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Zogenix Reports Second Quarter 2013 Financial Results

Stocks in this article: ZGNX

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

SUMAVEL ® DosePro ® (sumatriptan injection) Second Quarter 2013 Highlights

  • Net product revenue of $8.9 million, up 11% over the second quarter 2012
  • Generated approximately 20,000 total prescriptions
  • Maintained positive quarterly refill rate at 43%*

Recent Highlights and Milestones

  • Zohydro™ ER New Drug Application (NDA) still under review with FDA
  • Entered exclusive U.S. co-promotion agreement for Migranal® (dihydroergotamine mesylate, USP) Nasal Spray and launched product through Zogenix sales force in August
  • Implemented significant cost control initiatives to extend cash runway to reach key business milestones that may occur over the remainder of the year

SAN DIEGO, Aug. 8, 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 second quarter ended June 30, 2013.

Roger Hawley, chief executive officer of Zogenix, stated, "Based on our recent interactions, the FDA is working on the Zohyrdo ER NDA and has indicated that it is reviewing the NDA as fast as possible and that nothing has changed with respect to reaching an action letter this summer. We have been reassured again that there are no deficiencies in the application. If approved, Zogenix will be prepared to launch Zohydro ER approximately three to four months after approval."

Mr. Hawley added, "We had commercial success with SUMAVEL DosePro in the second quarter and in early June we took important actions to extend our cash runway in anticipation of potential key business milestones that may occur over the remainder of the year. Since then, we have signed, and already commenced our activities under, our exclusive U.S. co-promotion agreement for Migranal, which leverages our sales force and expertise in migraine. We will continue to explore other opportunities to build a leading specialty migraine franchise and expect the Migranal co-promotion agreement will have a positive impact on our commercial operations. During the quarter we also made good progress with our partnering discussions for Relday™ and out-licensing initiatives for the DosePro needle-free delivery system, both of which represent significant opportunities to build shareholder value."

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