Zosano Pharma Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4) - Nov 16, 2020
FREMONT, Calif., Nov. 16, 2020 (GLOBE NEWSWIRE) -- Zosano Pharma Corporation (NASDAQ:ZSAN), a clinical-stage biopharmaceutical company, today announced that the Compensation Committee of the Board of Directors granted a stock option to purchase 100,000 shares of Zosano’s common stock to a new employee as an inducement award.
The stock option has an exercise price of $0.4777 per share, which is equal to the closing price of Zosano’s common stock on November 16, 2020. 25% of the shares underlying the option will vest on November 16, 2021, 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 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 Qtrypta™ (M207), which is a proprietary formulation of zolmitriptan designed to be delivered via its transdermal microneedle system technology, as an acute treatment for migraine. Learn more at www.zosanopharma.com.
Chief Financial Officer