Microneedle patch maker Zosano Pharma raises $50M in IPO

Drug delivery specialist Zosano Pharma ($ZSAN) raised $50 million in its IPO Tuesday. It sold 4.5 million shares. The stock ended the day up 2 cents from its initial price of $11. The company is primarily known for its lead product, a transdermal treatment for severe osteoporosis delivering the drug teriparatide, now in Phase III. The company is also partnering with Novo Nordisk ($NVO) to deliver semaglutide using its microneedle patch. Semaglutide is a drug used to treat Type 2 diabetes. The IPO fared slightly better than expected, but was still short of the $88 million that Zosano hoped to raise last summer, only to postpone the market debut until now. EyeGate Pharmaceuticals is also expected to debut on the stock market this week, according to Renaissance Capital. It aims to raise $10 million for its eye drug delivered via iontophoresis, which involves the use of an electric field to ionize the drug and modify the permeability of cells. More about Zonsao's IPO | Renaissance Capital's IPO report