|The DosePro needle-free delivery device--courtesy of Zogenix|
Zogenix ($ZGNX) has filed an investigational new drug application with the FDA for Relday, a schizophrenia treatment that uses the company's DosePro drug delivery tech.
The once-monthly Relday uses DosePro's needle-free, subcutaneous delivery platform to administer a proprietary formulation of risperidone. Zogenix licensed the long-acting formulation from Durect ($DRRX) last year and has a licensing agreement with Battelle to market the DosePro platform around the world.
If approved, Relday would be the second application of the needle-free platform, following the migraine treatment Sumavel, which is already on the market. The company believes that Relday's combination of non-invasive delivery and once-monthly administration will boost patient compliance and help the drug carve out a share of the $2 billion long-acting injectable antipsychotic market.
"Our market research indicates that psychiatrists prefer a subcutaneous, needle-free, once-monthly treatment option over products that are currently available," CEO Roger Hawley said in a statement. Investors seem to agree: Zogenix's shares soared nearly 16% after the announcement, SmallCap Network reports.
And Zogenix has plans beyond Relday's possible FDA approval. The company expects to have enough study results by the end of this year to pursue approvals around the world and look for marketing partners in other countries. Furthermore, another application for DosePro will help Zogenix promote the platform for other uses, including for viscous drug formulations like biologics, Hawley said.