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FREMONT, Calif., April 09, 2019 (GLOBE NEWSWIRE) -- Zosano Pharma Corporation (Nasdaq:ZSAN), a clinical-stage biopharmaceutical company, today announced the pricing of an underwritten public offering of its common stock for gross proceeds of $17.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Zosano. The offering is expected to close on or about April 11, 2019, subject to the satisfaction of customary closing conditions. In addition, Zosano has granted the underwriters a 30-day option to purchase up to $2.625 million of additional shares of common stock.
Cantor Fitzgerald & Co. is the sole book-running manager for the offering.
BTIG, LLC and Maxim Group, LLC acted as financial advisors to Zosano in connection with the offering.
Zosano intends to use the net proceeds from the offering to fund its ongoing development and preparation for potential commercialization of Qtrypta™ (M207), and for working capital and general corporate purposes.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (SEC) and became effective on March 27, 2019. The offering is being made only by means of a written prospectus and prospectus supplement that will form a part of the registration statement. A preliminary prospectus supplement and the accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. A final prospectus supplement and accompanying prospectus will be filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained, when available, by contacting Cantor Fitzgerald & Co. by mail at Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 6th Floor, New York, NY 10022, or by email at email@example.com.
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.
About Zosano Pharma
Zosano Pharma Corporation is a clinical stage biopharmaceutical company focused on providing administration of therapeutics to patients using its intracutaneous delivery system, which consists of titanium microneedles coated with drug that can enable rapid systemic administration to patients. The company’s lead product candidate is QtryptaTM (M207), which is Zosano’s proprietary formulation of zolmitriptan delivered via its intracutaneous delivery technology for the treatment of migraine disease. In February 2017, the company announced statistically significant results from the ZOTRIP pivotal study and in February 2019, Zosano announced the completion of the final milestone in its long-term safety study.
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 Zosano’s expected use of the proceeds of the public 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