San Diego's Zogenix says it plans to sell $6 million in stock for $12 to $14 a share, which would allow the company to raise $78 million if it prices at the midpoint of that range. Zogenix had originally planned to go public in 2008 but dropped its offering after the biotech IPO market collapsed.
Since its inception, Zogenix has gathered $200 million in venture funding and debt finance. Backers include Abingworth Management, Chicago Growth Partners, Clarus Ventures, Domain Associates, Scale Venture Partners and Thomas McNerney & Partners. Proceeds of the offering will be used to support marketing of Sumavel DosePro, which hit the market in January, and to support development of ZX002, a controlled-release formulation of hydrocodone currently in Phase II clinical trials for the treatment of moderate to severe chronic pain in patients requiring around-the-clock opioid therapy.
- check out Zogenix's release