Artes Medical, the maker of the permanent wrinkle filler ArteFill has formally announced that it is filing for bankruptcy. The company is liquidating all of its assets and stopping distribution of ArteFill dermal fillers which means more doctors will need to turn to alternative injectables for various cosmetic procedures.
ArteFill was the first FDA-approved permanent filler to reach the consumer market in the last decade, and the silicone-based filler has been used to reduce wrinkles and help cosmetic surgeons achieve lasting results for facial rejuvenation treatments. The dermal filler became a popular addition to the 'Liquid Facelift' treatment that allows cosmetic surgeons to treat certain facial compartments with a variety of dermal fillers to achieve the best results. ArteFill has been used to augment the cheeks, reduce wrinkles around the eyes and even enhance the results of a rhinoplasty.
Artes Medical filed for Chapter 7 bankruptcy this month because of the drastic drop in consumer spending during the economic downturn, and, according to this proxy organizer's response to Artes Medical, a poorly managed organization that did not yield expected results for its shareholders.
Shares closed at 7 cents on Monday, December 1 on Nasdaq, and the liquidation of assets will be used to pay off creditors; Chapter 7 bankruptcy mandates that stockholders will not be eligible to receive any monies from the distribution of its assets.
Before filing for bankruptcy, Artes Medical was also working with Anika Therapeutics to bring, Elevess, another dermal filler, to the U.S. market. Elevess received FDA approval in July 2007, an injectable soft tissue filler designed to treat facial wrinkles and reduce the appearance of scars. it is based on Anika's chemically modified hyaluronic acid technology with lidocaine which helps improve patient comfort. The formal market launch took place in summer 2008, but the contract with Artes Medical has now been terminated as a result of the bankruptcy.