By Maria Armental
Zosano Pharma Corp. is suspending its lead product candidate program and laying off about 40% of employees the company said Friday.
The layoffs follow March job cuts as the clinical-stage biopharmaceutical company, which had been given a one-year extension by U.S. health regulators to resubmit its new drug application for investigational migraine treatment M207, said it decided to end the program to preserve cash. Zosano said it had $11.4 million in cash and cash equivalents as of April 26.
A feasibility study with a pharmaceutical partner is expected to conclude this quarter, Zosano said.
Zosano said it was evaluating whether it would need to book an impairment charge and said it was working with financial adviser SierraConstellation Partners LLC.
As of Dec. 31, Zosano had 40 employees, including 29 in research and development. Following the March job cuts, the number of research and development employees was 21 and, as a result, clinical and pre-commercial manufacturing activities were curtailed.
Write to Maria Armental at maria.armental@wsj.com
$(END)$ Dow Jones Newswires
April 29, 2022 16:40 ET (20:40 GMT)
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