Consonance-HFW Acquisition Corp. announced that it expects to receive $4.5 million in funding from Consonance Life Sciences
October 07, 2020
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Consonance-HFW Acquisition Corp. announced that it has entered into a securities purchase agreement for a private placement of 450,000 units at $10 per unit for gross proceeds of $4,500,000 on October 8, 2020. The transaction will include participation from returning investor Consonance Life Sciences. Each unit consist of one ordinary share and one-third of one redeemable warrant, where each whole warrant entitles the holder to purchase one ordinary share $11.50 per share. The unit will include 150,000 warrants or 160,000 warrants if over-allotment option is exercised. The company will grant over-allotment option to the underwriters to issue up to 480,000 units for proceeds of $4,800,000. The warrants will be non-redeemable for cash and exercisable on a cashless basis so long as they are held by the Initial Shareholders or the permitted transferees. The issuance will be made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. The investor has agreed not to transfer, assign or sell any of the units, except to certain permitted transferees until one year after the completion of the company’s initial business combination.
Surrozen, Inc. is a clinical-stage biotechnology company. The Company is engaged in discovering and developing drug candidates to selectively modulate the Wnt pathway, a critical mediator of tissue repair, in a range of organs and tissues. The Company's lead product candidates are multi-specific, antibody-based therapeutics that mimic the roles of naturally occurring Wnt or R-spondin proteins, which are involved in activation and enhancement of the Wnt pathway. Its two technologies, Surrozen Wnt signal Activating Protein (SWAP) and Surrozen Wnt signal Enhancers Engineered for Tissue Specificity (SWEETS), enable it to potently and selectively modulate Wnt signaling through the generation of Wnt and R-spondin mimetics. SWAP molecules are designed to mimic the activity of naturally occurring Wnt proteins. SWEETS molecules are designed to amplify the bodyâs response to naturally occurring Wnt proteins. Its product candidates include SZN-1326, SZN-043 and SZN-413.