Zogenix Closes $10 Million Deal with GE Healthcare Financial Services
SAN DIEGO, CA (March 19, 2007) Zogenix, Inc., a privately held neuroscience-focused specialty pharmaceutical company, announced today it has received $3.5 million of a $10 million loan facility with GE Healthcare Financial Services. Zogenix will use the loan to finance the launch of its first product, sumatriptan Intraject®, for the acute treatment of migraines.
Intraject® is a novel needle-free, pre-filled, single-use delivery technology for subcutaneous drug administration. The Intraject® technology is owned by Zogenix, and the manufacturing capabilities being developed can be used for future medical treatments using Intraject® technology.
“GE understands our business and quickly knew what we were trying to accomplish with this financing. With this loan, we are taking a critical step towards achieving our goal of becoming a fully-integrated specialty pharmaceutical company,” said Roger Hawley, Zogenix’s chief executive officer. “Completing the product development and commercial manufacturing readiness for our first product launch are key priorities for 2007 - and goals we are committed to achieving.”
“We are pleased that Zogenix turned to GE for its financing needs,” said Anthony Storino, senior managing director for GE Healthcare Financial Services’ life science finance group. “Our industry expertise and financial strength enabled us to quickly structure a financing solution to meet the needs of our customer.”
GE Healthcare Financial Services’ life science finance group has partnered with more than 500 companies throughout the United States, Canada and Europe, providing over $2 billion in financing to the life science market. The team delivers innovative and flexible financing solutions to help customers preserve their cash and liquidity. For over a decade, it has assisted life science companies large and small, from the first venture round to post-IPO.
About GE Healthcare Financial Services
GE Healthcare Financial Services is a provider of capital, financial solutions and related services for the global healthcare market. With over $16 billion of capital committed to the healthcare industry, GE Healthcare Financial Services offers a full range of capabilities from equipment financing and real estate financing to working capital lending, vendor programs, and practice acquisition financing. With its knowledge of all aspects of healthcare from hospitals and long-term care facilities to physicians’ practices and life sciences, GE Healthcare Financial Services works with customers to create tailored financial solutions that help them improve their productivity and profitability.
For more information, visit www.gehealthcarefinance.com.
Intraject is a registered trademark of Zogenix, Inc.
Neurontin is a registered trademark of Pfizer, Inc.
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