Zosano Pharma Corp (NASDAQ:ZSAN)
Zosano Pharma Corp (NASDAQ:ZSAN)’s bounce back continued in Wednesday’s trading session after the company presented data from a pivotal Phase 2 study of M207 as an acute treatment of migraine. The stock was up by 10.31% to end the day at $1.01 a share.
The 10.31% rally helped push the stock above the $1 per share mark, key to the company remaining compliant to NASDAQ listing requirements. However, the stock continues to trade in a strong downtrend in a $0.89 – $1.1 trading range. The stock has shed more than 50% in market value since March.
Zosano Pharma Corp (NASDAQ:ZSAN) is a clinical stage specialty pharmaceutical company focused on the systematic administration of existing drugs through the skin, using proprietary Adhesive Dermally-Applied Microarray (ADAM) technology. The technology consists of titanium micro projections coated with drug that is absorbed into the micro capillary system of the skin.
The company has already posted positive results from a ZOTRIP study that evaluated M207 administered through the ADAM technology. The clinical trial results indicate that a 3.8mg dose of M207 met both co-primary endpoints of pain freedom and bothersome symptom freedom after 2 hours.
“Presenting our results in a rigorous scientific forum, and discussing them with world-class headache experts is very valuable for helping us understand the types of patients who might benefit most from our unique drug delivery method,” said Dr. Kellerman.
Zosano Pharma Corp (NASDAQ:ZSAN) has already received a notice for the publication of a patent, pertaining to the ADAM technology. The patent details a system for treatment or alleviation of migraine, through intracutaneous administration of effective amount of zolmitriptan
According to the Chief Executive Officer, John Walker, the patent application establishes a long term proprietary position for M207 as it will benefit from protection through 2037.
Separately, Zosano Pharma Corp (NASDAQ:ZSAN) reported a net loss of (-$6.7) million in the second quarter compared to a net loss of (-$6.6) million reported in Q2 2016. Research and Development costs totaled $4.4 million in the quarter compared to $4.3 million reported last year. The increase was due to an increase in costs for labor, medical affairs and M207 long term safety study.
Zosano Pharma Corp (NASDAQ:ZSAN) exited the second quarter with cash and cash equivalent of $21.2 million
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.