Zosano Pharma Announces Additional Workforce Layoff

  • The FDA had granted Zosano Pharma Corporation ZSAN a twelve-month extension to April 20, 2023, to resubmit its M207 marketing application.
  • However, to preserve its capital and cash resources, Zosano has suspended its M207 program
  • Additionally, the company's remaining feasibility study with a pharmaceutical partner is expected to conclude this quarter.
  • Related: Zosano Lays Off ~30% Of Its Workforce After FDA Rejection Of Migraine Drug Application.
  • Zosano recently implemented an additional workforce reduction impacting approximately 40% of its remaining employees and suspended GMP manufacturing operations at its Fremont, California facility. 
  • The company has also suspended activities at its third-party contract manufacturing organizations related to the qualification of commercial manufacturing equipment. 
  • As of April 26, the company had approximately $11.4 million of cash and cash equivalents.
  • Price Action: ZSAN shares are down 29.10% at $1.34 during the premarket session on the last check Monday.
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