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combined drug-and-delivery device, could be used to extend the patent protection of “injectable compounds nearing patent expiration [that are] looking to extend and protect market share.”
The plan that Hawley laid out for Zogenix also called for bringing a second drug candidate to market. This turned out to be the hydrocodone compound, which was licensed from Elan.
“Our goal beyond that is to develop more of our own products, as well as to out-license the DosePro delivery system to other companies for their own products,” Hawley says. “The device really has global potential. No one else can do what we do…What it offers the doctor is that it removes the fear and complexity of self-administration of pharmaceuticals.”
With some 8.3 million Americans being treated for migraines with prescription medications, and a total U.S. population of nearly 30 million migraine sufferers, Zogenix says it is targeting a multi-billion dollar market. But Hawley tells me the company will still require additional funding beyond the nearly $200 million in capital raised so far.
The Zogenix CEO can’t say just yet how much additional capital might be required, or what the timing would be. But he says he’d like to get the Zogenix board to again consider working toward an IPO. “It’s rare to see a company that’s still private that has a marketed product and Phase 3 assets,” Hawley says. “Even though we’re four years old, sooner or later we need to become a public company.”