Microneedle patch developer Zosano secured the cash from strategic partner Eli Lilly concurrently to a $47.5m initial public offering.
US-based pharmaceutical company Zosano Pharma raised $47.5m in an initial public offering on Nasdaq yesterday, with pharmaceutical firm Eli Lilly investing $15m in a concurrent private placement.
Founded in 2006, Zosano is working on a microneedle patch system that can deliver drugs to treat osteoporosis, hypoglycaemia and migraine. It issued 4.5 million shares priced at $11 each.
The company plans to invest $15m of the proceeds on clinical development of its ZP technology, $3m on upgrading its manufacturing capabilities and…
