Stock Alert: Zogenix Tumbles 15%; Proposes $200 Mln Note Offering

(RTTNews) - Shares of Zogenix Inc. (ZGNX) are falling more than 15 percent or $3.40 in Wednesday's morning trade at $19.18.

Tuesday, Zogenix said it intends to offer $200 million aggregate principal amount of convertible senior notes due 2027 in a private offering to qualified institutional buyers.

The biopharmaceutical company intends to use the net proceeds from the offering to fund development and commercialization of Fintepla in Dravet syndrome, Lennox-Gastaut syndrome, and other potential indications; to fund the development of MT1621 in TK2 deficiency and other general corporate purposes.

Zogenix has traded in a range of $16.65 to $57.22 in the past 52 weeks.