Zosano Pharma Enters Into Capital Equipment Lease Agreement With Trinity Capital Investment
Zosano Pharma Corporation (ZSAN)
Last zosano pharma corporation earnings: 11/9 04:05 pm
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ir.zosanopharma.com
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Source: GlobeNewswire
FREMONT, Calif., Sept. 26, 2018 (GLOBE NEWSWIRE) -- Zosano Pharma Corporation (NASDAQ:ZSAN) (“Zosano” or the “Company”), a clinical-stage biopharmaceutical company developing and commercializing therapies that deliver rapid systemic absorption by leveraging its novel and proprietary technology, Adhesive Dermally-Applied Microneedle System (“ADAM™”), announced today that it has entered into a new capital equipment leasing line of up to $14.0 million from Trinity Capital Investment (“Trinity”), a leading venture debt provider. This will provide financing for the purchase and installation of an automated coating process at Zosano’s contract manufacturer. This process will be capable of producing as many as 1.5 million doses per year, which is the Company’s target at launch. As part of this transaction, Zosano paid off in full its outstanding balance of $2.0 million under the Loan and Security Agreement it entered into with Hercules Capital, Inc. on June 3, 2014. “This new financing
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