Anesiva, Inc. (Nasdaq: ANSV) announced today that on December 3, 2009, Anesiva entered into an Asset Purchase Agreement which assigned its rights under the Revised License Agreement with PowderJect Technologies, Ltd., dated November 30, 2009, and sold certain assets related to Zingo to Powder Pharmaceuticals, Inc. (Powder Pharma), a British Virgin Island LLC, and Lee's Pharmaceuticals (HK) Limited (Lee's Pharma), a British Virgin Island LLC. Under the terms of the Asset Purchase Agreement, the total purchase price of the Zingo-related assets was approximately $2.7 million with payment contingent on the delivery of certain assets to Powder Pharma and Lee's Pharma.
Zingo(TM) (lidocaine hydrochloride monohydrate) powder intradermal injection system, is an easy-to-administer, single-use, needle-free system that reduces the pain associated with peripheral intravenous (IV) line placements and blood draws in children three to 18 years of age and with blood draws for adults.
Anesiva seeks to be a leader in the development and commercialization of novel pharmaceutical products for pain management. Anesiva's lead product candidate is Adlea, a novel small molecule formulation of capsaicin that is currently in development for the management of acute pain following orthopedic surgeries. Adlea has been shown in clinical trials to provide extended pain relief after only a single administration in multiple indications for site-specific, acute and chronic, moderate-to-severe pain.
Except for historical information, this press release may be deemed to contain "forward-looking" statements. Words such as "seek" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include statements regarding forecasts of product development and other matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from those referred to in the forward-looking statements. Such risks include, but are not limited to, the risk of whether certain market segments grow as anticipated; clinical trial results; the competitive environment in the biotechnology industry; and whether Anesiva can successfully develop new products and the degree to which these gain market acceptance as well as other risks detailed from time to time in Anesiva's filings with the Securities and Exchange Commission ("SEC"), including Anesiva's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2008, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K as filed with the SEC. Anesiva expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
SOURCE Anesiva, Inc.
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