Financings In Brief

Zogenix seeks to raise up to $90 million in IPO: Combination product developer seeks to raise up to $90 million in an initial public offering, according to a preliminary prospectus filed Sept. 3 with the Securities and Exchange Commission. A portion of the proceeds will go toward ongoing commercialization of the Sumavel DosePro (sumatriptan injection) needle-free delivery system, which debuted in January following FDA new drug application approval in July 2009. The pre-filled, single-use system, which is Zogenix's first product, is for subcutaneous administration of the drug to treat acute migraine and cluster headache. It uses a small amount of compressed nitrogen gas to expel a thin jet of the drug, "which pierces the skin and selectively deposits into the subcutaneous tissue" in less than one-tenth of a second, the company explains. The drug-device combo generated revenue of $6.1 million through June 30. San Diego-based Zogenix also is developing its ZX002 controlled-release oral formulation of the drug hydrocodone, currently in Phase 3 trials for moderate to severe chronic pain. Zogenix's proposed Nasdaq stock trading symbol is "ZGNX." Underwriters for the IPO include Wells Fargo Securities, Leerink Swann, Oppenheimer & Co. and Stifel Nicolaus Weisel