Surrozen, Inc. announced it has entered into securities purchase agreements with certain institutional and accredited investors to issue 1,089,033 shares of common stock at a issue price of $15.5 per share for gross proceeds of $16,880,011.5, 2,948 shares of common stock at a issue price of $16.96 per share, together with the accompanying warrants for gross proceeds of $49,998.08 and pre-funded warrants to purchase 40,000 shares of common stock, at a issue price of $15.4999 for gross proceeds of $619,988.5 and accompanying warrants to purchase shares of common stock resulting in aggregate gross proceeds of $17,500,000 on April 1, 2024. The accompanying warrants include Series A common stock warrants to purchase up to 1,129,033 shares of common stock with an exercise price of $15.50 per share, for aggregate gross proceeds of up to approximately $17.5 million, exercisable immediately upon issuance for 5 years, Series B common stock warrants to purchase up to 1,228,071 shares of common stock with an exercise price of $14.25 per share, for aggregate gross proceeds of up to approximately $17.5 million, exercisable immediately upon issuance until the fifth trading day following the Company?s announcement that (i) it has completed the enrollment of at least 15 patients with a 30-day mortality rate less than 30% in the Company?s SZN-043 Phase 1b clinical trial for the treatment of severe alcohol-associated hepatitis, with no recommended changes by the Safety Review Committee to the study design, including changes related to dose or schedule, and (ii) Safety Review Committee approval for the Company to advance to a higher dose cohort, Series C common stock warrants to purchase up to 4,375,000 shares of common stock with an exercise purchase price of $16.00 per share, for aggregate gross proceeds of up to approximately $70 million, exercisable for 30 days following the Company?s announcement of final data from the SZN-043 phase 1b clinical trial for the treatment of severe alcohol-associated hepatitis and Series D common stock warrants to purchase up to 4,375,000 shares of common stock with an exercise price of $16.00 per share, for aggregate gross proceeds of up to approximately $70 million, exercisable for 30 days following the Company?s announcement of the enrollment of at least 50 patients in the SZN-043 Phase 2/3 clinical trial for the treatment of severe alcohol-associated hepatitis. The transaction included participation from new and existing investors, including RA Capital Management, The Column Group, Nantahala Capital, Stonepine Capital Management, and StemPoint Capital, in addition to other life sciences investors and members of management will purchase an additional 2,948 shares of common stock at $16.96 per share, together with the accompanying warrants.

The transaction is expected to close on April 4, 2024.