In a recent transaction reported to the Securities and Exchange Commission, Li Yang, executive vice president of research at Surrozen, Inc. (NASDAQ:SRZN), sold 843 common shares. The shares were sold at an average price of $17.37 per share, for a total of $14,642. This sale was made to cover withholding taxes upon vesting of restricted stock units (RSUs). After this transaction, Yang directly holds 13,345 shares. The transaction comes as Surrozen, currently valued at $55.3 million, has seen its shares rise 44% over the past six months. InvestingPro the data shows that analysts maintain a Strong Buy rating with significant upside potential.
In addition, Yang was involved in a transaction on January 2, 2025, in which 2,500 shares of common stock were acquired through the settlement of vested RSUs. This transaction did not involve any exchange of cash, as each RSU represents the right to receive one share of Surrozen common stock. According to InvestingProthe company maintains a GOOD overall financial health rating, with 10+ additional insights available to subscribers.
In other recent news, biotech company Surrozen Inc. is actively involved in several significant developments. The company has begun a research collaboration with TCGFB, Inc., with the goal of discovering therapeutic antibodies for idiopathic pulmonary fibrosis, a serious lung condition. The terms of the partnership include Surrozen providing antibody discovery services for two years, with TCGFB retaining all related intellectual property. In return, TCGFB will reimburse Surrozen up to $6 million and issue a warrant for up to 3,380,000 TCGFB shares.
At the same time, Surrozen extended the lease of its South San Francisco headquarters through April 2029, reflecting its commitment to maintaining operations in the area. The company is also making progress in its partnership with Boehringer Ingelheim, the successful development of SZN-413, a bi-specific antibody targeted at the treatment of retinal vascular disease. This progress triggered a $10 million payment to Surrozen under their agreement.
The company recently announced the resignation of board member Tim Kutzkey, PhD, and reported positive preclinical data for its antibody-based Wnt mimetic technologies. In addition, Surrozen successfully completed a Phase 1a clinical trial for its drug candidate SZN-043. The company also secured an initial $17.5 million in financing through a private placement deal, with the potential for up to $175 million more upon execution of the warrant. These are recent developments in Surrozen’s ongoing operations and research efforts.
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