Anesiva shareholders agree to Arcion takeover

Shareholders of struggling pain-management firm Anesiva have approved the merger with Arcion Therapeutics, first announced in the summer. In connection with the deal, Anesiva stockholders also approved a one-for-40 reverse stock split, which will be effected upon the close of the merger.

Closure of the merger remains contingent upon Anesiva achieving multiple other closing conditions, including: i) working with creditors to settle total outstanding trade payables at $3.5 million or less; ii) resolution on all of its on-going litigation in a manner satisfactory to Arcion; and iii) financing the company by selling new shares of its common stock, resulting in gross cash proceeds of at least $20.0 million.

The combined company will be known as Arcion Therapeutics. Arcion and Anesiva shareholders will own around 64% and 36%, respectively, of the outstanding shares of the new firm.