Zosano Pharma Announces Sale of Non-Strategic Asset
November 22 2016 - 5:00PM
Zosano Pharma Corporation (NASDAQ:ZSAN), an emerging central
nervous system company focused on providing rapid symptom relief to
patients using the Company’s proprietary intracutaneous delivery
system, today announced that it has sold all of its interest in
Zosano, Inc. for an aggregate cash purchase price of
$225,000. Zosano Pharma Corporation acquired 99.9% of the
issued and outstanding common stock of Eco Planet Corp. (which was
subsequently renamed Zosano, Inc.) in October 2013.
Zosano, Inc. is a shell company with no operations and no
assets. The business and operations of Zosano Pharma
Corporation, therefore, are unchanged by this transaction.
Following this sale, Zosano, Inc. is no longer a subsidiary of
Zosano Pharma Corporation and Konstantinos Alataris, Ph.D.
resigned his positions as the sole officer and director of Zosano,
Inc.
Dr. Alataris continues to serve as the President and Chief
Executive Officer of Zosano Pharma Corporation and as a member of
its Board of Directors. The Company’s ongoing phase III
clinical trial for M207 as an acute treatment for migraine
continues to progress as planned, with results expected in the
first quarter of 2017, as previously announced.
About Zosano Pharma
Zosano Pharma Corporation is an emerging CNS company focusing on
providing rapid symptom relief to patients using known therapeutics
and altering their delivery profile using the Company's proprietary
intracutaneous delivery system. The Company's goal is to make
intracutaneous drug delivery a standard of care for delivering
drugs requiring fast onset of action. Zosano Pharma has developed
its proprietary intracutaneous delivery system to administer
proprietary formulations of existing drugs through the skin for the
treatment of a variety of indications. The Company believes
that its intracutaneous delivery system offers rapid and consistent
drug delivery combined with ease of use. The Company is focused on
developing products that deliver established molecules with known
safety and efficacy profiles for markets where patients remain
underserved by existing therapies. Zosano Pharma 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. Learn more at www.zosanopharma.com.
Zosano Contact:
Georgia Erbez
Chief Business Officer and
Interim Chief Financial Officer
510-745-1200
Investor Contact:
Jamien Jones
Blueprint Life Science Group
415-375-3340 x 5
jjones@bplifescience.com
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