009/08/27/avgn-releases-terms-of-mnov-deal-directors-sued-by-shareholder/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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		<title>MNOV to acquire AVGN for $1.24 per share; Greenbackd exits</title>
		<link>http://greenbackd.com/2009/08/24/mnov-to-acquire-avgn-for-1-24-per-share-greenbackd-exits/</link>
		<comments>http://greenbackd.com/2009/08/24/mnov-to-acquire-avgn-for-1-24-per-share-greenbackd-exits/#comments</comments>
		<pubDate>Mon, 24 Aug 2009 05:00:28 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Activist Investors]]></category>
		<category><![CDATA[Avigen (NASDAQ:AVGN)]]></category>
		<category><![CDATA[Biotechnology Value Fund]]></category>
		<category><![CDATA[Net Cash Stocks]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Activist investment]]></category>
		<category><![CDATA[Avigen Inc (NASDAQ:AVGN)]]></category>
		<category><![CDATA[Liquidation Value]]></category>
		<category><![CDATA[Net Cash Stock]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=2287</guid>
		<description><![CDATA[MediciNova Inc. (NASDAQ:MNOV) will acquire Avigen Inc (NASDAQ:AVGN) for $1.24 per share in cash or secured convertible notes. While the stock is trading at a slight premium to the bid, we&#8217;re taking the opportunity to exit. AVGN closed Friday at $1.29, which means we&#8217;re up 98.5% on an absolute basis. The S&#38;P500 was at 816.21 [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=2287&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2009/08/24/mnov-to-acquire-avgn-for-1-24-per-share-greenbackd-exits/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
	
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			<media:title type="html">greenbackd</media:title>
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		<title>Avigen Inc (NASDAQ:AVGN) Q2 10Q update</title>
		<link>http://greenbackd.com/2009/08/18/avigen-inc-nasdaqavgn-q2-10q-update/</link>
		<comments>http://greenbackd.com/2009/08/18/avigen-inc-nasdaqavgn-q2-10q-update/#comments</comments>
		<pubDate>Tue, 18 Aug 2009 05:00:37 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Activist Investors]]></category>
		<category><![CDATA[Avigen (NASDAQ:AVGN)]]></category>
		<category><![CDATA[Biotechnology Value Fund]]></category>
		<category><![CDATA[Net Cash Stocks]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Activist investment]]></category>
		<category><![CDATA[Avigen Inc (NASDAQ:AVGN)]]></category>
		<category><![CDATA[Liquidation Value]]></category>
		<category><![CDATA[Net Cash Stock]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=2249</guid>
		<description><![CDATA[Avigen Inc (NASDAQ:AVGN) has filed its 10Q for the period ended June 30, 2009. One interesting aspect of the 10Q is the cost the company attributes to responding to the proxy fight and hostile tender offer: Operating Activities. Net cash used in operating activities was $8.2 million during the six months ended June 30, 2009. [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=2249&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2009/08/18/avigen-inc-nasdaqavgn-q2-10q-update/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">AVGN Summary 2009 6 30</media:title>
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	</item>
		<item>
		<title>Capstone Therapeutics (NASDAQ:CAPS) Q2 update</title>
		<link>http://greenbackd.com/2009/08/13/capstone-therapeutics-nasdaqcaps-q2-update/</link>
		<comments>http://greenbackd.com/2009/08/13/capstone-therapeutics-nasdaqcaps-q2-update/#comments</comments>
		<pubDate>Thu, 13 Aug 2009 05:00:14 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Biotechnology Value Fund]]></category>
		<category><![CDATA[Net Cash Stocks]]></category>
		<category><![CDATA[OrthoLogic Corporation (NASDAQ:CAPS)]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Net Cash Stock]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=2215</guid>
		<description><![CDATA[OrthoLogic Corporation (NASDAQ:CAPS) has filed its 10Q for the quarter ended June 30, 2008. We&#8217;ve been following CAPS (see our post archive here) because it trades below its net cash value and Biotechnology Value Fund (BVF) has a 13.42% holding. It’s an unusual holding for us because BVF’s holding is passive. CAPS is a development [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=2215&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2009/08/13/capstone-therapeutics-nasdaqcaps-q2-update/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">greenbackd</media:title>
		</media:content>

		<media:content url="http://greenbackd.files.wordpress.com/2009/08/caps-summary-2009-06-30.png" medium="image">
			<media:title type="html">CAPS Summary 2009 06 30</media:title>
		</media:content>
	</item>
		<item>
		<title>AVGN merger with MediciNova back on the table</title>
		<link>http://greenbackd.com/2009/07/21/avgn-merger-with-medicinova-back-on-the-table-greenbackd-exits/</link>
		<comments>http://greenbackd.com/2009/07/21/avgn-merger-with-medicinova-back-on-the-table-greenbackd-exits/#comments</comments>
		<pubDate>Tue, 21 Jul 2009 05:00:36 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Activist Investors]]></category>
		<category><![CDATA[Avigen (NASDAQ:AVGN)]]></category>
		<category><![CDATA[Biotechnology Value Fund]]></category>
		<category><![CDATA[Greenbackd Portfolio]]></category>
		<category><![CDATA[Liquidation Value]]></category>
		<category><![CDATA[Net Cash Stocks]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Activist investment]]></category>
		<category><![CDATA[Avigen Inc (NASDAQ:AVGN)]]></category>
		<category><![CDATA[Net Cash Stock]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=2078</guid>
		<description><![CDATA[Avigen Inc (NASDAQ:AVGN) is back in negotiations with MediciNova, Inc. regarding a proposed acquisition of AVGN by MediciNova. The consideration for the deal is AVGN&#8217;s &#8220;net cash liquidation value plus $3 million&#8221; and &#8220;a contingent payment right for a specific product program milestone payment associated with Avigen&#8217;s Assignment Agreement with Genzyme Corporation, potentially subject to [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=2078&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2009/07/21/avgn-merger-with-medicinova-back-on-the-table-greenbackd-exits/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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		<title>Avigen granted AV411 patent</title>
		<link>http://greenbackd.com/2009/05/22/avigen-granted-av411-patent/</link>
		<comments>http://greenbackd.com/2009/05/22/avigen-granted-av411-patent/#comments</comments>
		<pubDate>Fri, 22 May 2009 05:00:31 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Activist Investors]]></category>
		<category><![CDATA[Avigen (NASDAQ:AVGN)]]></category>
		<category><![CDATA[Biotechnology Value Fund]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Activist investment]]></category>
		<category><![CDATA[Avigen Inc (NASDAQ:AVGN)]]></category>
		<category><![CDATA[Liquidation Value]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=1939</guid>
		<description><![CDATA[Avigen Inc (NASDAQ:AVGN) has been granted a United States Patent for the treatment of neuropathic pain with its AV411 (ibudilast) compound. We started following AVGN in December last year (see archived posts here) because it was a net cash stock (i.e. it was trading at less than the value of its cash after deducting all [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=1939&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2009/05/22/avigen-granted-av411-patent/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
	
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			<media:title type="html">greenbackd</media:title>
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		<title>Avigen Inc (NASDAQ:AVGN) Q1 10Q update</title>
		<link>http://greenbackd.com/2009/05/14/avigen-inc-nasdaqavgn-q1-10q-update/</link>
		<comments>http://greenbackd.com/2009/05/14/avigen-inc-nasdaqavgn-q1-10q-update/#comments</comments>
		<pubDate>Thu, 14 May 2009 05:00:22 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Activist Investors]]></category>
		<category><![CDATA[Avigen (NASDAQ:AVGN)]]></category>
		<category><![CDATA[Biotechnology Value Fund]]></category>
		<category><![CDATA[Net Cash Stocks]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Activist investment]]></category>
		<category><![CDATA[Avigen Inc (NASDAQ:AVGN)]]></category>
		<category><![CDATA[Liquidation Value]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=1878</guid>
		<description><![CDATA[Avigen Inc (NASDAQ:AVGN) has filed its 10Q for the period ended March 31, 2009. We started following AVGN in December last year (see archived posts here) because it was a net cash stock (i.e. it was trading at less than the value of its cash after deducting all liabilities), albeit a cash burning net cash [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=1878&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2009/05/14/avigen-inc-nasdaqavgn-q1-10q-update/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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		<media:content url="http://greenbackd.files.wordpress.com/2009/05/avgn-summary-2009-3-31.png" medium="image">
			<media:title type="html">AVGN Summary 2009 3 31</media:title>
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		<title>Neurobiological Technologies Inc (NASDAQ:NTII) 10Q update; Greenbackd exits</title>
		<link>http://greenbackd.com/2009/05/11/neurobiological-technologies-inc-nasdaqntii-10q-update-greenbackd-exits/</link>
		<comments>http://greenbackd.com/2009/05/11/neurobiological-technologies-inc-nasdaqntii-10q-update-greenbackd-exits/#comments</comments>
		<pubDate>Mon, 11 May 2009 05:00:28 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Activist Investors]]></category>
		<category><![CDATA[Biotechnology Value Fund]]></category>
		<category><![CDATA[Neurobiological Technologies Inc (NASDAQ:NTII)]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Activist investment]]></category>
		<category><![CDATA[Liquidating Value]]></category>
		<category><![CDATA[Liquidation Value]]></category>
		<category><![CDATA[Net Cash Stock]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=1863</guid>
		<description><![CDATA[Neurobiological Technologies Inc (NASDAQ:NTII) has filed its 10Q for the period ended march 31, 2009. After reviewing the 10Q, we have reduced our estimate of NTII&#8217;s liquidation value to $19.6M or $0.73 per share. NTII closed on Friday at $0.72, which is approximately our estimate of its value, and so we are taking the opportunity [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=1863&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2009/05/11/neurobiological-technologies-inc-nasdaqntii-10q-update-greenbackd-exits/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
	
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		<media:content url="http://greenbackd.files.wordpress.com/2009/05/ntii-summary-2009-3-31.png" medium="image">
			<media:title type="html">NTII Summary 2009 3 31</media:title>
		</media:content>
	</item>
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		<title>List of activist investments for March</title>
		<link>http://greenbackd.com/2009/04/13/list-of-activist-investments-for-march/</link>
		<comments>http://greenbackd.com/2009/04/13/list-of-activist-investments-for-march/#comments</comments>
		<pubDate>Mon, 13 Apr 2009 05:02:15 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Activist Investors]]></category>
		<category><![CDATA[Avigen (NASDAQ:AVGN)]]></category>
		<category><![CDATA[Biotechnology Value Fund]]></category>
		<category><![CDATA[CuraGen Corporation (NASDAQ:CRGN)]]></category>
		<category><![CDATA[DellaCamera Capital Management]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Activist investment]]></category>
		<category><![CDATA[Avigen Inc (NASDAQ:AVGN)]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=1651</guid>
		<description><![CDATA[The Official Activist Investing Blog has published its list of activist investments for March (links are to the relevant post archive for our open positions): Ticker Company Investor ACTL Actel Corp Ramius Capital AGYS Agilysys Inc Ramius Capital AMLN Amylin Pharmaceuticals Eastbourne Capital ASPM Aspect Medical Systems First Manhattan Co ASPM Aspect Medical Systems Coghill [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=1651&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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