SAN DIEGO, Sept. 23 /PRNewswire/ -- Zogenix, Inc. ("Zogenix"), a privately held pharmaceutical company, announced today that it has completed a $51 million Series B preferred stock financing. Clarus Ventures and Domain Associates, current investors in Zogenix, co-led the round with participation from all existing investors, including Scale Venture Partners, Thomas, McNerney & Partners, and Abingworth Management as well as new investor, Oxford Finance Corporation. The first tranche of $36 million has been closed; the remaining $15 million is callable by the company's board of directors between December 2009 and February 2010.
"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 Roger Hawley, chief executive officer and director of Zogenix. "Despite the challenging economic and capital markets environment, the strong support from our entire group of venture capital investors validates our accomplishments. The Series B funding will now allow us to bring this unique product to migraine sufferers and establish our US commercial organization."
SUMAVEL DosePro should only be used where a clear diagnosis of migraine or cluster headache has been established. SUMAVEL DosePro is not intended for the prophylactic therapy of migraine or for use in the management of hemiplegic or basilar migraine and should not be administered intravenously. For a given attack, if a patient does not respond to the first dose of SUMAVEL DosePro, the diagnosis of migraine or cluster headache should be reconsidered before administration of a second dose.
SUMAVEL DosePro should not be used within 24 hours of other ergotamine-containing or ergot-type medications or other 5-HT1 agonists and is not generally recommended for use with MAO-A inhibitors. The development of a potentially life-threatening serotonin syndrome may occur with triptans, including treatment with Sumavel DosePro, particularly during combined use with selective serotonin reuptake inhibitors (SSRIs) and serotonin-norepinephrine reuptake inhibitors (SNRIs). SUMAVEL DosePro should be used during pregnancy only if the potential benefit justifies the potential risk.
About DosePro technology
The DosePro technology is an easy-to-use, pre-filled drug delivery system designed to enable self-administration of single doses of liquid drug formulations, subcutaneously, without a needle. The DosePro technology has undergone more than ten years of design, process engineering, clinical evaluation and development work. DosePro is protected by more than 80 patents, issued and applied for, worldwide. Approximately 9,000 injections have been delivered in clinical trials in healthy volunteers using the DosePro needle-free drug delivery system.
Zogenix(TM), Sumavel(TM) and DosePro(TM) are trademarks of Zogenix, Inc.
Zogenix, Inc.
