Zogenix raises $18M

Zogenix, a private, USA-based specialty pharmaceutical company, says it has raised $18.0 million in a private placement of preferred stock. The financing was led by Abingworth Management, with existing investors Clarus Ventures, Domain Associates and Scale Venture Partners also participating.

The proceeds will be used to support the commercialization of sumatriptan DosePro (previously known as Intraject), for which the company submitted a New Drug Application with the Food and Drug Administration in December last year. The money will also be used to fund the development of the company's late-stage, controlled-release opioid product recently in-licensed from Elan.

"Since inception, we have raised nearly $80.0 million in equity financing and have now filed our first NDA," said Roger Hawley, the firm's chief executive.