FREMONT, Calif., Nov. 29, 2021 (GLOBE NEWSWIRE) — Zosano Pharma Corporation (NASDAQ:ZSAN), a clinical-stage biopharmaceutical company, today announced that the Board of Directors granted a stock option to purchase 220,000 shares of Zosano’s common stock to a new employee as an inducement award.
The stock option has an exercise price of $0.59 share, which is equal to the closing price of Zosano’s common stock on November 29, 2021. 25% of the shares underlying the option will vest on November 29, 2022, 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 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