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Zogenix Reports Second Quarter 2012 Financial Results

Stocks in this article: ZGNX

Reiterates 2012 Financial Guidance

Conference Call and Webcast Today, August 8th, at 4:30 p.m. ET

SUMAVEL ® DosePro ® (sumatriptan injection) Second Quarter 2012 Highlights

  • Successfully retained prescribers called on by the Zogenix sales force, increasing their total prescriptions by 6% over the first quarter 2012*
  • Generated more than 20,000 total prescriptions in the second quarter, the first period without the primary care co-promotion efforts of Astellas, down 6% from the first quarter 2012*
  • Entered exclusive co-promotion agreement with Mallinckrodt LLC (Covidien) with their pain management sales force on track to begin promoting SUMAVEL DosePro to a specified list of high prescribers of triptans in late August
  • Continued strong refill rate for SUMAVEL DosePro at 43% from 39% in the previous quarter*

Recent Highlights and Milestones

  • The FDA accepted for review the New Drug Application (NDA) for Zohydro™ ER (hydrocodone bitartrate extended-release capsules) providing a PDUFA date of March 1, 2013
  • Initiated first clinical trial for Relday™ and remain on track to obtain study results by the end of 2012
  • Formally launched DosePro® technology co-marketing campaign with Battelle, focused on potential out-licensing opportunities
  • Raised net proceeds of $65.5 million in an equity offering, extending cash runway beyond potential Zohydro ER approval and launch
  • Repaid $21.2 million for all outstanding loans with Oxford Finance LLC and Silicon Valley Bank resulting in an elimination of approximately $3.5 million per quarter in principal and interest payments

SAN DIEGO, Aug. 8, 2012 (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 second quarter ended June 30, 2012.

Roger Hawley, chief executive officer of Zogenix, stated, "During the second quarter, our sales representatives continued to drive demand for SUMAVEL DosePro in the neurology segment while also assuming coverage of key primary care physicians formerly called on by our previous co-promotion partner, Astellas. We are pleased with the productivity levels from our sales representatives in their first quarter promoting the brand on their own. While revenue was down from the first quarter, we incurred no co-promotion service fee in the second quarter. Moving forward, we expect to accelerate growth with our new co-promotion partner, Mallinckrodt, which will double our reach into internal medicine and primary care and allow our team to focus on neurologists, headache specialists and high-prescribing physicians. The Mallinckrodt team has extensive experience in the pain market and we are excited to have them begin promoting SUMAVEL DosePro to their customers in late August."

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