Anesiva, Inc was unable to satisfy the closing conditions set forth in the Agreement and Plan of Merger, dated August 4, 2009, among Anesiva, Arca Acquisition Corporation, a wholly-owned subsidiary of Anesiva, Arcion Therapeutics, Inc (Arcion) and, with respect to Articles V and IX only of the agreement, each of the Arcion stockholders listed on Schedule I thereto (the Merger Agreement). The company intends to immediately cease operations and to file a petition for relief under the Bankruptcy Code.
Anesiva seeks to be a leader in the development and commercialization of novel pharmaceutical products for pain management. Anesiva's lead product candidate is Adlea, a novel small molecule formulation of capsaicin that is currently in development for the management of acute pain following orthopaedic surgeries.