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
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