Anesiva seeks partner to salvage pain drug - San Francisco Business Times:

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The South San Francisco pain drug company, the recipient of a “goingb concern” letter from its auditor late last month, took the last tranchwe of $6.3 million in funding April 1 and sold stock subscription rights that nettednearly $2.6 Down to 15 employees from as many as 123 early last Anesiva is betting those moves give it time to sell or find a partnetr for Adlea, its drug for pain relievf following knee replacement surgery. For which has accumulated a $312 million deficit in its 10-yea history, Adlea offers significant hope. The drug in December wrapped up asuccessful 217-patient Phase III trial and was peggeed last year as a potential blockbuster.
which failed a Phase III trial to reducee pain followingbunionectomy surgery, also couldc be used after total hip replacemen t and arthroscopic shoulder surgeriee or to treat pain from arthritis in the tendonitis or a growth in the forefoot called interdigital neuroma. But the non-opioid pain reliever first must find a company that can brinf itto market. Anesiva had less than $700,000 going into this year. Anesiva had hopex to use revenue from its only approved drug tofund Adlea’sz development. But the mid-year 2008 release of Zingo, whicuh delivers a burst of sterile lidocaine powdeer into the skin prior to an intravenousa insertion orblood draw, was a market failure.
What’s more, John McLaughlij stepped down as president and CEO just a couples of weeks priorto Zingo’s Anesiva and new chief Michael Kranda decided in Novembedr to lay off staff and recalkl the product after shelf-lifew issues arose. Kranda did not return telephone messages seeking commeny forthis story. But with the December knee-replacement trial resultxs in hand, Anesiva in Januar won a $6.3 million, three-stage investment from groups connected to venture capitalfirmxs , , and . But some Anesivq shareholders filed suit because Anesiva would pay investors seven timese the outstanding principal of the securities if the companuis sold.