CARMEL VALLEY -- Specialty pharmaceutical company Zogenix Inc. said Monday it has filed for an initial public stock offering. The Carmel Valley-based company, which is seeking to raise up to $86.5 million, is developing drugs for pain and central nervous system disorders.

Zogenix' lead drug, to treat acute migraine, is sumatriptan DosePro. The drug is delivered by its needle-free DosePro technology, that injects drugs under the skin with a pressurized dispenser. Patients can administer the drugs themselves with this technology. An application to sell the drug was accepted for consideration earlier this month by the U.S. Food and Drug Administration.

A number of companies have been developing needle-free drug delivery alternatives for medications such as insulin. Since patients dislike needles, an effective and economical alternative is believed to have large market potential. But it's been difficult. Earlier this month Eli Lilly & Co. dropped development of an inhaled form of insulin. Two other companies, Novo Nordisk and Pfizer, have dropped inhaled insulin products.

Zogenix is also testing a form of the drug hydrocodone, for chronic pain, that features time-controlled release and is taken orally.

In its filing statement with the Securities and Exchange Commission, Zogenix said DosePro "has the potential to become a preferred delivery option for patients and physicians for many injected medicines beyond sumatriptan."

Drugs tested with DosePro include protein-based drugs such as the anemia drug EPO; and monoclonal antibodies, several of which generate more than $1 billion a year in sales. Drugs for hepatitis, infertility, multiple sclerosis and rheumatoid arthritis could possibly be delivered with DosePro, the filing statement said.

As of Feb. 29, Zogenix reported having 27 full-time employees, divided between its Carmel Valley headquarters, which handles administration and marketing, and an office in Emeryville which performs drug development and manufacturing.

Banc of America Securities LLC is managing the stock offering. Co-lead managers are Leerink Swann, Thomas Weisel Partners LLC and Susquehanna Financial Group, LLLP. The registration statement is online at: http://tinyurl.com/28v2em.

-Contact staff writer Bradley J. Fikes at (760) 739-6641 or bfikes@nctimes.com.