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FREMONT, Calif., Aug. 12, 2015 (GLOBE NEWSWIRE) -- Zosano Pharma Corporation (NASDAQ:ZSAN), a clinical-stage specialty pharmaceutical company that has developed a proprietary transdermal microneedle patch system to deliver drug formulations through the skin, today announced financial results for the three months ended June 30, 2015.
"We are pleased by the progress the business has made in recent months, including the completed enrollment of our Phase 2 study on ZP-Glucagon in severe hypoglycemia, as well as the additions we have made to our management team," said Vikram Lamba, Zosano's President and Chief Executive Officer. "We look forward to sharing additional data from the pipeline throughout 2015, including Phase 2 data on ZP-Glucagon expected in September and Phase 1 data on ZP-Triptan expected by year end."
Second Quarter 2015 and Recent Corporate Highlights
Upcoming Clinical Development Milestones
Daily ZP-PTH for osteoporosis
ZP-Glucagon for hypoglycemia
ZP-Triptan for migraine
Financial Results for the Quarter Ended June 30, 2015
About Zosano Pharma
Zosano Pharma Corporation is a clinical-stage specialty pharmaceutical company that has developed a proprietary transdermal microneedle patch system to deliver drug formulations through the skin for the treatment of a variety of indications. Zosano's microneedle patch system offers rapid onset, consistent drug delivery, improved ease of use and room-temperature stability, benefits that the company believes often are unavailable using oral formulations or injections. Zosano's microneedle patch system has the potential to deliver numerous medications for a wide variety of indications in commercially attractive markets. It has been tested in more than 400 patients with over 30,000 patches successfully applied to humans in Phase 1 and Phase 2 clinical studies. Learn more at www.zosanopharma.com.
This press release contains forward-looking statements regarding the timing of expected clinical development milestones, sufficiency of Zosano Pharma's capital resources and need for future funding and other future events and expectations. Readers are urged to consider statements that include the words "may," "will," "would," "could," "should," "might," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," "unaudited," "approximately" or the negative of those words or other comparable words to be uncertain and forward-looking. These statements are subject to risks and uncertainties that are difficult to predict and actual outcomes may differ materially. These include risks and uncertainties, without limitation, associated with the process of discovering, developing and commercializing products that are safe and effective for use as human therapeutics, risks inherent in the effort to build a business around such products and other risks and uncertainties described under the heading "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2014 filed with Securities and Exchange Commission on March 26, 2015. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, it cannot in any way guarantee that the future results, level of activity, performance or events and circumstances reflected in forward-looking statements will be achieved or occur. All forward-looking statements are based on information currently available to Zosano and Zosano assumes no obligation to update any such forward-looking statements.
|ZOSANO PHARMA CORPORATION AND SUBSIDIARIES|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|(unaudited; in thousands, except per share amounts)|
|Three Months Ended June 30,||Six Months Ended June 30,|
|License fees revenue||$ 68||$ 268||$ 170||$ 1,643|
|Collaborative development support services||27||238||143||464|
|Cost of license fees revenue||--||--||--||100|
|Research and development||5,004||2,758||8,074||5,643|
|General and administrative||1,779||1,130||3,078||2,314|
|Total operating expenses||6,783||3,888||11,152||8,057|
|Loss from operations||(6,688)||(3,382)||(10,839)||(5,950)|
|Interest and other expenses||(891)||(527)||(1,323)||(331)|
|Net loss||$ (7,579)||$ (3,909)||$ (12,162)||$ (6,281)|
|Net loss per common share ̶ basic and diluted||$ (0.63)||$ (0.76)||$ (1.12)||$ (1.23)|
|Weighted-average shares used in computing net loss per common share ̶ basic and diluted||11,942||5,116||10,864||5,112|
|SELECTED CONSOLIDATED BALANCE SHEETS DATA|
|June 30,||December 31,|
|Cash and cash equivalents||$ 8,060||$ 1,214|
|Total current assets||37,638||1,636|
|Secured promissory notes, current*||--||1,408|
|Related parties convertible notes**||--||7,362|
|Stockholders' equity (deficit)||42,294||(13,401)|
|* In June 2015, the company entered into an amendment to its loan and security agreement with Hercules Technology Growth Capital, Inc. to increase the aggregate principal amount of the loan to $15.0 million. Upon the execution of the amendment, the company used approximately $11.4 million of the loan proceeds to prepay all amounts owing under the secured promissory note held by BMV Direct SOTRS LP, a stockholder of the company and an affiliate of BioMed Realty Holdings, Inc.|
|** In January 2015, upon the closing of the company's initial public offering of common stock, the principal and all unpaid and accrued interest on each convertible promissory note outstanding as of January 30, 2015, which totaled $7.4 million, automatically converted into shares of common stock, resulting in the liability for such notes being reclassified to permanent equity.|
CONTACT: Zosano Contact: Vikram Lamba Chief Executive Officer 510-745-1200 Investor Contact: Paul Chun Westwicke Partners 858-356-5931 email@example.com Media Contact: Jamie Lacey-Moreira PressComm PR, LLC 410-299-3310 firstname.lastname@example.orgNEXT ARTICLE
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