Navigation Links
Zogenix Secures $35 Million Debt Facility and Raises $15 Million Investment Capital
Date:7/13/2010

SAN DIEGO, July 13 /PRNewswire/ -- Zogenix, Inc. ("Zogenix"), a privately held pharmaceutical company, announced that it has secured a $35 million debt facility led by Oxford Finance Corporation which also included Silicon Valley Bank.  The facility consists of a $25 million term loan and a $10 million revolving line of credit.  Concurrently, all existing Zogenix investors, including Clarus Ventures, Domain Associates, Scale Venture Partners, Thomas, McNerney & Partners, Abingworth Management, and Chicago Growth Partners, have provided an additional $15 million investment.

The financing will be used to satisfy working capital needs in the commercial launch of SUMAVEL™ DosePro™ (sumatriptan injection) needle-free delivery system, the company's first FDA-approved product, and the ongoing Phase 3 clinical development program of ZX002, a novel oral controlled-release formulation of hydrocodone without acetaminophen for the treatment of chronic pain.  Proceeds will also be used to fully repay the outstanding balance of an existing term loan.

"This funding enhances our financial strength as we continue to focus on the successful launch of our first product, SUMAVEL DosePro," said Ann Rhoads, chief financial officer at Zogenix.  "The additional support from our investors represents their commitment to the growth of our company and the development of our pipeline."

"Oxford is pleased to participate in the financing package Zogenix has secured to further the growth of its company," said Chris Herr, managing director of Oxford Finance Corporation. "Zogenix has a strong management team that is leading their FDA-approved product to commercial success."

"The financing we are providing Zogenix will offer the flexibility the company needs to continue to meet its strategic objectives," said Michael White, senior relationship manager, Life Sciences, from Silicon Valley Bank in San Diego. "We are pleased to help Zogenix and many other life science companies in the San Diego market meet their goals."

About Zogenix

Zogenix, Inc., with offices in Emeryville and San Diego, Calif., is a privately held pharmaceutical company focused on the development and commercialization of medicines to treat neuroscience disorders and pain. The company is commercially focused on SUMAVEL™ DosePro™ (sumatriptan injection) needle-free delivery system, which launched in January 2010, for the acute treatment of migraine and cluster headache. The company's pipeline includes ZX002, a novel oral controlled-release formulation of hydrocodone without acetaminophen for the treatment of chronic pain, which entered Phase 3 clinical trials in March 2010.  Zogenix also plans to license the patented DosePro needle-free drug delivery system to other companies. For additional information, please visit www.zogenix.com.

About Oxford Finance Corporation

A subsidiary of Sumitomo Corporation, Oxford is a specialty finance firm providing senior secured loans to public and private life science and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $1.5 billion in loans, with lines of credit ranging from $500 thousand to $40 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California and Massachusetts. For more information visit www.oxfordfinance.com.

About Silicon Valley Bank

Silicon Valley Bank (SVB) is the premier commercial bank for companies in the technology, life science, venture capital, private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 26 US offices and international operations in China, India, Israel and the United Kingdom. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB) and a member of the FDIC and the Federal Reserve System. More information on the company can be found at www.svb.com.

SUMAVEL and DosePro are trademarks of Zogenix, Inc.


'/>"/>
SOURCE Zogenix, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Zogenix Initiates Pivotal Phase 3 Clinical Trial for Novel Formulation of Oral Controlled-Release Hydrocodone
2. DURECT Corporation Secures $50 Million Committed Equity Financing Facility
3. ProUroCare Medical Secures $885,000 in Financing
4. Bacterin International Secures Three-Year Agreement to Distribute Biologic Products to Broadlanes Network of Over 6,000 Medical Facilities
5. Alexza Secures $25 Million Committed Equity Financing Facility With Azimuth Opportunity, Ltd.
6. Logical Therapeutics Secures $16.9M Series C Financing Round
7. Breathe Technologies Secures $23 Million in Series C Financing
8. Johnson Controls Secures Global Facilities Management Win With GlaxoSmithKline
9. NxStage(R) Secures $15 Million Revolving Line of Credit
10. TransMedics, Inc. Secures $36 Million Round of Financing Lead by Foundation Capital and Kleiner Perkins Caufield & Byers
11. Poniard Pharmaceuticals Secures $20 Million Committed Equity Financing Facility
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/10/2017)... -- Radiology has become the number one diagnostic tool ... to the number one ranking as a result.  More ... as the most complete and reliable method for clinical ... pain an MRI may confirm a suspected herniated disc ... entirely different treatment protocols.  In these circumstances, patients need ...
(Date:5/9/2017)... May 9, 2017  Demonstrating its commitment to ... directors for the Pharmaceutical Research and Manufacturers of ... Biopharmaceutical companies will now have to meet new ... be eligible to join PhRMA. "By ... is sending a clear message that being a ...
(Date:5/8/2017)... 2017 MACRA replaces the outdated sustainable ... service reimbursement. Black Book Research crowdsource-surveyed 8,845 physician practices ... The Market for MIPS Compliance Technology is Booming ... with 3 or more clinicians seek to buy Merit-Based ... the magnitude of the changes, the hunt is on ...
Breaking Medicine Technology:
(Date:5/26/2017)... ... ... “When the Stars Lead Home”: a poignant story of loss, determination, and perseverance. ... an avid reader who lives in the Pacific Northwest with her husband, daughter, two ... Camp. She couldn’t be more grateful. , Twelve-year old Tizzy could not believe how ...
(Date:5/26/2017)... ... May 26, 2017 , ... Water damage to the flooring ... School District had left education officials with a number of critical issues to address ... flooring had to be accomplished with little or no disruption to class schedules. Second, ...
(Date:5/24/2017)... , ... May 24, 2017 , ... ... medical image management and interpretation, has received U.S. Food and Drug Administration (FDA) ... is a web-based, scalable and secure cloud platform for medical image management. At ...
(Date:5/24/2017)... , ... May 24, 2017 , ... Myers Jackson is ... has the ability to sell luxury homes anywhere on the planet. The luxury home ... side from Hattiesburg to Houston city-scapes. A quick search of “11 Spyglass Hill Auction ...
(Date:5/24/2017)... (PRWEB) , ... May 24, 2017 , ... If you are thinking of a visit ... interested in business architecture, October is the perfect time to visit. , Business Architecture Associates ... à la carte offering for individuals, as a 4-½ day package for individuals, and as ...
Breaking Medicine News(10 mins):