Zosano Pharma Announces Pricing of $8.0 Million Public Offering of Common Stock and Warrants
February 12 2020 - 8:20AM
Zosano Pharma Corporation (Nasdaq:ZSAN) (the “Company”
or “Zosano”), a clinical-stage biopharmaceutical company, today
announced the pricing of its previously announced underwritten
public offering of (i) 10,146,154 Class A Units, each consisting of
one share of common stock and one Series C Warrant to purchase one
share of common stock, at a public offering price of $0.65 per
Class A Unit, and (ii) 2,161,539 Class B Units, each consisting of
one Series D Pre-Funded Warrant to purchase one share of common
stock and one Series C Warrant to purchase one share of common
stock, at a public offering price of $0.6499 per Class B
Unit. The Series C Warrants have an exercise price of $0.65
per share, are immediately exercisable and will expire five years
from the date of issuance. The Company has granted the underwriter
a 30-day option to purchase up to an additional 1,846,153 shares of
common stock and/or additional Series C Warrants to purchase up to
1,846,153 shares of common stock.
H.C. Wainwright & Co. is acting as the sole
book-running manager for the offering.
The gross proceeds of the offering are expected
to be approximately $8.0 million, prior to deducting underwriting
discounts and commissions and estimated offering expenses and
excluding the exercise of any Series C Warrants and the
underwriter’s option to purchase additional securities. This
offering is expected to close on or about February 14, 2020,
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 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 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 H.C. Wainwright &
Co., LLC, 430 Park Avenue, New York, NY 10022, by email at
placements@hcwco.com or by phone at (646) 975-6996.
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 molecules with demonstrated safety and
efficacy profiles may provide substantial benefit to patients, in
markets where patients remain underserved by existing therapies.
The company’s intracutaneous microneedle system technology consists
of titanium microneedles coated with drug that can enable rapid
systemic administration of therapeutics to patients. Zosano’s lead
product candidate is QtryptaTM (M207), which is a proprietary
formulation of zolmitriptan delivered via its intracutaneous
microneedle system technology, as an acute treatment for migraine.
The company 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.
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 25, 2019 and Zosano’s other
periodic reports filed with the SEC.
Zosano Contact:
Christine Matthews Interim Chief Financial Officer (510)
745-1200
PR Contact:
Sylvia Wheeler and Alexandra Santos
swheeler@wheelhouselsa.com/asantos@wheelhouselsa.com
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