Zogenix, Inc., an Emeryville and San Diego, Calif.-based pharmaceutical company, has secured a $35m debt facility and a $15m equity investment.
The debt facility, led by Oxford Finance Corporation with participation from Silicon Valley Bank, consists of a $25m term loan and a $10m revolving line of credit.
The equity financing was provided by all existing investors, including Clarus Ventures, Domain Associates, Scale Venture Partners, Thomas, McNerney & Partners, Abingworth Management, and Chicago Growth Partners.
The proceeds from the financing will be used:
– to support the commercial launch of the company’s first FDA-approved product, SUMAVEL™ DosePro™ (sumatriptan injection) needle-free delivery system for the acute treatment of migraine and cluster headache,
– to support 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.
– to fully repay the outstanding balance of an existing term loan.
Zogenix also plans to license the patented DosePro needle-free drug delivery system to other companies.