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Zogenix closes $10 million deal with GE Healthcare Financial Services

Zogenix, Inc., a privately held neuroscience-focused specialty pharmaceutical company, announced today it has received $3.5 million of a $10 million loan facility with GE Healthcare Financial Services.

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Zogenix, Inc., a privately held neuroscience-focused specialty pharmaceutical company, announced today it has received $3.5 million of a $10 million loan facility with GE Healthcare Financial Services.

Zogenix will use the loan to finance the launch of its first product, sumatriptan Intraject, for the acute treatment of migraines.

Intraject is a novel needle-free, pre-filled, single-use delivery technology for subcutaneous drug administration. The Intraject technology is owned by Zogenix, and the manufacturing capabilities being developed can be used for future medical treatments using Intraject technology.

"GE understands our business and quickly knew what we were trying to accomplish with this financing," said Roger Hawley, Zogenix's chief executive officer. "With this loan, we are taking a critical step towards achieving our goal of becoming a fully-integrated specialty pharmaceutical company. Completing the product development and commercial manufacturing readiness for our first product launch are key priorities for 2007 - and goals we are committed to achieving."

GE Healthcare Financial Services' life science finance group has partnered with more than 500 companies throughout the United States, Canada and Europe, providing over $2 billion in financing to the life science market. The team delivers innovative and flexible financing solutions to help customers preserve their cash and liquidity. For over a decade, it has assisted life science companies large and small, from the first venture round to post-IPO.

Source: BusinessWire.com