By Colin Kellaher
Zosano Pharma Corp. has filed for chapter 11 bankruptcy protection with plans for an orderly wind down of the clinical-stage biopharmaceutical company, it said Thursday.
The Fremont, Calif., company, which last month warned that it would need a substantial cash infusion to stay in business, plans to sell substantially all of its assets during the bankruptcy case, it said.
Zosano in April said it was suspending its M207 lead program in migraine and cutting staff in a bid to preserve cash. The U.S. Food and Drug Administration had previously rejected an application from Zosano seeking approval of M207.
Zosano would continue to operate its business as a "debtor-in-possession" under the bankruptcy court's jurisdiction, it said.
Trading in shares of Zosano, which closed Wednesday at $1.76, was halted premarket on Thursday.
Write to Colin Kellaher at colin.kellaher@wsj.com
$(END)$ Dow Jones Newswires
June 02, 2022 08:19 ET (12:19 GMT)
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