Zosano Pharma Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Zosano Pharma Corporation (NASDAQ:ZSAN) has announced the granting of a stock option to purchase 100,000 shares to a new employee. The exercise price is set at $0.4777 per share, aligning with the closing price on November 16, 2020. The vesting schedule includes 25% after one year and monthly vesting thereafter. This award complies with Nasdaq Listing Rule 5635(c)(4). Zosano, focused on rapid delivery of therapeutics, is developing Qtrypta™, its lead product for treating migraines utilizing a transdermal microneedle system.

Positive

• Granting of a stock option may enhance employee retention and motivation.
• Exercise price set at $0.4777 matches the current market value, indicating stability.

Negative

• None.

FREMONT, Calif., Nov. 16, 2020 (GLOBE NEWSWIRE) -- Zosano Pharma Corporation (NASDAQ:ZSAN), a clinical-stage biopharmaceutical company, today announced that the Compensation Committee of the Board of Directors granted a stock option to purchase 100,000 shares of Zosano’s common stock to a new employee as an inducement award.

The stock option has an exercise price of $0.4777 per share, which is equal to the closing price of Zosano’s common stock on November 16, 2020. 25% of the shares underlying the option will vest on November 16, 2021, and 1/48th of the total shares will vest monthly thereafter, subject to continued service.

The award was approved in accordance with Nasdaq Listing Rule 5635(c)(4).

About Zosano Pharma

Zosano Pharma Corporation is a clinical-stage biopharmaceutical company focused on developing products where rapid administration of approved molecules with established safety and efficacy profiles may provide substantial benefit to patients, in markets where patients remain underserved by existing therapies. The company’s transdermal microneedle system technology consists of titanium microneedles coated with drug that are designed to enable rapid systemic administration of therapeutics to patients. Zosano’s lead product candidate is Qtrypta™ (M207), which is a proprietary formulation of zolmitriptan designed to be delivered via its transdermal microneedle system technology, as an acute treatment for migraine. Learn more at www.zosanopharma.com. 

Zosano Contacts:
Christine Matthews
Chief Financial Officer
510-745-1200

Zosano PR:
Sylvia Wheeler or Alexandra Santos
swheeler@wheelhouselsa.com or asantos@wheelhouselsa.com

FAQ

What is the significance of the stock option granted by Zosano Pharma on November 16, 2020?

The stock option allows a new employee to purchase 100,000 shares at an exercise price of $0.4777, which may improve employee retention.

What is the vesting schedule for the stock option granted by Zosano Pharma?

The stock option vests 25% on November 16, 2021, with the remainder vesting monthly thereafter.

Does the stock option grant comply with any regulations?

Yes, the award was approved under Nasdaq Listing Rule 5635(c)(4).

What technology is Zosano Pharma developing for migraine treatment?

Zosano is developing Qtrypta™, a transdermal microneedle system for rapid delivery of zolmitriptan.