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Zogenix's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Second, we’ll be moving forward with the pre-approval and pre-launch preparations for Zohydro ER, and pending approval, launch the first and only single entity extended release formulation of hydrocodone in the second quarter of 2013.

Third, to complete our Relday study by year end and assuming it demonstrates safety and long-acting therapeutic PK profile, we’ll leverage the study results to potentially enter a rest of world partnership that will support the remaining Relday product development while retaining US rights.

Then fourth, to continue advancing our early stage new product opportunities including through our DosePro technology marketing partnership with Battelle. With a strengthened balance sheet and adequate capital to execute our business plans, we are very pleased with our progress and believe we are now well-positioned to continue building value for our shareholders.

Now let me update you on SUMAVEL DosePro results and initiatives including progress with a co-promotion partner along with some brief comments on our strategy for Zohydro and Relday.

On SUMAVEL for the second quarter 2012, we drove over 20,000 total prescriptions in the quarter up 16% over the second quarter of the previous year without a co-promotion effort in the second quarter, total prescriptions were down only 6% from the first quarter of 2012 with the two key components being the Zogenix sales force increased total prescriptions by 6% from all physicians we now call on, including the specific primary care physicians transferred to our team for a total of 16,000 prescriptions generated by our team in the second quarter.

In this quarter, which was the first time without a co-promotion effort, we did see a decline in prescriptions for those primary care physicians which Zogenix was not calling on. We continue to see a strong refill rate of 43% compared to 39% in the previous quarter. We reported net product revenue from sales of SUMAVEL DosePro of $8 million which includes the impact of recording $630,000 increase in the reserve for future product returns in the second quarter.

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