Zogenix has ginned a hefty $51 million Series B preferred stock financing to fund the roll-out of the company's first product. Clarus Ventures and Domain Associates co-led the round, and were joined by existing investors Scale Venture Partners, Thomas, McNerney & Partners, and Abingworth Management as well as new investor, Oxford Finance Corporation. Zogenix has closed the $36 million first tranche of the round. The remaining $15 million is callable by the company's board of directors between December 2009 and February 2010.
In January, Zogenix will launch Sumavel DosePro, a needle-free delivery system which was recently approved by the FDA to treat migraines. 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.
"Obtaining FDA approval of our first product, validating our DosePro subcutaneous needle-free delivery system, manufacturing Sumavel DosePro at commercial scale, and concluding the primary care co-promotion agreement were major milestones we achieved after securing our Series A funding just three years ago," said CEO Roger Hawley. "The Series B funding will now allow us to bring this unique product to migraine sufferers and establish our US commercial organization."
- here's the release from Zogenix