Zosano Pharma Enters Into Capital Equipment Lease Agreement With Trinity Capital Investment
26 9월 2018 - 9:30PM
Zosano Pharma Corporation (NASDAQ:ZSAN) (“Zosano” or the
“Company”), a clinical-stage biopharmaceutical company developing
and commercializing therapies that deliver rapid systemic
absorption by leveraging its novel and proprietary technology,
Adhesive Dermally-Applied Microneedle System (“ADAM™”), announced
today that it has entered into a new capital equipment leasing line
of up to $14.0 million from Trinity Capital Investment (“Trinity”),
a leading venture debt provider. This will provide financing for
the purchase and installation of an automated coating process at
Zosano’s contract manufacturer. This process will be capable of
producing as many as 1.5 million doses per year, which is the
Company’s target at launch.
As part of this transaction, Zosano paid off in full its
outstanding balance of $2.0 million under the Loan and Security
Agreement it entered into with Hercules Capital, Inc. on June 3,
2014.
“This new financing partnership with Trinity provides support
for commercial manufacture of M207 and is part of our planned
technology transfer and scale up activities now underway,” said
John Walker, chief executive officer and chairman of the board at
Zosano.
About M207M207 is Zosano’s proprietary
formulation of zolmitriptan delivered utilizing its proprietary
ADAM technology. Zosano's ADAM technology consists of titanium
microprojections (microneedles) coated with drug, and in the case
of M207, its formulation of zolmitriptan. The drug-coated
microneedles penetrate into the epidermis and dermis, where the
drug is dissolved and enters into the bloodstream. In February
2017, the Company announced statistically significant results from
the ZOTRIP pivotal study, which demonstrated that the 3.8mg dose of
M207 met both co-primary endpoints, achieving pain freedom and most
bothersome symptom freedom at 2 hours. In November 2017,
the Company announced the initiation of its long-term safety study
evaluating M207 and expects to file a New Drug Application for M207
in the fourth quarter of 2019.
About Trinity Capital InvestmentHigh-growth
venture capital-backed companies turn to Trinity Capital Investment
as a preferred option for venture loans and equipment leases to
fuel their growth and extend their runway. Since 2008, Trinity has
worked closely with leading venture capital firms and their
respective portfolio companies to offer valuable support, enhanced
flexibility and competitive venture debt financing solutions to
customers with distinctive needs. Having funded some of the world’s
most innovative startup companies, Trinity is the partner of choice
for venture-backed technology startups wanting an experienced
partner to help strengthen their financial position while
preserving equity. For more information, please visit
www.trincapinvestment.com or
www.youtube.com/c/trinitycapitalinvestment.
Forward-Looking StatementsThis press release
contains forward-looking statements regarding the use of funds from
the capital equipment leasing line, the expected timing of a New
Drug Application for M207 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 most
recent annual report on Form 10-K. Although Zosano believes that
the expectations reflected in these forward-looking statements are
reasonable, we 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 Contact: John Walker Chief Executive
Officer and Chairman of the Board 510-745-1200
Media Contact:Sara ZelkovicLifeSci Public
Relationssara@lifescipublicrelations.com(646) 876-4933
Trinity Contact:Kyle
BrownPartnerkbrown@trincapinvestment.com
Zosano Pharma (NASDAQ:ZSAN)
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