Zosano Announces Inducement Grant under NASDAQ Listing Rule 5635(c)(4)
FREMONT, Calif., Jan. 23, 2017 (GLOBE NEWSWIRE) -- Zosano Pharma Corporation (NASDAQ:ZSAN), an emerging CNS company focusing on providing rapid symptom relief to patients using the Company's proprietary transdermal delivery system, today announced that it has approved an inducement grant of options to purchase 35,000 shares of the Company's common stock with an exercise price of $1.14 per share, the closing price on January 19, 2017, to a new employee. The stock options have a ten year term and vest over four years, with one-fourth vesting on the first anniversary of the date of grant and the remaining three-fourths vesting in equal monthly installments thereafter.
The grant was made as an inducement that was a material component of the new employee's compensation and subsequent acceptance of employment with the Company and was granted as an employment inducement award pursuant to Nasdaq Listing Rule 5635(c)(4) approved by the Company's Compensation Committee.
About Zosano Pharma
Zosano Pharma Corporation is an emerging CNS company focusing on providing rapid symptom relief to patients using known therapeutics and altering their delivery profile using the Company's proprietary transdermal delivery system. The Company's goal is to make transdermal drug delivery a standard of care for delivering drugs requiring fast onset of action. Zosano Pharma has developed its proprietary transdermal delivery system to administer novel formulations of existing drugs through the skin for the treatment of a variety of indications. The Company believes that its transdermal delivery system offers rapid and consistent drug delivery combined with ease of use. The Company is focused on developing products that deliver established molecules with known safety and efficacy profiles for markets where patients remain underserved by existing therapies. Zosano Pharma anticipates that many of its current and future development programs may enable the Company to utilize a regulatory pathway that would streamline clinical development and accelerate the path towards commercialization. Learn more at www.zosanopharma.com.
Zosano Contact: Konstantinos Alataris, Ph.D. Chief Executive Officer 510-745-1200 Investor Contact: Jamien Jones Blueprint Life Science Group 415-375-3340 x 5 firstname.lastname@example.org