Zosano Pharma Corporation (ZSAN) shares rallied 26.34% in after-market on Wednesday, May 26, 2021, and close the day at $0.94 per share. Earlier, ZSAN’s stock lost 0.29% in the early trading session. ZSAN shares have fallen 28.46% over the last 12 months, and they have moved up 1.54% in the past week. Over the past three months, the stock has declined 42.77%, while over the past six months, it has surged 25.59%.
Let’s see is there any recent news about the company?
Publication of Qtrypta™ clinical data
On May 26, 2021, Zosano Pharma Corporation announced the publication of an article titled, “Long Term Safety, Tolerability, and Efficacy of Intracutaneous Zolmitriptan (M207) in the Acute Treatment of Migraine” in The Journal of Headache and Pain.
The study was designed to assess the safety and efficacy of the repeated use of Qtrypta™ in adults with migraine who suffered at least 2 migraine attacks per month. The results were consistent about the tolerability and efficacy of Qtrypta.
New Board member
On May 25, 2021, Zosano Pharma Corporation appointed Kathy McGee to its board of directors. Ms. McGee has experience from a broad range of leadership roles across operations, strategic planning, manufacturing and supply chain management, quality and regulatory affairs and new product development.
Recent financial results
On May 12, 2021, Zosano Pharma Corporation released its financial results for the first quarter ended March 31, 2021.
Q1 2021 financial highlights
- Zosano Pharma reported a service revenue of $258000. in Q1 2021 compared to no revenue in Q1 2020.
- net loss for the first quarter of 2021 was $8.1 million, or $0.08 per share on a basic and diluted basis, compared with a net loss of $8.7 million, or $0.24 per share on a basic and diluted basis, for the same quarter in 2020.
- Research and development expenses were $5.3 million in Q1 2021, compared to $5.5 million in Q1 2020.
- General and administrative expenses were $2.8 million in Q1 2021 compared to $3.1 million in Q1 2020.
- Total operating expenses were $8.3 million in Q1 2021compared to $8.6 million in Q1 2020.
- Zosano Pharma had cash and cash equivalents of $26.9 million on March 31, 2021, compared with $35.3 million as of December 31, 2020.
Feedback from FDA
On April 26, 2021, Zosano Pharma Corporation received feedback on the protocol for the pharmacokinetic study required to support the resubmission of the Qtrypta™ (zolmitriptan transdermal microneedle system) 505(b)(2) New Drug Application (NDA)from the U.S. Food and Drug Administration (FDA) Division of Neurology II.
Zosanoestablished an agreement with Worldwide Clinical Trials to conduct the study, which is expected to involve 48 healthy volunteers to generate comparative pharmacokinetic and safety data. The data will be available in the Q3 of 2021 and Zosano expects to resubmit its NDA for Qtrypta™ by the end of 2021, subject to positive results.
The ZSAN stock rallied in the after-market on Wednesday after the company announced the publication of improved trial results of Qtrypta. The ZSAN stock can further surge because the positive trial results are always positive news for any pharmaceutical company.