Surrozen, Inc. (Nasdaq: SRZN) announced on October 20, 2026, the completion of the second closing of a private placement of securities originally agreed upon on March 24, 2025. The transaction generated approximately $95.1 million in gross proceeds before deducting placement agent fees and other expenses.
The closing was contingent upon the achievement of a specific milestone: the receipt of clearance from the U.S. Food and Drug Administration (FDA) for the Investigational New Drug (IND) application for SZN-8141. The company announced on October 2, 2026, that this clearance had been granted.
Under the terms of the agreement, the company issued 5,741,605 shares of common stock, pre-funded warrants exercisable for 2,456,500 shares of common stock, and Series E common warrants exercisable for 4,099,052 shares of common stock. The purchase price per share was $11.60, with the Series E warrants carrying an exercise price of $11.54 per share. These warrants are exercisable immediately and expire five years from the date of issuance.
Surrozen stated that the proceeds will strengthen its balance sheet and provide expected cash runway into 2029. The company plans to use these funds to advance its ophthalmology pipeline, specifically to complete the DUET Phase 1b/2a study of SZN-8141 and initiate the initial Phase 1b clinical development of SZN-8143.
In connection with the closing, the company agreed to file a registration statement with the SEC covering the resale of the newly issued securities no later than 30 calendar days after the closing date. The offering was conducted as a private placement under Section 4(a)(2) of the Securities Act and Regulation D.
