Zosano Pharma Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
FREMONT, Calif., Oct. 23, 2019 (GLOBE NEWSWIRE) -- 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 Pharma
Zosano 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.
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