Healthcare Industry News: Neuropathic Pain
News Release - December 17, 2007
Alta Partners Announces $25 Million Investment in Anesiva, Inc.SAN FRANCISCO--(HSMN NewsFeed)--Alta Partners, a leading life sciences venture capital firm, today announced a $25 million investment in Anesiva, (Nasdaq:ANSV ) a late-stage biopharmaceutical company focused on the development and commercialization of novel therapeutic treatments for pain management. Alta Partners was the lead investor in a common stock offering valued at a total of approximately $45 million. Alta Partners has been an investor in Anesiva (formerly “Corgentech”) since November of 2000.
The Company’s first product, Zingo™ (lidocaine hydrochloride monohydrate) powder intradermal injection system, was approved by the U.S. Food and Drug Administration (FDA) in August 2007 to reduce the pain associated with venous access procedures, such as IV insertions or blood draws, in children three to 18 years of age. In December of 2007, Medical Futures was granted marketing, distribution and selling rights for Zingo™ in Canada.
Anesiva’s second product, Adlea™, is a long-acting, non-opioid analgesic in development for site-specific, moderate-to-severe pain. Several completed Phase 2 trials have demonstrated the potential of Adlea™ to manage pain in multiple post-surgical, musculoskeletal and Neuropathic Pain conditions, including statistically significant reductions in pain associated with total knee replacement surgery.
About Alta Partners
Alta Partners is a San Francisco-based venture capital firm focused on life sciences investing. Founded in 1996, the firm currently manages nearly $2 billion in committed capital through eight venture fund programs. Alta invests in biopharmaceutical and medical technology companies across the development continuum, from company formation to later-stage opportunities, and has funded more than 110 life sciences companies to date. www.altapartners.com
Anesiva, Inc. is a late-stage biopharmaceutical company that seeks to be the leader in the development and commercialization of novel therapeutic treatments for pain. The company has one FDA-approved product, Zingo(TM), for the reduction of pain associated with peripheral venous access procedures in children ages three to 18. The second product in Anesiva's pipeline, Adlea(TM), has been shown to reduce pain after only a single administration for weeks to months in multiple settings in numerous mid-stage clinical trials for site-specific, acute and chronic, moderate-to-severe pain. Anesiva is based in South San Francisco, CA. For more information about Anesiva's leadership in the development of products for pain management, and an overview of the clinical challenges being addressed by its product candidates, go to http://www.anesiva.com.
Source: Alta Partners
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