The FDA had granted Zosano Pharma Corporation (NASDAQ:ZSAN) a twelve-month extension to April 20, 2023, to resubmit its M207 marketing application.
However, to preserve its capital and cash resources, Zosano has suspended its M207 program.
Additionally, the company's remaining feasibility study with a pharmaceutical partner is expected to conclude this quarter.
Related:Zosano Lays Off ~30% Of Its Workforce After FDA Rejection Of Migraine Drug Application.
Zosano recently implemented an additional workforce reduction impacting approximately 40% of its remaining employees and suspended GMP manufacturing operations at its Fremont, California facility.
The company has also suspended activities at its third-party contract manufacturing organizations related to the qualification of commercial manufacturing equipment.
As of April 26, the company had approximately $11.4 million of cash and cash equivalents.
Price Action: ZSAN shares are down 29.10% at $1.34 during the premarket session on the last check Monday.