San Diego-based Zogenix has piled an additional $20 million on its Series B, bringing its total for the round to a whopping $71 million as it builds up a cache of cash for a planned launch of its needle-free delivery system. Chicago Growth Partners proffered the cash, joining Clarus Ventures, Domain Associates, Scale Venture Partners, Thomas, McNerney & Partners, Abingworth Management and new investor Oxford Finance Corporation in the second round.
"Zogenix has developed an innovative product by incorporating a needle-free delivery system, which potentially could also be used for a variety of pharmaceuticals," said Chicago Growth Partner's Dr. Arda Minocherhomjee, who is joining the board. "The company has a strong management team and board, and is well positioned to capture share in select market segments."
As we reported in September, Zogenix plans to launch Sumavel DosePro, a needle-free delivery system which was recently approved by the FDA to treat migraines, in January. Co-promoter Astellas pharma will also be involved in the roll-out. Most of the money raised in this round will support the production of inventory and building the Zogenix commercial organization of over 105 people.
- check out Zogenix's release