Artefill staff fired, ends distribution to doctors

A year ago we predicted tough times for Artes Medical, maker of the controversial permanent wrinkle filler ArteFill. Friday the company cut all employees and appears to be headed into liquidation through bankruptcy.

The sudden halt in distribution of ArteFill may have left an unknown number of patients in the lurch. ArteFill can be administered in stages, and a partially treated patient could encounter a situation where their doctor runs out of Artefill vials.

Some investors are angered by the decision to liquidate, with shareholder Dr. H. Michael Shack releasing a proxy that faults the board and management team for the destruction of shareholder value:

"We are tired of the board’s failure to act swiftly and boldly and believe that due to their own interests nothing has been done to protect the shareholders. In contrast to current management, the proxy group believes failure is not an option and most actions and statements of the current management team has caused undue pressure on Artes’ share price. We do not believe now is the time for shareholders to throw in the towel, but rather back our team and proposals so we can restart Artes Medical into a profit generating entity.”

Based on the developments at Artes Medical, Anika Therapeutics, Inc. today terminated its U.S. distribution contract with Artes for its wrinkle filler Elevess.

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