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Anesiva unable to reach Arcion Therapeutics merger conditions, to file for relief under Bankruptcy Code
South San Francisco | Tuesday, January 5, 2010, 08:00 Hrs  [IST]

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.

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