Zogenix Raises $18 Million in Preferred Stock Financing
SAN DIEGO -- Zogenix, Inc. (â€œZogenixâ€), a private, specialty pharmaceutical company, today announced that the company has raised $18 million in a private placement of preferred stock. The financing was led by Abingworth Management Ltd. Existing investors, Clarus Ventures, Domain Associates, LLC and Scale Venture Partners also participated in the financing.
Proceeds from the financing will be used to support the commercialization of sumatriptan DoseProâ„¢ (previously known as IntrajectÂ®), for which the company submitted a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) in December 2007. Proceeds will also be used to fund the development of the Companyâ€™s late-stage, controlled release opioid product recently in-licensed from Elan.
â€œWe are very pleased to welcome Abingworth into our investor group and to have the continued support of our founding investors. Since inception, we have raised nearly $80 million in equity financing and have now filed our first NDA,â€ said Roger L. Hawley, Chief Executive Officer. â€œZogenix has made impressive progress over the past 16 months in building a significant CNS franchise and in moving the DosePro technology toward expected FDA approval,â€ said Ken Haas of Abingworth Management. â€œWeâ€™re delighted to support the companyâ€™s strong management team and to join its group of top-tier investors.â€
Zogenix, Inc., with offices in Emeryville and San Diego, CA, is a private, specialty pharmaceutical company focused on the development and commercialization of medicines in neurology and pain. The companyâ€™s portfolio includes sumatriptan DosePro â€“ a needle-free, single-use, easy-to-use subcutaneous delivery system for sumatriptan that will compete in the $2.7 billion triptan segment of the migraine market; and a late-stage controlled release opioid product utilizing the Elan SODAS technology that will compete in the $9 billion strong opioid market for chronic pain. The company also plans to license the patented DosePro drug delivery system to other companies. For additional information, visit www.zogenix.com.