Anesiva gets warning, faces bankruptcy

Pain management company Anesiva says its auditors have issued a going-concern notice to the company after the company said it doesn't have enough funds to complete development of its only drug, Aldea. In an SEC filing, Anesiva said it will "require substantial funds" to further develop and commercialize the treatment. "We expect to incur significant spending as we expand our development programs, manage continuing operations and partnering activities and our future capital requirements."

"If we are not able to raise additional funding, we may not be able to enter into successful collaborations under favorable terms," added Anesvia. The company said it may need to seek bankruptcy protection. "We cannot assure you that any actions that we take would raise or generate sufficient capital to fully address the uncertainties of our financial position."

The company also faces Nasdaq delisting due to the fact that its stock has traded under the minimum closing bid price of $1.00 per share since October 21, 2008. The company has until April 13 to resolve the issue.

Anesiva first cut preclinical development programs and other "non-core positions" in September 2008 as part of a restructuring. Another round of layoffs came in November as the company cut development of its tansdermal pain patch Zingo.

- here's Ansevia's release
- see the SEC filing

Related Articles:
Anesiva drops Zingo, cuts jobs
Anesiva axes staff, preclinical work in restructuring
Anesiva inks $114M licensing deal