On February 08, Zosano Pharma Corp. (ZSAN) announced a proposed public offering of its common stock. As a result, the stock nosedived in the after-hours on Tuesday.
The stock remained in the green during the regular trading session at a gain of 3.08%. ZSAN closed the session at $0.4726 with 3.5 million shares exchanging after reaching a high of $0.5025. Following the offering announcement, the stock took a hit to lose 36.10% at an after-hours volume of 2.8 million. Thus, ZSAN was trading at $0.3020, well below its 52-week low of $0.4100, in the after-hours on Tuesday.
The clinical-stage biopharmaceutical company, Zosano Pharma Corp. is headquartered in Fremont, CA. Currently, its 118.35 million outstanding shares trade at a market capitalization of $54.26 million. ZSAN stock has added a mere 0.55% year to date while it suffered a huge blow of 76.25% last year.
ZSAN: Proposed Public Offering
On Tuesday, the company announced the initiation of an underwritten public offering. The offering will comprise of units having ZSAN’s common stock shares along with warrants to buy its common stock, sold by the company.
Moreover, the sole book-running manager for the underwritten offering is Maxim Group LLC. Additionally, the actual size, terms, and completion of the offering were not disclosed in the press release. Hence, the company might be disclosing further details along with the pricing of the offering in a day or two.
Publication of Clinical Data
On January 05, the company announced the publication of its Phase 1 clinical trial data in the Journal of Vaccines and Immunology. The data was published in an article by the name “Immunogenicity and Safety of Inactivated Influenza Split-Virion Vaccine Administered via a Transdermal Microneedle System”.
According to the data, a low dose of a trivalent influenza vaccine through a transdermal microneedle system produced proper antibody levels. These antibody levels met the three mentioned efficacy guidelines of EMEA for influenza vaccine. Furthermore, the vaccine dose through the system was also well tolerated.
ZSAN: Board Changes
On December 13, ZSAN announced some changes to its Board of Directors. Firstly, Elaine M. Yang was appointed to Board. Ms. Yang currently serves as the Chief Revenue Officer at Lyra Health Inc. Before this, she has also served at executive positions with Facebook as well as Genetech.
In addition, effective December 31, 2021, Kleanthis Xanthopoulos was announced to step down from the Board.
