Anesiva offers shares for $45 million

Under the terms of the transaction, Anesiva will sell seven million shares of its common stock at a price of $6.40 per share, which represents no discount to the closing bid price.

The closing of the offering is expected to take place on November 28, 2006, subject to customary closing conditions. All of the shares of common stock are being offered pursuant to an effective registration statement previously filed with the US Securities and Exchange Commission.

The company anticipates that net proceeds from the offering will be used for general corporate purposes and to support further development and commercialization of its pain product portfolio, including its most advanced product candidate, Zingo.

Zingo is a local anesthetic that has been shown in two phase III clinical studies to significantly reduce the pain associated with blood draws and IV placements. Anesiva is currently finalizing a new drug application, which it plans to submit in November 2006.