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Zosano prices $50M common stock offering

Zosano Pharma Corp. priced an underwritten public offering of 10 million common shares at $5 apiece to raise about $50 million in gross proceeds.

The company granted the underwriters an option to buy up an additional 1.5 million shares.

Zosano intends to use the net proceeds to complete the long-term safety study of its lead product candidate M207 to treat migraines and for working capital and general corporate purposes.

The offering is expected to close April 3, subject to customary closing conditions.

BTIG LLC is acting as the book-running manager for the offering.