- The FDA had granted Zosano Pharma Corporation (NASDAQ:ZSAN) a twelve-month extension to April 20, 2023, to resubmit its M207 marketing application.
- However, to preserve its capital and cash resources, Zosano has suspended its M207 program.
- Additionally, the company's remaining feasibility study with a pharmaceutical partner is expected to conclude this quarter.
- Related: Zosano Lays Off ~30% Of Its Workforce After FDA Rejection Of Migraine Drug Application.
- Zosano recently implemented an additional workforce reduction impacting approximately 40% of its remaining employees and suspended GMP manufacturing operations at its Fremont, California facility.
- The company has also suspended activities at its third-party contract manufacturing organizations related to the qualification of commercial manufacturing equipment.
- As of April 26, the company had approximately $11.4 million of cash and cash equivalents.
- Price Action: ZSAN shares are down 29.10% at $1.34 during the premarket session on the last check Monday.
