Zosano Lays Off ~30% Of Its Workforce After FDA Rejection Of Migraine Drug Application

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Zosano Pharma Corp ZSAN is looking at strategic alternatives and reduced 31% of its staff as the FDA rejected its already-rejected migraine drug last month.

  • M207, known as Qtrypta, includes a new delivery system for migraine drug triptan zolmitriptan. But Zosano's resubmission did not show a "complete response to the deficiencies" outlined in the agency's 2020 rejection. 
  • The company had 29 R&D employees at the end of 2021. Now, it has 21, according to Zosano's latest 10-K filing
  • But even if the company can get the drug approved, it will likely face more hurdles, according to the SEC filing.
  • Related: Zosano Pharma Announces Publication Of Early Data On Influenza Vaccine.
  • As of December 31, 2021, Zosano held cash and cash equivalents of $11.0 million.
  • Price Action: ZSAN shares are down 3.36% at $0.19 during the market session on the last check Friday.
Posted In: BiotechEarningsNewsPenny StocksHealth CareFDAGeneralBriefs
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