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Surrozen Announces an Oversubscribed $175 Million Private Placement of Securities to Focus on Selective Wnt Mimetic Therapeutics to Treat Serious Eye Diseases   

Core Viewpoint - Surrozen, Inc. is prioritizing its ophthalmology pipeline programs, focusing on developing new treatment options for severe eye diseases, while announcing an oversubscribed financing of $175 million to support these initiatives [1][4]. Financing Overview - The company has secured a private placement of up to $175 million in gross proceeds, structured in two tranches to fund multiple ophthalmology programs through Phase 1 studies [1][7]. - The initial closing is expected to yield approximately $70 million from the issuance of 6,034,494 units at a purchase price of $11.60 per unit [8]. - The second closing is anticipated to generate an additional $105 million, contingent upon FDA clearance for SZN-8141, with investors committing to purchase 9,051,742 units at the same price [9][10]. Ophthalmology Pipeline - Surrozen is focusing on its Wnt biology expertise to develop treatments for various retinopathies, with lead candidates SZN-8141 and SZN-8143 targeting multiple eye diseases [2][4]. - SZN-8141 combines Frizzled 4 (Fzd4) agonism and Vascular Endothelial Growth Factor (VEGF) antagonism, while SZN-8143 adds interleukin-6 (IL-6) antagonism, potentially offering advantages over existing single-agent therapies [5][6]. - The company believes these candidates can stimulate Wnt signaling, promote normal retinal vessel regrowth, and suppress pathological growth, differentiating them from current treatments [6]. Discontinuation of Other Programs - Surrozen has decided to discontinue the development of SZN-043 for severe alcohol-associated hepatitis due to insufficient early signals of clinical benefit despite initial safety and tolerability [3][4]. Strategic Partnerships - The company has a strategic partnership with Boehringer Ingelheim for the development of SZN-413, which targets retinal diseases, with potential milestone payments and royalties for Surrozen [15]. Company Overview - Surrozen is a biotechnology firm focused on discovering and developing drug candidates that selectively modulate the Wnt pathway, with a current emphasis on ophthalmology [16].