Sep. 25, 2009 (PR Newswire) --
SOUTH SAN FRANCISCO, Calif., Sept. 25 /PRNewswire-FirstCall/ -- Anesiva, Inc. (Nasdaq: ANSV) today announced that on September 24, 2009, it received a letter from The NASDAQ Stock Market ("Nasdaq"), dated September 17, 2009, stating that the minimum closing bid price of Anesiva's common stock was below $1.00 per share for 30 consecutive business days and that therefore Anesiva was not in compliance with Listing Rule 5450(a)(1). The notification letter has no effect at this time on the listing of Anesiva's common stock on The NASDAQ Global Market and Anesiva's common stock will continue to trade on The NASDAQ Global Market under the symbol ANSV.
The notification letter states that Anesiva will be afforded 180 calendar days, or until March 16, 2010, to regain compliance with the minimum closing bid price requirement. To regain compliance, the closing bid price of Anesiva's common stock must meet or exceed $1.00 per share for at least ten consecutive business days. If Anesiva demonstrates an ability to maintain long-term compliance, Nasdaq will provide written confirmation of compliance and the matter will be closed.
If Anesiva does not regain compliance by March 16, 2010, Nasdaq will provide written notification to Anesiva that its common stock may be delisted. At that time, Anesiva may appeal Nasdaq's delisting determination to a Nasdaq listing qualifications panel.
Anesiva has filed with the Securities and Exchange Commission a preliminary proxy statement for its 2009 annual meeting of stockholders, which includes a proposal to approve an amendment to Anesiva's certificate of incorporation to effect a one-for-40 reverse stock split of all of Anesiva's issued and outstanding common stock (the "Reverse Split Proposal"). The Reverse Split Proposal is contingent upon stockholder approval and the consummation of the proposed merger (the "Merger") of Arca Acquisition Corporation ("Arca"), a wholly-owned subsidiary of Anesiva, and Arcion Therapeutics, Inc. ("Arcion"), pursuant to that certain Agreement and Plan of Merger, dated August 4, 2009, among Anesiva, Arca, Arcion and, with respect to Articles V and IX only of the agreement, each of the Arcion stockholders listed on Schedule I thereto (the "Merger Agreement"). If the Reverse Split Proposal is approved and the Merger is consummated, Anesiva expects that the one-for-40 reverse stock split will increase the market price of its common stock and Anesiva will be able to regain compliance with Listing Rule 5450(a)(1). Notwithstanding the foregoing, there can be no assurance that the market price per share following the Merger and the reverse stock split will remain in excess of the minimum bid price for a sustained period of time.
