Surrozen Announces an Oversubscribed $175 Million Private Placement of Securities to Focus on Selective Wnt Mimetic Therapeutics to Treat Serious Eye Diseases
Summary
The Company also announced a private placement consisting of two tranches in aggregate up to $175 million in gross proceeds to fund multiple ophthalmology programs through initial Phase 1 safety, tolerability and efficacy studies.Modulation of Wnt signaling has the potential to be relevant in a broad range of highly prevalent eye diseases including wet and dry Age Related Macular Degeneration (AMD), diabetic retinopathy, Fuchs endothelial corneal dystrophy (FECD), and non-infectious uveitis as well as certain rare eye diseases like retinitis pigmentosa, Stargardts and Familial Exudative Vitreoretinopathy (FEVR). Given the decision to discontinue SZN-043, we want to thank the subjects, our collaborators and the medical professionals who participated in clinical trials and helped advance our understanding of Wnt mimetics in acute liver disease. Under the terms of the agreement, Boehringer Ingelheim received an exclusive, worldwide license to develop SZN-413 and other Fzd4-specific Wnt-modulating molecules for all purposes, including as a treatment for retinal diseases, in exchange for an upfront payment to Surrozen of $12.5 million. Surrozen is developing tissue-specific antibodies designed to engage the bodys existing biological repair mechanisms with a current focus in ophthalmology.This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding Surrozens discovery, research and development activities, in particular its development plans for its product candidates (including anticipated clinical development plans and timelines, the availability of data, the potential for such product candidates to be used to treat human disease, as well as the potential benefits of such product candidates); the Companys partnership with Boehringer Ingelheim, including the potential for future success-based development, regulatory, and commercial milestone payments, in addition to mid-single digit to low-double digit royalties on sales; the potential of TGF- to be a novel, first-in-class therapeutic to treat the pathology of Idiopathic Pulmonary Fibrosis; the anticipated initial closing of the Companys private placement; and the anticipated second closing of the Companys private placement, which is subject to the receipt of clearance from the FDA of the Companys Investigational New Drug Application for SZN-8141, expected in 2026.