Zosano Pharma Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
October 23 2019 - 4:05PM
Zosano Pharma Corporation (NASDAQ:ZSAN), a clinical-stage
biopharmaceutical company, today announced that the Board of
Directors granted a stock option to purchase 450,000 shares of
Zosano’s common stock to Steven Lo in connection with his
appointment as President and Chief Executive Officer of Zosano, as
an inducement award.
The stock option has an exercise price of $1.94 per share, which
is equal to the closing price of Zosano’s common stock on the grant
date, October 21, 2019. 25% of the shares underlying the
option will vest on October 21, 2020, 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 PharmaZosano Pharma Corporation is
a clinical stage biopharmaceutical company focused on developing
products where rapid administration of established molecules with
established safety and efficacy profiles may provide an increased
benefit to patients, for markets where patients remain underserved
by existing therapies. The company’s Adhesive Dermally-Applied
Microarray (ADAM) technology consists of titanium microneedles
coated with drug that is designed to enable rapid systemic
administration of therapeutics to patients. Zosano’s lead product
candidate is QtryptaTM (M207), which is an investigational,
proprietary formulation of zolmitriptan delivered via ADAM
technology, currently in development for the acute treatment of
migraine. In February 2017, the company announced positive clinical
and statistically significant results from the ZOTRIP pivotal study
and in February 2019, the company announced the completion of the
final milestone in its long-term safety study. The company is
preparing to submit a New Drug Application to the Food and Drug
Administration for Qtrypta (M207). Learn more at
www.zosanopharma.com.
Zosano Contact:Greg KitchenerChief Financial
Officer 510-745-1200
PR Contacts:Sylvia Wheeler or Alexandra
Santosswheeler@wheelhouselsa.com or asantos@wheelhouselsa.com
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