Company: Anesiva
Based: South San Francisco

What Happened: Anesiva's problems began in 2008 when the company elected to stop making transdermal pain patch Zingo due to continuing manufacturing problems. When job cuts and a going-concern notice followed, Anesiva attempted to stay afloat by inking a merger pact with Arcion Therapeutics. But the deal came with some tough provisions, including a requirement that Anesiva raise $20 million from a stock sale and clean up some debts. The South San Francisco-based company announced in late 2009 it couldn't complete a planned merger, and would instead cease operations and file for bankruptcy.