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Zogenix Reports Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: ZGNX

SUMAVEL ® DosePro ® (sumatriptan injection) Highlights

  • 2012 net product revenue of $35.9 million, up 18% over 2011
  • Fourth quarter net product revenue of $9.5 million, up 12% over third quarter
  • Increased total prescriptions to over 83,000 in 2012, up 16% over 2011*
  • Transitioned co-promotion responsibilities to Mallinckrodt's (Covidien) sales force, which began focused co-promotion at the beginning of October 2012
  • Maintained consistent quarterly refill rate at approximately 44%*

Recent Highlights and Milestones

  • Completion of the FDA review of the New Drug Application for Zohydro™ ER (hydrocodone bitartrate extended-release capsules) delayed past the Prescription Drug User Fee Act (PDUFA) target action date of March 1, 2013, with FDA indication that delay would likely be brief and last only several weeks
  • Reported positive results for Relday™ phase 1 study; extended study to potentially accelerate development and partnering opportunities

SAN DIEGO, March 15, 2013 (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, 2012.

Roger Hawley, chief executive officer of Zogenix, stated, "2012 was an important year of development for the Company. We drove 18% growth in net product sales of SUMAVEL DosePro and transitioned to a new co-promotion partner, Mallinckrodt, that is well positioned to work with our team to further expand product adoption in 2013.

"We continue to move forward with launch preparations for Zohydro ER while we wait for further communication from the FDA on the NDA. We believe that Zohydro ER, an extended-release hydrocodone formulation without acetaminophen, meets an important medical need based on its safety and efficacy profile. If approved, we anticipate launching the product three to four months after approval."

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