Zogenix to Sell 4.3 Mln Shares in Public Offering

Zogenix (ZGNX shares 3% lower in the pre-market session after the pharmaceutical company said Monday that it intends to offer and sell 4.3 million shares of its common stock in an underwritten public offering.

The company said it expects to grant to the underwriters a 30-day option to purchase up to an additional 645,000 shares of common stock. All of the shares to be sold in the offering are to be sold by Zogenix.

Zogenix said it intends to use the net proceeds to fund clinical research and development of ZX008, including the completion of Zogenix’s ongoing clinical trials and regulatory submissions for Dravet syndrome and to fund phase 3 clinical development for Lennox-Gastaut syndrome, commercial infrastructure for ZX008 for Dravet syndrome and working capital and general corporate purposes.

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