ZSAN - Zosano Pharma suspends program for migraine treatment M207

Zosano Pharma (NASDAQ:ZSAN) on Friday said it had suspended its program for its migraine treatment M207 in order to preserve its capital and cash resources. ZSAN stock -1.6% to $1.90 in aftermarket trading. The U.S. Food and Drug Administration earlier in April had given the company a 12-month extension until April 20, 2023 to resubmit its new drug application for M207. ZSAN said it recently implemented an additional workforce reduction impacting about 40% of its remaining employees. It also said it had suspended GMP manufacturing operations at its Fremont, Calif. facility. As of April 26, ZSAN had about $11.4M of cash and cash equivalents. The company said it is continuing to work with SierraConstellation Partners as an independent financial advisor to assist in exploring strategic alternatives.

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Zosano Pharma suspends program for migraine treatment M207