Zogenix closes $36mm first tranche of Series B; total is $71mm

Just over a year after withdrawing its initial public offering, Zogenix (pain management drug candidates) has raised $36mm in the first tranche of its Series B preferred stock financing from lead returning backers Clarus Ventures and Domain Associates. First-time investor Oxford Finance also participated along with all existing shareholders including Scale Venture Partners, Thomas, McNerney & Partners, and Abingworth Management. The company's board has the right to call a second tranche of $15mm between December 2009 and February 2010. (According to the Form D, Zogenix could raise a total of $60mm through this financing.) Under a US co-promote deal signed last month with Astellas Pharma US, Zogenix plans to launch its migraine product Sumavel DosePro (sumatriptan) at the start of next year, and will specifically use the Series B funds to build up inventory of the drug and set up a 105-person sales force.