Zosano Pharma, a biotech developing a transdermal delivery system to treat osteoporosis, postponed its IPO. The Fremont, CA-based company originally planned to raise $70 million by offering 6.4 million shares at a price range of $10 to $12. At the midpoint of the proposed range, it would have commanded a fully diluted market value of $139 million. The IPO market has largely shut down in August, meaning Zosano could attempt to go public in September if the biotech window remains open.
Zosano’s technology uses an array of titanium microneedles to deliver a wide range of therapies through a wearable patch, including biologics and other large molecules typically unsuited for transdermal delivery. Earlier this year, the company entered into a partnership and license agreement with Novo Nordisk to use Zosano’s system for an investigational treatment for type 2 diabetes. Primary shareholders include BioMed Realty, New Enterprise Associates, CEO Vikram Lamba and CSO Peter Daddona.
Zosano Pharma, which was spun out of Johnson & Johnson in 2006 and booked $3 million in license fee revenue for the 12 months ended March 31, 2014, planned to list on the NASDAQ under the symbol ZSAN. Wedbush PacGrow, Ladenburg Thalmann and Roth Capital are the joint bookrunners on the deal.