Zosano Pharma (ZSAN) Reports Sale of Non-Strategic Asset

November 22, 2016 5:01 PM EST
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Zosano Pharma Corporation (NASDAQ: ZSAN), an emerging central nervous system company focused on providing rapid symptom relief to patients using the Company’s proprietary intracutaneous delivery system, today announced that it has sold all of its interest in Zosano, Inc. for an aggregate cash purchase price of $225,000. Zosano Pharma Corporation acquired 99.9% of the issued and outstanding common stock of Eco Planet Corp. (which was subsequently renamed Zosano, Inc.) in October 2013. Zosano, Inc. is a shell company with no operations and no assets. The business and operations of Zosano Pharma Corporation, therefore, are unchanged by this transaction. Following this sale, Zosano, Inc. is no longer a subsidiary of Zosano Pharma Corporation and Konstantinos Alataris, Ph.D. resigned his positions as the sole officer and director of Zosano, Inc.

Dr. Alataris continues to serve as the President and Chief Executive Officer of Zosano Pharma Corporation and as a member of its Board of Directors. The Company’s ongoing phase III clinical trial for M207 as an acute treatment for migraine continues to progress as planned, with results expected in the first quarter of 2017, as previously announced.

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