Zosano Pharma Enters Into Capital Equipment Lease Agreement With Trinity Capital Investment

Zosano Pharma (NASDAQ:ZSAN) 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 announced today that it has entered into a new capital equipment leasing line of up to $14.0 million from Trinity Capital Investment a leading venture debt provider.

As quoted in the press release:

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 partnership with Trinity provides support for commercial manufacture of M207 and is part of our planned technology transfer and scale up activities now underway,” said John Walker, chief executive officer and chairman of the board at Zosano.

Click here to read the full press release.