Anesiva, Arcion deal
Arcion will reverse-merge with Anesiva. Arcion shareholders will own 64% of the combined company, and Anesiva shareholders will own the remaining 36%. The newco will retain Arcion's name and plans to raise at least $20 million in a financing to close at the same time as the merger, which is expected this quarter.
The newco's combined pipeline will include Arcion's lead program ARC-4558, a topical clonidine hydrochloride gel in Phase IIb testing for painful diabetic neuropathy, with data expected next half. Anesiva, which restructured twice in 2008, has Adlea capsaicin. The combined company will seek a partner for the non-opioid vanilloid receptor 1 ( VR1) agonist that has completed two Phase III trials for post-operative pain (see BioCentury, Nov. 17, 2008). ...