Right after banking two $50 million venture rounds about a calendar year apart, Surrozen is all set to hit Wall Road. The company designs to go general public through SPAC in a offer really worth up to $212 million.
The regenerative medicine player is combining with Consonance-HFW Acquisition Corp., a unique function acquisition enterprise sponsored by affiliate marketers of Consonance Funds Administration. If all goes to prepare, the offer will shut in the third quarter and the combined business will get $92 million from the SPAC, as effectively as $120 million by a private round. It will record on the Nasdaq less than the ticker “SRZN.”
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The proceeds will propel Surrozen’s guide courses in inflammatory bowel ailment (IBD) and critical alcoholic hepatitis into the clinic and advance a clutch of before-phase candidates spanning a vast array of condition parts.
“Surrozen is committed to transforming remedy of really serious condition by fully exploiting the Wnt pathway,” stated Surrozen CEO Craig Parker, in a statement on Thursday. “This financing supports that mission with skilled existence sciences buyers and cash.”
The business is concentrating on the Wnt (rhymes with mint) pathway to produce regenerative medications for ailments of the eye, lung, kidney, cochlea, pores and skin, pancreas and central nervous program, in addition to the liver and gut. It programs to start out stage 1 experiments for its direct programs in 2022 and file INDs for its other applications beginning in 2023.
Relevant: AASLD: Durect’s alcoholic hepatitis med repairs liver, cuts mortality in stage 2
Though alcoholic hepatitis develops over time, significant alcoholic hepatitis can occur on quickly and immediately lead to liver failure and dying. Today, the affliction is dealt with with corticosteroids, but there is debate on how effective they are. If steroids don’t do the job, the only selection is a liver transplant, which can be complicated to protected.
Surrozen’s significant alcoholic hepatitis remedy, SZN-043, is developed to result in regeneration of hepatocytes, or liver cells, boosting liver perform and lowering scarring. Durect is taking a identical tactic with DUR-928, a normally developing epigenetic regulator, which stimulates specific genes to get the entire body to maintenance by itself.
Linked: Wnt-focused Surrozen bags $50M to drive regenerative medicine for liver disorder
Surrozen might be setting up with significant alcoholic hepatitis, but if it can get SZN-043 productively by means of evidence of notion, other continual and acute liver diseases could be on the desk. As for its IBD method, it’s a bispecific antibody concentrating on Fxd5/8 and Lrp6. Dubbed SZN-1326, the remedy is designed to restore Wnt signaling and restore the tissue lining the intestine in an tactic that could be combined with anti-inflammatory medicine.