On Wednesday, In an effort to recover from Tuesdays selloff, U.S. stocks traded a little higher. Shareholders are continuously eyed on dollar gains and signals on the timing of a Fed interest rate hike. Dow was up more than 30 points, led by a 3 percent gain in Intel.
Against U.S. dollar, euro is continually dipping below $1.06 on Wednesday to a 12-year low. Its not logical long term to assume that a strong dollar is a negative, Ogg said. It draws capital to the U.S.
Zogenix, Inc. (NASDAQ:ZGNX), is among the Top Losers in the course of midday trading session and declined almost 26.35% and trading at current market price of $1.23. The stock declined in sake of its financial results for the fourth quarter ended December 31, 2014.
Zogenix, Inc. (ZGNX), stated financial results for the fourth quarter ended December 31, 2014.
Clinical and Regulatory Update:
Received FDA approval for new formulation of Zohydro(R) ER (hydrocodone bitartrate) Extended-Release Capsules, CII, with BeadTek(TM)
On track to start Phase 3 clinical study for ZX008 (orphan drug candidate for Dravet syndrome) in the third quarter 2015; data predictable in 2016
Zohydro ER gross factory sales to wholesalers of $9.2 million during the fourth quarter; $27.3 million for full year 2014
Fourth Quarter and Full Year 2014 Financial Results:
Total proceeds for the fourth quarter 2014, which comprised of net product proceed, contract manufacturing proceed, and service and other proceed, were $14.9 million, up 50% from $9.9 million in the fourth quarter 2013.
Net product proceed for the fourth quarter 2014 was $5.0 million, contrast to $9.0 million in the fourth quarter 2013. The Corporation launched Zohydro ER in March 2014, with proceed recognized based on product dispensed through patient prescriptions as estimated by Source Healthcare Analytics. The fourth quarter 2013 net product proceed comprised of sales from the SUMAVEL DosePro business, which the Corporation sold in May 2014 to Endo International plc (Endo).
Other revenue for the fourth quarter 2014 totaled $6.6 million, contrast to expense of $21.1 million in the fourth quarter 2013. Other revenue for the full year 2014 totaled $28.7 million, contrast to expense of $27.7 million in the full year 2013. The other revenue and expense in 2013 and 2014 reflects a non-cash mark-to-market adjustment to the fair value of the Corporations outstanding warrants driven primarily by changes in the Corporations stock price. Additionally, in the fourth quarter 2014, the Corporation recorded $5.0 million revenue from consideration received for its exclusivity waiver exchange with Purdue Pharma L.P. and $3.5 million revenue for sale of right to reference its carcinogenicity data to Teva Pharmaceuticals USA, Inc., both related to Zohydro ER.
Zogenix is not providing financial guidance on predictable 2015 proceeds and expenses at this time. However, the Corporation anticipates its current financial resources and the predictable proceeds from the sale of the Zohydro ER business to provide a cash runway through three noteworthy clinical milestones: the end of phase 2 meeting for Relday, followed by the regulatory submissions in the U.S. and Europe for ZX008, which are anticipated in the fourth quarter 2016.
Moreover, Zogenix, Inc. a pharmaceutical corporation developing and commercializing products for the treatment of central nervous system (CNS) disorders, declared recently that it has reached a definitive contract to sell its Zohydro(R) ER (hydrocodone bitartrate) business to Pernix Therapeutics (PTX) for $100 million plus regulatory and sales milestones up to $283.5 million. Both companies plan to transition the Zogenix sales team and other select employees to Pernix.
The sale of Zohydro ER to Pernix significantly reduces operating expenses, eliminates all R&D expenses related to ongoing abuse-deterrent formulations, and further enhances the Corporations financial strength with non-dilutive capital.
Zogenix, Inc., a pharmaceutical corporation, develops and commercializes therapies for the treatment of central nervous system disorders and pain.