|Anesiva scraps merger, intends to immediately cease operations|
|By Staff and Wire Reports|
|Friday, 01 January 2010 06:33|
Anesiva, Inc. (Nasdaq: ANSV) announced Thursday that it 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.
The San Francisco-based Anesiva had hoped to merge with Baltimore-based Arcion, and announced plans to do so. But the marriage had a number of conditions, including requirements that Anesiva raise $20 million in a stock sale and clean up some of its debts. That didn't happen.