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News Breaks | | | | January 7, 2013 | | 09:34 EDT |  | ZGNX | Zogenix files to sell 15.7M shares upon the exercise of warrants for holders
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News For ZGNX From The Last 14 Days Check below for free stories on ZGNX the last two weeks. |
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| June 5, 2013 | | 08:17 EDT |  | ZGNX | Zogenix to reduce workforce by 37%, announces other initiatives
Zogenix announced initiatives to extend its cash runway to reach key business milestones that may occur over the remainder of the year. The company's initiatives include a reduction in the company's workforce of 148 by a total of 55 full-time equivalent employees, approximately 37%, across all functional areas of the company. Maintaining the company's core commercial capabilities and ability to support the potential launch of Zohydro ER three to four months after potential approval by retaining 93 full-time equivalent employees, including 57 in sales and marketing. The expected timeline for FDA action on the Zohydro ER NDA is unchanged and remains sometime this summer. Cost control initiatives to further reduce operating expenses and capital expenditures. Increase focus on reaching SUMAVEL DosePro brand-level profitability, and to leverage the Zogenix sale force presence in neurology. The company is making encouraging progress towards securing a second product to co-promote with a goal of beginning sometime this summer. Zogenix expects to record most of the expense related to the reduction in force with a one-time charge of approximately $1M in Q2. To date, the company has not raised any capital through its $25M At The Market facility. | |
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