Zogenix, Inc. filed last night to come public via an initial public offering of up to $86.25 million in securities sales. The company has applied to take the ticker "ZGNX" on NASDAQ. Banc of America has been listed as the lead manager in the deal, with co-managers listed as Leerink Swann, Thomas Weisel Partners, and Susquehanna Financial Group.
It has two proprietary product candidates in late-stage development for the treatment of central nervous system disorders and pain. Its lead product candidate, sumatriptan DosePro™, enables needle-free subcutaneous delivery of sumatriptan for the treatment of acute migraine. Zogenics has submitted a New Drug Application FDA, for sumatriptan DosePro in December 2007, which was accepted for filing in March 2008. The company intends to build a focused sales force in the United States and launch the product in the first quarter of 2009. Its second product candidate is ZX002, a controlled release formulation of hydrocodone for the treatment of chronic pain. This ZX002 product candidate has completed Phase II clinical trials, and it anticipates initiating the Phase III clinical program in the second half of 2008.
As the company is still in development stage, it essentially has no real revenues. The San Diego-based company was formed in May, 2006 as SJ2 Therapeutics, Inc. but changed its name to Zogenix, Inc. when it commenced operations on August 25, 2006. Its trademarks include DosePro™, Intraject® and Zogenix™.
Jon C. Ogg
March 21, 2008