This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Zogenix Announces Initiatives To Reach Key Business Milestones

SAN DIEGO, June 5, 2013 (GLOBE NEWSWIRE) -- Zogenix, Inc. (Nasdaq:ZGNX), a pharmaceutical company commercializing and developing products for the treatment of central nervous system disorders and pain, announced today initiatives to extend its cash runway to reach key business milestones that may occur over the remainder of the year. These milestones include the Company's efforts to gain U.S. Food and Drug Administration (FDA) approval for its New Drug Application (NDA) for Zohydro ER TM (hydrocodone bitartrate extended release capsules) for chronic pain, to secure a development partner for Relday TM, a once-monthly injectable formulation of risperidone for schizophrenia, and to out-license the Company's proprietary DosePro needle-free delivery technology. The initiatives underway are expected to extend the Company's cash runway beyond the potential achievement of one or more of these milestones during the second half of 2013.

The Company's initiatives include:
  • A reduction in the Company's workforce of 148 by a total of 55 full-time equivalent employees (approximately 37%) across all functional areas of the Company.
  • Maintaining the Company's core commercial capabilities and ability to support the potential launch of Zohydro ER three to four months after potential approval by retaining 93 full-time equivalent employees, including 57 in sales and marketing. The expected timeline for FDA action on the Zohydro ER NDA is unchanged and remains sometime this summer.
  • Cost control initiatives to further reduce operating expenses and capital expenditures.
  • Increase focus on reaching SUMAVEL DosePro brand-level profitability, and to leverage the Zogenix sale force presence in neurology. The Company is making encouraging progress towards securing a second product to co-promote with a goal of beginning sometime this summer.

Roger L. Hawley, chief executive officer of Zogenix, stated, "We have not received any new updates from the FDA on the timing of their decision regarding the Zohydro ER NDA and remain confident in the Zohydro ER program. In addition, Zogenix has other upcoming value creating milestones that could occur in the second half of the year. We are implementing these initiatives to ensure we are in a position to benefit from these potential milestones while also continuing to support our existing commercial business and partners. Our approach includes a balance of expense reduction, a reduction in workforce, cost controls, and progress in business development efforts.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs