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Zogenix Reports Third Quarter 2013 Financial Results

Stocks in this article: ZGNX

Business Highlights and Milestones

  • Received FDA Approval for Zohydro™ ER (hydrocodone bitartrate), an extended-release oral formulation of hydrocodone without acetaminophen
  • Announced development and option agreement with Altus Formulation Inc. for abuse deterrent formulations of Zohydro ER
  • Began co-promotion of Migranal® (dihydroergotamine mesylate, USP) Nasal Spray in August

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

  • Net product revenue of $6.9 million, which reflected a $2.4 million increase to future product returns reserve
  • Generated approximately 21,000 total prescriptions, 4% growth over the second quarter 2013
  • Sold approximately 139,000 units, up 4% over the third quarter 2012 and 10% over second quarter 2013
  • Maintained positive quarterly refill rate at 45%*

SAN DIEGO, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Zogenix, Inc. (Nasdaq:ZGNX), a pharmaceutical company developing and commercializing products for the treatment of central nervous system disorders and pain, today reported financial results for the third quarter ended September 30, 2013.

On October 25, 2013, Zogenix announced that the U.S. Food and Drug Administration (FDA) approved Zohydro TM ER (hydrocodone bitartrate), an extended-release oral formulation of hydrocodone without acetaminophen, for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate. Zogenix expects to launch Zohydro ER in March 2014.

Roger Hawley, chief executive officer of Zogenix, stated, "The recent FDA approval of Zohydro ER is a testament to the dedication and expertise of our employees, and fulfills a critical need for patients suffering with chronic pain. Zohydro, the second product that Zogenix has taken through clinical development, regulatory review and approval, will allow us to further leverage our established sales and marketing infrastructure. Over the next several months, we will focus on evaluating potential co-marketing opportunities and completing pre-commercial activities for Zohydro ER. We expect to launch Zohydro ER in March 2014."

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