updated 12/23/2010 7:45:21 AM ET 2010-12-23T12:45:21

SAN DIEGO, Dec. 23, 2010 (GLOBE NEWSWIRE) -- Zogenix, Inc. ("Zogenix") (Nasdaq:ZGNX) announced today that the underwriters of its recently completed initial public offering of common stock have partially exercised their option to purchase shares of common stock from Zogenix to cover over-allotments. The sale of additional shares is expected to close on December 27, 2010.

Including proceeds from the sale of the additional shares, the gross proceeds to Zogenix from the initial public offering are expected to be $57.7 million.

Wells Fargo Securities, LLC and Leerink Swann LLC acted as joint book-running managers for the offering, and Oppenheimer & Co. and Stifel Nicolaus Weisel acted as co-managers for the offering. A registration statement relating to these securities was declared effective by the SEC on November 22, 2010. This offering is being made only by means of a prospectus, copies of which may be obtained from Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, or by calling toll-free 800-326-5897 or emailing a request to cmclientsupport@wellsfargo.com and from Leerink Swann LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Massachusetts 02110, or by calling toll-free 800-808-7525, ext. 4814, or emailing a request to Syndicate@Leerink.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Zogenix

Zogenix, Inc. (Nasdaq:ZGNX), with offices in San Diego and Emeryville, California, is a pharmaceutical company commercializing and developing products for the treatment of central nervous system disorders and pain. Zogenix's first commercial product, SUMAVEL® DosePro™ (sumatriptan injection) Needle-free Delivery System, was launched in January 2010 for the acute treatment of migraine and cluster headache. Zogenix's lead product candidate, ZX002, is a novel, oral, single-entity controlled-release formulation of hydrocodone currently in Phase 3 clinical trials for the treatment of moderate to severe chronic pain in patients requiring around-the-clock opioid therapy.

For additional information, please visit www.zogenix.com.

CONTACT: The Ruth Group
         INVESTORS:
         Sara Pellegrino
           646.536.7002
           spellegrino@theruthgroup.com
         MEDIA:
         Jason Rando
           646.536.7025
           jrando@theruthgroup.com

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