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Zogenix Reports Second Quarter 2012 Financial Results

Cash and cash equivalents as of June 30, 2012, were $22.0 million, which excludes net proceeds of $65.5 million from the recently completed equity offering and the subsequent repayment of our debt obligations to Oxford and Silicon Valley Bank of $21.2 million.

Ann Rhoads, executive vice president and chief financial officer said, "The equity offering we recently completed will provide us with resources to continue driving SUMAVEL DosePro growth and advance our research and development programs. It also allowed us to repay our term debt, which eliminates over $3.5 million in quarterly principal and interest payments. We expect the net proceeds of this financing after debt repayment to provide us with funding beyond the potential approval and commercial launch of Zohydro ER."

2012 Full Year Financial Guidance

The Company is reiterating its full year 2012 financial guidance as follows:
  • Total revenue expected to be $45.5 - $48.5 million
  • Prescription growth expected to be 25% - 30% over 2011
  • Net product revenue expected to be $37 - $40 million
  • Product gross margin expected to increase to 46% - 50% from 37% for 2011
  • Research and development expenses expected to be $20 - $22 million
  • Selling, general and administrative expenses expected to decline to $48 - $50 million from $60.4 million in 2011 due to lower fees to Astellas
  • Net interest expense to be approximately $10 million for 2012, reflecting the payoff of the debt obligation with Oxford Finance LLC and Silicon Valley Bank resulting in a reduction of ongoing interest expense offset by a one-time charge in the third quarter of 2012 for the write off of unamortized debt discounts and debt acquisition costs relating to the loan, as well as prepayment premiums.

Conference Call and Web Cast

Zogenix will hold a conference call today, August 8, 2012 at 4:30 p.m. ET to discuss financial results and operational highlights for the second quarter ended June 30, 2012.

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