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March 12, 2014
11:36 EDTZGNXZogenix plummets after rival advances abuse-resistant painkiller
Shares of Zogenix (ZGNX), which develops drugs for pain-related conditions, are lower after rival Purdue Pharma unveiled data on a study of its own abuse resistant painkiller. WHAT'S NEW: Earlier today, Purdue Pharma announced that a Phase 3 study of an investigational extended-release formulation of hydrocodone bitartrate met its primary efficacy endpoint. The company added that this investigational single-entity opioid analgesic formulation incorporates abuse-deterrent properties intended to make the tablets more difficult to manipulate for the purpose of misuse and abuse. Purdue Pharma's Senior Vice President of Research and Development Gary Stiles said, "We are very encouraged by the results of this pivotal study. This is another step forward in our efforts to develop therapeutic options for use by chronic pain patients that are designed to be unattractive to drug seekers." Purdue said it plans to file a New Drug Application with the FDA later in 2014 requesting approval to market the medication. Zogenix recently released Zohydro, a powerful opioid painkiller, that has been highly criticized for its abuse potential. PRICE ACTION: Shares of Zogenix are down almost 18% to $3.73 in morning trading. Shares of Zogenix had doubled since getting FDA approval for Zohydro in late October. Purdue Pharma is a private company.
News For ZGNX From The Last 14 Days
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July 30, 2015
07:21 EDTZGNXZogenix 4.75M share Secondary priced at $18.00
The deal size was increased to 4.75M shares from 3.8M shares. Leerink and Stifel acted as joint book running managers for the offering.
July 28, 2015
19:10 EDTZGNXOn The Fly: After Hours Movers
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16:40 EDTZGNXZogenix files to sell 3.8M shares of common stock
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July 23, 2015
17:15 EDTZGNXIntegrated Core Strategies reports 5.6% passive stake in Zogenix

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