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More on Zogenix Q3: To sell $60M in shares, stock price plummets

  • Zogenix (ZGNX) plans to sell $60M worth of shares plus a greenshoe option representing 15% of the offering amount.
  • Zogenix intends to use the proceeds to fund the commercialization and/or development its Zohydro painkiller and Relday treatment, while it may also use the money for licensing or acquisitions. Zohydro has just received FDA approval.
  • The fund-raising adds to an existing $25M program to sell stock; in Q3, Zogenix sold 6.8M shares and raised $10.9M.
  • Q3 net loss $10.9M vs $19.3M last year.
  • Cash and cash equivalents as of September 30 $17.4M.
  • Total prescriptions +4% on quarter to 21,000; sells 139,000 units, +10%.
  • Share plummet 26.7%. (Previous)
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