ZSAN Zosano Pharma Corporation

Zosano Pharma Corporation (Nasdaq:ZSAN), a clinical-stage biopharmaceutical company, today announced the pricing of its previously announced underwritten public offering of 51,250,000 units, each consisting of one share of common stock and one warrant to purchase one share of common stock, at a public offering price of $0.30 per unit. The warrants have an exercise price of $0.30 per share, are immediately exercisable and will expire five years from the date of issuance. Zosano has granted the underwriter a 30-day option to purchase up to an additional 7,687,500 shares of common stock and/or additional warrants to purchase up to 7,687,500 shares of common stock.

Maxim Group LLC is acting as the sole book-running manager for the offering.

The gross proceeds of the offering are expected to be approximately $15.4 million before deducting underwriting discounts and commissions and estimated offering expenses and excluding the exercise of any warrants and the underwriter’s option to purchase additional securities. This offering is expected to close on or about February 10, 2022, subject to customary closing conditions. Zosano intends to use the net proceeds from this offering for pre-commercialization activities and for general working capital and 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 July 14, 2021. 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 final prospectus supplement and the accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Alternatively, when available, electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, at (212) 895-3745.

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 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 M207, which is a proprietary formulation of zolmitriptan designed to be delivered via its transdermal microneedle system technology, as an acute treatment for migraine.

Forward-Looking Statements

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 regarding the offering, the expected closing date of the offering and the intended use of proceeds from the 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, the completion of the public offering on the anticipated terms or at all, and the potential use of proceeds therefrom. 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 11, 2021 and Zosano’s other periodic reports filed with the SEC. 

Zosano Contact:

Christine MatthewsChief Financial Officer510-745-1200

Zosano PR:

Sylvia Wheeler or Alexandra Santosswheeler@wheelhouselsa.com or asantos@wheelhouselsa.com