Surrozen closes $95.1M second tranche of private placement

Surrozen, Inc. (Nasdaq: SRZN) announced the closing of the second and final tranche of its March 2025 private placement, generating approximately $95.1 million in gross proceeds before placement agent fees and other offering expenses.

The closing was triggered by FDA clearance of the company's Investigational New Drug application for SZN-8141 on October 2, 2026, which served as the second closing milestone under the March 2025 securities purchase agreement.

The second tranche included the issuance of approximately 5.7 million shares of common stock, pre-funded warrants exercisable for approximately 2.5 million shares, and Series E common stock warrants to purchase approximately 4.1 million shares at an exercise price of $11.54 per share. Following the closing, Surrozen has approximately 17.8 million shares of common stock outstanding.

Craig Parker, President and Chief Executive Officer of Surrozen, said the financing "significantly strengthens our balance sheet," adding that the company expects cash runway into 2029 to fund the DUET Phase 1b/2a study of SZN-8141 and initial Phase 1b clinical development of SZN-8143.

The DUET study is designed to evaluate the safety, tolerability, and early clinical activity of SZN-8141, a candidate being developed for diabetic macular edema and neovascular age-related macular degeneration. First patient dosing is expected in the fourth quarter of 2026, with initial data anticipated in the second half of 2027.

Surrozen also plans to file a new registration statement on Form S-3 with the U.S. Securities and Exchange Commission to register the resale of shares issued in the second closing. Under a registration rights agreement, the filing is required within 30 calendar days of the closing date.

You May Also Be Interested In

• Teknova prices $40M public offering at $5.00 per share
• GeneDx plans early access program for long-read genome sequencing
• AmpliTech gets $1.03M follow-on LNA order, backlog tops $52M