SAN DIEGO, Calif., July 13, 2010 — Zogenix, Inc. (“Zogenix”), a privately held
pharmaceutical company, announced that it has secured a $35 million debt facility led
by Oxford Finance Corporation which also included Silicon Valley Bank. The facility
consists of a $25 million term loan and a $10 million revolving line of credit.
Concurrently, all existing Zogenix investors, including Clarus Ventures, Domain
Associates, Scale Venture Partners, Thomas, McNerney & Partners, Abingworth
Management, and Chicago Growth Partners, have provided an additional $15 million
investment.
The financing will be used to satisfy working capital needs in the commercial launch of
SUMAVEL™ DosePro™ (sumatriptan injection) needle-free delivery system, the
company’s first FDA-approved product, and the ongoing Phase 3 clinical development
program of ZX002, a novel oral controlled-release formulation of hydrocodone without
acetaminophen for the treatment of chronic pain. Proceeds will also be used to fully
repay the outstanding balance of an existing term loan.
“This funding enhances our financial strength as we continue to focus on the successful
launch of our first product, SUMAVEL DosePro,” said Ann Rhoads, chief financial officer
at Zogenix. “The additional support from our investors represents their commitment to
the growth of our company and the development of our pipeline.”
“Oxford is pleased to participate in the financing package Zogenix has secured to
further the growth of its company,” said Chris Herr, managing director of Oxford Finance
Corporation. “Zogenix has a strong management team which is leading their FDAapproved
product to commercial success.”
“The financing we are providing Zogenix will offer the flexibility the company needs to
continue to meet its strategic objectives,” said Michael White, senior relationship
manager, Life Sciences, from Silicon Valley Bank in San Diego. “We are pleased to help
Zogenix and many other life science companies in the San Diego market meet their
goals.”
About Zogenix
Zogenix, Inc., with offices in Emeryville and San Diego, Calif., is a privately held
pharmaceutical company focused on the development and commercialization of
medicines to treat neuroscience disorders and pain. The company is commercially
focused on SUMAVEL™ DosePro™ (sumatriptan injection) needle-free delivery
system, which launched in January 2010, for the acute treatment of migraine and
cluster headache. The company’s pipeline includes ZX002, a novel oral controlledrelease
formulation of hydrocodone without acetaminophen for the treatment of chronic
pain, which entered Phase 3 clinical trials in March 2010. Zogenix also plans to license
the patented DosePro needle-free drug delivery system to other companies. For
additional information, please visit www.zogenix.com.
About Oxford Financing Corporation
A subsidiary of Sumitomo Corporation, Oxford is a specialty finance firm providing
senior secured loans to public and private life science and healthcare services
companies worldwide. For over 20 years, Oxford has delivered flexible financing
solutions to its clients, enabling these companies to maximize their equity by leveraging
their assets. In recent years, Oxford has originated over $1.5 billion in loans, with lines
of credit ranging from $500 thousand to $40 million. Oxford is headquartered in
Alexandria, Virginia, with additional offices in California and Massachusetts. For more
information visit www.oxfordfinance.com.
About Silicon Valley Bank
Silicon Valley Bank (SVB) is the premier commercial bank for companies in the
technology, life science, venture capital, private equity and premium wine industries.
SVB provides a comprehensive suite of financing solutions, treasury management,
corporate investment and international banking services to its clients worldwide.
Through its focus on specialized markets and extensive knowledge of the people and
business issues driving them, Silicon Valley Bank provides a level of service and
partnership that measurably impacts its clients’ success. Founded in 1983 and
headquartered in Santa Clara, Calif., the company serves clients around the world
through 26 US offices and international operations in China, India, Israel and the United
Kingdom. Silicon Valley Bank is a member of global financial services firm SVB
Financial Group (Nasdaq: SIVB) and a member of the FDIC and the Federal Reserve
System. More information on the company can be found at www.svb.com.
SUMAVEL and DosePro are trademarks of Zogenix, Inc.
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INVESTORS:
Ann Rhoads | Zogenix, Inc.
858.436.8583 | ir@zogenix.com
MEDIA:
Catherine O‘Connor | Zogenix, Inc.
858.436.3374 | coconnor@zogenix.com
Shelly Davis | Oxford Finance Corporation
888.471.0174| sdavis@oxfordfinance.com