Company Update (NASDAQ:ZSAN): Zosano Pharma Corp Provides Update on Patent Application
Zosano Pharma Corp (NASDAQ:ZSAN) received official written notification of an Office action from the U.S. Patent and Trademark Office (USPTO) regarding its patent application 15/438,455 “Method of rapidly achieving therapeutic concentrations of triptans for treatment of migraines.”
As previously reported, this patent application was published by the USPTO on August 24, 2017. The notification of Office action by the USPTO was reported on the USPTO’s public website. There is a clear and defined process in place that allows Zosano to continue its ongoing dialog with the USPTO to provide arguments and evidence to support its application and, if necessary, to refine the Company’s claims. The Company intends to actively address the comments made by the USPTO and work with the USPTO to achieve consensus on a form that would support patent issuance.
The Company is in ongoing discussions with the USPTO regarding this application and the ultimate outcome of these ongoing discussions remains uncertain. The Company may not be able to address the questions raised by the USPTO and the application may not result in the issuance of a patent in its current form or a revised version thereof.
“We want to reiterate to our shareholders that M207 is currently protected through 2027 by our existing issued patent 9421351 that covers our microneedle technology,” said Georgia Erbez, Chief Business Officer and CFO. “If issued, patent application 15/438,455 would extend patent coverage through 2037. We respect the USPTO’s patent prosecution process and do not intend to provide further comments or updates until the prosecution process has been completed.”
Shares of Zosano are up nearly 10% to $0.88 in pre-market trading Wednesday. ZSAN has a 1-year high of $3.54 and a 1-year low of $0.45. The stock’s 50-day moving average is $0.90 and its 200-day moving average is $1.34.
Zosano is a clinical stage pharmaceutical company that develops proprietary intracutaneous delivery system. It offers rapid absorption of drug, consistent drug delivery, improved ease of use and room-temperature stability, benefits that differentiate its delivery platform from other non-oral formulations or injections.