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Zogenix Reports Fourth Quarter And Full Year 2010 Financial Results

Stocks in this article: ZGNX

Provides 2011 Top-line Guidance

Conference Call and Webcast Today, March 3 rd, at 4:30 p.m. EST

SUMAVEL ® DosePro™ 2010 Adoption Highlights

  • Fourth quarter 2010 net product revenue up 27% over third quarter 2010
  • More than 35,200 SUMAVEL DosePro prescriptions were filled from launch through December 31, 2010, representing approximately 248,200 units*
  • 35% of over 7,500 SUMAVEL DosePro prescribers had not written for needle-based injectable sumatriptan during 2010 demonstrating appeal of SUMAVEL DosePro beyond traditional users of sumatriptan injection
  • Refill rate for SUMAVEL DosePro at the end of June was 21% and has grown to just under 34% through end of December
  • 35% of patients are using SUMAVEL DosePro as part of dual-therapy treatment program

Recent and Upcoming Milestones

  • Completed enrollment of ZX002 Phase 3 safety and efficacy trials - potential to be first FDA approved single-entity, oral controlled-release hydrocodone product
  • E.U. marketing authorizations of SUMAVEL DosePro obtained by European commercialization partner Desitin Pharmaceuticals GmbH
  • Positive SUMAVEL DosePro Phase 4 results on patient satisfaction and other endpoints presented at AAN in April
  • ZX002 top-line Phase 3 efficacy results expected in the third quarter 2011

SAN DIEGO, March 3, 2011 (GLOBE NEWSWIRE) -- Zogenix, Inc. (Nasdaq:ZGNX), a pharmaceutical company commercializing and developing products for the treatment of central nervous system disorders and pain, today reported financial results for the fourth quarter and full-year ended December 31, 2010.

Zogenix launched SUMAVEL ® DosePro™ (sumatriptan injection) Needle-free Delivery System in the United States in January 2010, for the acute treatment of migraine and cluster headache with its co-promotion partner Astellas Pharma US, Inc. SUMAVEL DosePro offers fast-acting, easy-to-use, needle-free subcutaneous administration of sumatriptan in a pre-filled, single-use delivery system. The combination of these unique product attributes allows physicians to prescribe SUMAVEL DosePro to address important unmet needs of many migraine sufferers.

Total revenue for the fourth quarter and full-year 2010 was $8.8 million and $23.4 million, respectively, and consisted of net product revenue and contract revenue. Net product revenue for SUMAVEL DosePro for the fourth quarter 2010 was $7.2 million, an increase of 27% from the third quarter 2010. For the full-year 2010, net product revenue was $19.1 million.

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