Thinly traded stock Zosano Pharma Corp (NASDAQ:ZSAN) was up over 41% in last trading session on strong volume in anticipation to its announcement of successful report from a Phase III clinical study, ZOTRIP, evaluating lead product candidate “M207” for the migraine treatment. The trial met both co-primary objectives of pain freedom and most niggling indication freedom at hour two.
M207 is designed to rapidly supply zolmitriptan when a patient gets migraine attack. Zolmitriptan was commercialized as a branded drug by AstraZeneca plc (ADR)(NYSE:AZN) prior to coming off patent numerous years ago. The firm is working toward an NDA submission, but has not given a timeline for the filing.
Earlier in November, Zosano Pharma reported that it has sold its stake in Zosano, Inc. for a total purchase price of $225,000 in cash. The company bought 99.9% of the released and unpaid common stock of Eco Planet, which was later renamed Zosano, Inc., in October 2013. It is a shell firm with no assets and no operations.
The operations and business of Zosano Pharma Corporation, hence, are unaffected by this deal. Following this transaction, Zosano is no longer a subsidiary firm of Zosano Pharma Corporation. Also, Konstantinos Alataris, Ph.D. resigned from his roles as the sole Director and Officer of Zosano, Inc.
Dr. Alataris continues to be the President and CEO of Zosano Pharma Corporation and also a member of its Board. The firm’s ongoing phase 3 clinical study for M207 as an acute cure for migraine continues to move as planned. As anticipated, the firm has reported the study results in the first quarter of 2017.
Zosano Pharma is an emerging CNS firm focusing on offering rapid symptom relief to subjects using known treatments and changing their delivery profile utilizing the firm’s intracutaneous delivery system. The firm’s objective is to turn intracutaneous drug delivery a standard treatment for delivering medications requiring rapid onset of action.
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