Zogenix Inc. priced its shares for an initial public offering between $12 and $14 per share, looking to raise up to $84 million.
The San Diego-based drug-device developer yesterday registered a six-million-share offering with the Securities & Exchange Commission, saying it will trade under the ZGNX symbol on the NASDAQ exchange.
The company said it plans use the funds to commercialize its Sumavel DosePro drug-device combination and the clinical advancement of its ZX002 drug, according to the filing.
In January Zogenix began logging U.S. sales of its DosePro device, a needle-free injection system for its sumatriptan pain management drug. The combination is the company’s first and only commercial product; the company is seeking CE Mark approval for the system in the European Union, allied with Germany-based Desitin Arzneimittel GmbH, according to the filing.
At the close of the quarter ending Sept. 30, Zogenix had brought in $11.8 million in revenues from the Sumavel DosePro system, posting net losses of $45.9 million in 2009 and $71.4 million for the first nine months of 2010. The company also listed debt of $196.0 million and said it expects losses and negative cash flows to continue for several more years, according to the filing.
It’s not the first IPO attempt by Zogenix, after it scuttled a 2008 offering. Zogenix has already raised almost $200 million in equity and debt since it was founded in 2006, according to Xconomy. Its backers include Domain Associates, Clarus Lifesciences, Scale Venture Partners, Thomas McNerney & Partners, Chicago Growth Partners and Abingworth Bioventures.
The company initially filed for the IPO on Sept. 3.
