Zogenix Inc. is attempting to raise $90 million through an initial public offering.
The San Diego, California-based company said in a Securities & Exchange Commission filing it plans use the new money to commercialize its Sumavel DosePro drug-delivery device and advance its ZX002 pain drug in the clinic.
The company began U.S. sales of its DosePro device — a needle-free drug-delivery system — in January as the injection system for its sumatriptan pain management drug. The combination is the company’s first and only commercial product, and it is seeking CE Mark approval for the system with the help of Germany-based Desitin Arzneimittel GmbH, according to the filing.
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At the close of the quarter ending June 30, the company brought in $6.1 million in revenues from the Sumavel DosePro device system, but in the itemized risk section of the filing, the company listed net losses of $45.9 million in 2009 and $49.3 million for the first half of 2010. The company also listed debt of $173.8 million, and said it expects losses and negative cash flows to continue for several more years.
This is not the first IPO attempted by Zogenix, which scuttled a 2008 attempt. Zogenix already has raised almost $200 million in equity and debt since it was founded in 2006, according to Xconomy. Its financiers include GE Capital, Oxford Finance and CIT Healthcare.
The company’s stock would be traded on the NASDAQ market under the symbol ZGNX, according to the filing.
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The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
