|Zosano Pharma, Inc. Announces Funding Close Totaling $90 Million|
FREMONT, Calif.--(BUSINESS WIRE)--Zosano Pharma, Inc., an emerging specialty pharmaceutical company focused on developing better pharmaceutical products using innovative drug delivery, has announced the receipt of the second half of its initial venture funding of $45 million, for a total investment of $90 million. Four venture capital firms, New Enterprise Associates (NEA), Nomura Phase4 Ventures, HBM BioVentures and ProQuest Investments, participated in this final close.
“This second closing supports our continued progress with Zosano’s lead program, a PTH patch for treating osteoporosis, which is currently in Phase 2 development,” said Cory Zwerling, Zosano’s Chief Executive Officer. “Our PTH development program is on track and we are also moving other Zosano activities forward.”
Zosano's Macroflux® transdermal microprojection delivery system provides unique benefits, including convenient needle-free administration with room temperature stability for various therapeutic peptides, proteins, small molecules and vaccines. This transdermal system has been clinically tested in over 300 patients with four different peptides and a vaccine. Zosano’s PTH delivery system is in Phase 2 clinical trials and once approved, will be a treatment option for severely osteoporotic patients, along with other anabolic bone building agents.
“This funding strengthens Zosano, allowing us to focus on implementing our Phase 2 PTH program and other ongoing research activities,” said Zwerling. “With this focus on implementation, we are achieving our business goals and positioning Zosano for future successes.”
About Zosano Pharma, Inc.