FREMONT, Calif., Nov. 27, 2019 (GLOBE NEWSWIRE) -- Zosano Pharma Corporation (ZSAN), a clinical-stage biopharmaceutical company, today announced that it has entered into a securities purchase agreement with several institutional investors providing for the issuance and sale of an aggregate of 2,181,034 shares of its common stock at a price of $1.45 per share in a registered direct offering.
Zosano intends to use the net proceeds from the offering to fund pre-approval commercialization activities, including submitting its NDA for Qtrypta™ (M207) for the treatment of migraine, and for general working capital and corporate purposes.
The securities described above are being offered pursuant to a shelf registration statement (File No. 333-229686), which was declared effective by the U.S. Securities and Exchange Commission (SEC) on March 27, 2019. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or 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 jurisdiction. When filed with the SEC, copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained at the SEC’s website at www.sec.gov.
About Zosano Pharma
Zosano Pharma Corporation is a clinical stage biopharmaceutical company focused on developing products where rapid administration of molecules with demonstrated safety and efficacy profiles may provide substantial benefit to patients, in markets where patients remain underserved by existing therapies. The company’s Adhesive Dermally-Applied Microarray (ADAM) technology consists of titanium microneedles coated with drug that can enable rapid systemic administration of therapeutics to patients. Zosano’s lead product candidate is QtryptaTM (M207), which is a proprietary formulation of zolmitriptan delivered via ADAM technology, as an acute treatment for migraine. The company is preparing to submit a New Drug Application (NDA) to the Food and Drug Administration for QtryptaTM (M207). The company anticipates that many of its current and future development programs may enable the company to utilize a regulatory pathway that would streamline clinical development and accelerate the path towards commercialization.
To the extent that statements contained in this press release are not descriptions of historical facts regarding Zosano, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securities Litigation Reform Act of 1995, including regarding the expected use of the proceeds of the offering. Such forward-looking statements involve substantial risks and uncertainties that could cause Zosano’s future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all. Zosano undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Zosano’s business in general, please refer to Zosano’s prospectus supplement to be filed with the SEC, including the documents incorporated by reference therein, which include Zosano’s Annual Report on Form 10-K filed with the SEC on March 25, 2019 and Zosano’s other periodic reports filed with the SEC.
Chief Financial Officer