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Zogenix Reports Fourth Quarter And Full Year 2013 Financial Results

Stocks in this article: ZGNX

Business Highlights and Milestones

  • Raised net proceeds of $64.5 million in a public offering of common stock
  • Expanded medical and commercial leadership teams, and sales force to 150 representatives
  • Completed preparations for responsible commercialization efforts for Zohydro™ ER (hydrocodone bitartrate) extended release capsules 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
  • Concluded first meeting of External Safe Use Board, training and certification of territory representatives; began prescriber and pharmacist education efforts

Migraine Franchise Fourth Quarter 2013 Highlights

  • SUMAVEL® DosePro® gross product revenue of $14.0 million on approximately 142,000 units shipped, with unit volume up 2% over third quarter 2013
  • SUMAVEL DosePro net product revenue of $9.0 million
  • Approximately 22,000 total SUMAVEL DosePro prescriptions, 4% growth over the third quarter 2013
  • FDA approval for 4 mg SUMAVEL DosePro
  • Migranal service revenue of $0.9 million, up from $0.3 million in third quarter 2013

SAN DIEGO, March 5, 2014 (GLOBE NEWSWIRE) -- Zogenix, Inc. (Nasdaq:ZGNX), a pharmaceutical company developing and commercializing products for the treatment of pain-related conditions and central nervous system disorders, today reported financial results for the fourth quarter and full year ended December 31, 2013.

Roger Hawley, chief executive officer of Zogenix, stated, "We ended the year with positive momentum in our migraine business from both SUMAVEL DosePro and our co-promotion of Migranal. This week, we made Zohydro ER available through select pharmacies and we've commenced our educational efforts with prescribers and pharmacists. We are taking a measured approach to commercialization, with a strong focus on prescriber, pharmacist and patient education. We've also implemented our comprehensive suite of voluntary initiatives supporting the appropriate use of Zohydro ER along with the class-wide REMS for extended-release opioids. The Company also continues to make progress with the development of an abuse deterrent formulation of Zohydro ER."

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