Zosano Pharma Corp. says unsecured creditors owed $12.3 million in its chapter 11 bankruptcy liquidation are expected to recoup 28% of what they are owed.
The publicly traded Fremont, Calif.-based company made the disclosure Thursday in the U.S. Bankruptcy Court in Wilmington, Del.
Earlier this month, the court approved the sale of most of its assets to Emergex Vaccines.
The company, which was spun off in 2006 from a Johnson & Johnson subsidiary, struggled since the Food and Drug Administration rejected its application seeking approval for its M207 transdermal migraine patch in late 2020.
Write to Becky Yerak at becky.yerak@wsj.com
$(END)$ Dow Jones Newswires
August 26, 2022 13:26 ET (17:26 GMT)
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