Zosano Announces Closing of Public Offering of Common Stock and Exercise of Underwriters’ Over-Allotment Option
March 22 2017 - 04:01PM
Zosano Pharma Corporation (NASDAQ:ZSAN), an emerging CNS company
focusing on developing an acute migraine treatment with a
differentiated efficacy profile using the Company’s proprietary
transdermal delivery system, today announced the closing of the
previously announced public offering of 19,550,000 shares of its
common stock at a price of $1.50 per share, which includes the
exercise in full by the underwriters of their over-allotment option
to purchase up to 2,550,000 additional shares of common stock.
The gross proceeds to Zosano from this offering are
approximately $29.3 million, before deducting underwriting
discounts and commissions and estimated offering expenses payable
by Zosano. Zosano intends to use the net proceeds of the proposed
offering to fund the manufacture of its lead product candidate,
M207, in sufficient quantities to support its long term safety
study and associated regulatory activities necessary to file for
product approval, and to fund a portion of the long term safety
study itself.
Piper Jaffray & Co. and Guggenheim Securities, LLC acted as
joint book-running managers for the offering.
The offering was made by Zosano pursuant to a registration
statement on Form S-1 previously filed with the Securities and
Exchange Commission (the “SEC”) on March 2, 2017, as amended on
March 13, 2017, and declared effective by the SEC on March 17, 2017
and a related free writing prospectus filed on March 17, 2017. A
final prospectus related to the offering has been filed with the
SEC and is available on the website of the SEC at www.sec.gov. A
copy of the final prospectus may be obtained from Piper Jaffray
& Co. at 800 Nicollet Mall, J12S03, Minneapolis, MN 55402,
Attention: Prospectus Department, or by calling (800) 747-3924, or
by emailing prospectus@pjc.com or by contacting Guggenheim
Securities, LLC, Attention: Equity Syndicate Department, 330
Madison, 8th Floor, New York, NY 10017, or by telephone at (212)
518-9658, or by email to
GSEquityProspectusDelivery@guggenheimpartners.com.
This press release shall not constitute an offer to sell or the
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 such state or
jurisdiction.
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
transdermal delivery system. The Company’s goal is to make
transdermal drug delivery a standard of care for delivering drugs
requiring fast onset of action. Zosano Pharma has developed its
proprietary transdermal delivery system to administer novel
formulations of existing drugs through the skin for the treatment
of a variety of indications. The Company believes that its
transdermal 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.
Forward-Looking Statements
This press release includes statements about future
expectations, plans and prospects for the Company, including the
Company’s expectations regarding the Company’s anticipated proceeds
from the offering and its use of those proceeds. Readers are urged
to consider statements that include the words "may," "will,"
"would," "could," "should," "might," "believes," "estimates,"
"projects," "potential," "expects," "plans," "anticipates,"
"intends," "continues," "forecast," "designed," "goal,"
"unaudited," "approximately" or the negative of those words or
other comparable words to be uncertain and forward-looking. These
statements are subject to risks and uncertainties that are
difficult to predict and actual outcomes may differ materially.
These risks and uncertainties include, without limitation, risks
and uncertainties associated with market conditions and the
satisfaction of customary closing conditions related to the
proposed offering, as well as other risks and uncertainties
discussed in the Risk Factors set forth in the Company's most
recent annual report on Form 10-K, as amended. Although we believe
that the expectations reflected in these forward-looking statements
are reasonable, we cannot in any way guarantee that the future
results, level of activity, performance or events and circumstances
reflected in forward-looking statements will be achieved or occur.
All forward-looking statements are based on information currently
available to Zosano and Zosano assumes no obligation to update any
such forward-looking statements.
Zosano Contact:
Konstantinos Alataris, Ph.D.
Chief Executive Officer
510-745-1200
Investor Contact:
Jamien Jones
Blueprint Life Science Group
415-375-3340 x 5
jjones@bplifescience.com
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