Zogenix, Inc. (NASDAQ:ZGNX), a pharmaceutical company developing therapies for the treatment of central nervous system (CNS) disorders, announced that it has entered into an amendment to its existing term loan facility with Oxford Finance LLC and Silicon Valley Bank to provide for new term loans and partially refinance its existing long-term debt under the facility.

The new loan proceeds will increase the total amount of term loan principal outstanding to $20 million.   The term loan facility provides for interest-only payments through February 2018 followed by consecutive monthly payments of principal and interest until maturity on July 1, 2020.  The agreement is expected to result in an increase of approximately $10 million to Zogenix’s expected cash balance at the end of 2017.

Zogenix continues to expect its cash runway to extend through the end of 2017.  During this time, the Company anticipates multiple key inflection points, including the availability of Phase 3 data for ZX008, Zogenix’s lead product candidate, which is currently being evaluated as an adjunctive treatment of seizures in children with Dravet syndrome.

As of March 31, 2016, Zogenix had approximately $132 million in cash and cash equivalents. (Original Source)

Shares of Zogenix closed yesterday at $8.26, down $0.01 or -0.12%. ZGNX has a 1-year high of $21.65 and a 1-year low of $7.90. The stock’s 50-day moving average is $9.61 and its 200-day moving average is $10.59.

On the ratings front, Zogenix has been the subject of a number of recent research reports. In a report issued on May 11, Brean Murray Carret analyst Difei Yang reiterated a Buy rating on ZGNX, with a price target of $28, which implies an upside of 239.0% from current levels. Separately, on May 10, Leerink Swann’s Paul Matteis reiterated a Buy rating on the stock and has a price target of $19.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Difei Yang and Paul Matteis have a total average return of -10.5% and -13.8% respectively. Yang has a success rate of 34% and is ranked #3832 out of 3977 analysts, while Matteis has a success rate of 31.7% and is ranked #3781.

Zogenix, Inc. is a pharmaceutical company, which is engaged in commercializing and developing products for the treatment of central nervous system disorders and pain with novel drug delivery platforms. The company’s product portfolio includes: Sumavel DosePro, Zohydro and Relday. The Sumavel DosePro product offers fast-acting, easy-to-use subcutaneous administration of sumatriptan for the acute treatment of migraine and cluster headache. The Zohydro product is a 12-hour extended-release formulation of hydrocodone without acetominophen for the treatment of moderate to severe chronic pain requiring around-the-clock opioid therapy. The Relday product is a proprietary, long-acting injectable formulation of risperidone using durect’s SABER controlled-release formulation technology in combination with its DosePro needle-free, subcutaneous drug delivery system.