Anesiva (ANSV) to Restructure Operations In Order to Focus on Specialty Pharma Pain Management; Will Cut 20% of Workforce
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Anesiva, Inc. (Nasdaq: ANSV) announced today that the company will restructure operations to focus on commercial and late-stage product development to accelerate its transition to a specialty pharmaceutical pain management company.
The company is reducing its workforce by approximately 20% by eliminating its preclinical development function and other non-core positions. The company is now focused primarily on sales, marketing, late-stage clinical development and outsourced manufacturing. Anesiva expects to record a one-time restructuring charge of approximately $0.7 million in Q308. Anesiva believes that the restructuring and other cost reductions will result in annual operating cost savings of approximately $20 million per year as compared to current levels.
Anesiva sees FY08 Zingo sales of $2-$3 million.
Anesiva also announced today that it has completed patient enrollment in two multicenter, double-blind, randomized, placebo-controlled Phase 3 Adlea trials, one in bunionectomy surgeries, and one in total knee replacement surgeries. The company continues to anticipate that top-line data from the trials will be available in the fourth quarter of 2008. Enrollment continues in the supportive Phase 2 trials of Adlea in total hip replacement surgeries and arthroscopic shoulder surgeries. Anesiva anticipates having top-line data from these trials in mid-2009.
Anesiva, Inc., a biopharmaceutical company, engages in the development and commercialization of novel therapeutic treatments for pain management.
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