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news.Zogenix, a specialty pharmaceutical company, has raised $18 million in a private placement of preferred stock. The financing was led by Abingworth Management.
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Proceeds from the financing will be used to support the commercialization of sumatriptan DosePro for which the company submitted a new drug application (NDA) with the FDA in December 2007. Proceeds will also be used to fund the development of the company’s late-stage, controlled release opioid product recently in-licensed from Elan.
Roger Hawley, CEO of Zogenix, said: “We are very pleased to welcome Abingworth into our investor group and to have the continued support of our founding investors. Since inception, we have raised nearly $80 million in equity financing and have now filed our first NDA.”