ANSV Anesiva analyst conference summary for investors August 9, 2006

ANSV
Anesiva (formerly Corgentech)

Summary

conference date: August 9, 2006
for quarter ending: June 30, 2006 (2nd quarter)

Overview: Getting ready for CTD submission to FDA and foreign regulators for 3268, a local anesthetic system.

Basic data:

Operating expenses of $14.5 million led to a loss of $13.8 million or .70 per share.

Cash ended at $67.1 million, which makes for a $13 million burn rate for the quarter.

Guidance:

Net loss for full 2006 will be $45 to $50 million plus stock-based compensation of $10 to $12 million. The cash balance at the end of 2006 is expected to be $35 to $40 million.

Conference Highlights:

4975 Phase II results for total knee replacement surgery pain demonstrated pain reduction at all specified points and was statistically significant. 470,000 knee replacements were done in 2005, and rate is growing. This follows a series of positive studies for other types of surgeries. Meeting with FDA on 4975 will take place in the 4th quarter.

3268, if approved, could be launched in 2007 for pediatric population. Phase III trial for adults being set up, should take less than 6 months. Survey of professionals showed 80% expected in to become a standard.

1207 topical pain treatment is to begin Phase I trial in 4th quarter of this year.

Has agreement to sell up to $30 million in stock over next 2 years, but has not used this financing vehicle and it does not preclude other forms of financing.

Q&A:

Partners? Been approached by a number of parties for 3268. Intention is to build their own operation, but some companies may help with distribution outside of hospital market.

Pricing? Emergency and surgical reimbursement rate is pretty high, so $12 to $18 is easily observed.

3268 adult timing? Will probably file as a second NDA, so 10 month review after data is filed.

Also studying market for 3268 in elderly market. Focus for sales projections has been on US so far, but will come back later with a comprehensive update on foreign and full US markets.

Hospital marketing reps? Will take some time to get the 35 to 40 needed, after approval. Reiterated about key markets: teaching hospitals and pediatric hospitals. But 400 million procedures in full hospital segment.

4975 as combined agent, regulatory stategy for? Recent Phase III patients were on highest dose of morphine. So will ramp down morphine/other drugs. If they can show is opiode sparing, that would be great.

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