Thu 06/02/2022 07:27 AM
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Relevant Document:
Voluntary Petition

Zosano Pharma Corp., a Fremont, Calif.-based clinical stage biopharmaceutical company, filed for chapter 11 protection on Wednesday, June 1 in the Bankruptcy Court for the District of Delaware. The company reports $26.4 million in assets and $12.4 million in liabilities. The debtor is represented by Greenberg Traurig as counsel and SierraConstellation Partners as financial advisors. Kurtzman Carson Consultants is the claims agent. The case number is 22-10506.

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The company “has developed its proprietary transdermal delivery system to administer molecules through the skin for the treatment of a variety of indications,” according to its website. Resolutions attached to the petition authorize a sale process. In an April 29 press release, the public company said it was working with SierraConstellation “to assist in exploring financial and strategic alternatives to maximize value, which may include, but not be limited to, asset or equity sales, joint venture and partnership opportunities, and restructuring, amendment or refinancing of existing liabilities.”

The list of largest unsecured creditors is led by Patheon Manufacturing Services LLC with a $2.4 million claim, followed by Aptar CSP Technologies with a $483,368 claim and BMR - 34790 with a $384,115 lease claim. Holders of 5% or more of the debtor’s equity consist of Five Narrow Lane LP. The company’s most recent 10-K notes secured build-to-suit financing from Trinity Funding 1, LLC.

Reorg First Day will provide a full case summary once briefing is complete.
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