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Zosano Pharma Corporation (NASDAQ:ZSAN) filed for Chapter 11 bankruptcy on June 1, 2022. The filing was made in the U.S. Bankruptcy Court for the District of Delaware, allowing the company to operate as a 'debtor-in-possession.' Zosano is seeking approval of first-day motions to facilitate ordinary operations while planning to sell most of its assets during the bankruptcy process. Interested parties can access case information via a dedicated website managed by a third-party bankruptcy claims agent.
Zosano Pharma Corporation (NASDAQ:ZSAN) reported a net loss of $33.4 million or $7.86 per share for Q1 2022, a significant increase from a net loss of $8.1 million or $2.73 per share in Q1 2021. Research and development expenses decreased to $4.5 million from $5.3 million year-over-year, while general and administrative expenses increased slightly to $2.9 million. The company faces a $25.9 million impairment loss linked to its suspended M207 program. As of May 11, 2022, Zosano had $9.9 million in cash, highlighting the urgent need for additional funding to continue operations.
Zosano Pharma Corporation (NASDAQ:ZSAN) announced a corporate update on April 29, 2022, including a one-year extension from the FDA to resubmit its M207 New Drug Application, now due by April 20, 2023. In a strategic move to conserve resources, Zosano has suspended its M207 program and implemented a workforce reduction affecting 40% of its remaining employees. They reported having approximately $11.4 million in cash as of April 26, 2022. After a 35-to-1 reverse stock split, Zosano regained compliance with Nasdaq listing rules. The company is exploring financial alternatives with SierraConstellation Partners.
Zosano Pharma Corporation (NASDAQ: ZSAN) announced a 1-for-35 reverse stock split effective April 11, 2022, to comply with Nasdaq Capital Market listing requirements. This adjustment will bring ZSAN stock trading to a split-adjusted basis by April 12, 2022, and affect shares without modifying rights or preferences. Stockholders will not receive fractional shares but instead will receive cash payments for any fractions. The decision follows approval at a special stockholders meeting on April 8, 2022. More details are available in the SEC filings.
Zosano Pharma Corporation (NASDAQ: ZSAN) reported financial results for Q4 and the fiscal year ending December 31, 2021, showcasing a net loss of $7.0 million for Q4, an improvement from a loss of $8.1 million in Q4 2020. The annual net loss was $29.9 million, a decrease from $33.4 million in 2020. R&D expenses for Q4 dropped to $4.7 million from $5.4 million in the previous year. As of Dec 31, 2021, cash and equivalents totaled $11.0 million, down from $35.3 million a year earlier. The company is in discussions with the FDA regarding the M207 New Drug Application and pursuing strategic alternatives.
Zosano Pharma Corporation (Nasdaq:ZSAN) announced a public offering of 51,250,000 units at $0.30 per unit, consisting of common stock and warrants. The offering is expected to raise approximately $15.4 million before fees and is set to close on February 10, 2022. The funds will be used for pre-commercialization activities and general working capital. Maxim Group LLC is the sole book-running manager, with a 30-day option for the underwriter to purchase additional shares. A registration statement for the offering has been filed with the SEC.
Zosano Pharma Corporation (Nasdaq: ZSAN) announced an underwritten public offering of units consisting of common stock and warrants, with all units being sold by the company itself. The offering is subject to market conditions, and details regarding its size and terms remain unspecified. The SEC has received a registration statement for the offering, which is being managed by Maxim Group LLC. Zosano focuses on developing rapid administration therapies for underserved patient populations, with its lead candidate M207 aimed at treating migraines.
Zosano Pharma Corporation (Nasdaq:ZSAN) recently announced the publication of corrected Phase 1 clinical trial data for its influenza vaccine in the Journal of Vaccines and Immunology. The study found that a low dose of a trivalent influenza vaccine (10μg and 15μg) administered via a transdermal microneedle system produced antibody levels meeting EMEA guidelines. The vaccine was well tolerated, with participants rating it less painful compared to intramuscular injections. The findings suggest potential improvements in patient compliance and efficiency in vaccine delivery.
Zosano Pharma Corporation (NASDAQ: ZSAN) announced the publication of Phase 1 clinical trial data regarding its transdermal microneedle system in the Journal of Vaccines and Immunology. The study showed that a low dose of a trivalent influenza vaccine met EMEA efficacy guidelines and was well tolerated. Notably, participants reported less pain with the microneedle patch compared to intramuscular injections. Zosano's innovative system aims to reduce administration burdens and enhance patient compliance, presenting a significant advancement in vaccine delivery technology.
Zosano Pharma Corporation (NASDAQ:ZSAN) announced changes to its board of directors, appointing Elaine M. Yang and thanking Kleanthis Xanthopoulos for his service as he steps down effective December 31, 2021. Yang brings extensive experience from her roles at Lyra Health, Facebook, and Genentech, enhancing Zosano’s leadership as it prepares for future growth.
Zosano focuses on developing transdermal microneedle technology with its lead candidate M207, aimed at providing rapid migraine relief.
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