Common stock and warrants to commence trading
on Nasdaq on August 12, 2021 under the ticker symbols SRZN and
SRZNW
Surrozen, Inc. (“Surrozen”), a company pioneering targeted
therapeutics that selectively activate the Wnt pathway for tissue
repair and regeneration, today announced the completion of its
business combination with Consonance-HFW Acquisition Corp.
(“Consonance-HFW”), a special purpose acquisition company (“SPAC”)
sponsored by entities affiliated with Consonance Capital
Management. The resulting combined company will commence trading
its shares on Nasdaq under the ticker symbol “SRZN” and its
warrants under the ticker symbol “SRZNW” on August 12, 2021.
The shareholders of Consonance-HFW approved the transaction at
an extraordinary general meeting held on August 10, 2021, and the
transaction was previously approved by Surrozen’s stockholders.
Surrozen’s management team, led by President and Chief Executive
Officer, Craig Parker, will continue to lead the combined
company.
Craig Parker, President and Chief Executive of Officer of
Surrozen, commented, “We have long known the importance of the Wnt
pathway as the body’s own mechanism for tissue repair but
harnessing its promise for therapeutic applications remained out of
reach for drug developers until recently. We believe Surrozen has
the potential to unlock the promise of the Wnt pathway and
transform treatment of multiple serious diseases.” He further
commented, “The capital raised from the successful completion of
this transaction, along with our strategy to accelerate the
development of our innovative programs, will help us bring this
vision to life.”
Gad Soffer, Chief Executive Officer of Consonance-HFW,
commented, “We are proud to partner with Surrozen in hopes of
providing breakthrough therapies in areas of high unmet need.” He
added, “By combining experienced industry leaders with an
innovative approach to harness the therapeutic potential of the Wnt
pathway, we believe Surrozen is well positioned in its efforts to
transform treatments for serious diseases.”
About this Transaction
On April 15th, 2020, Surrozen, a privately held biotechnology
company, entered into a definitive business combination agreement
with Consonance-HFW, a special purpose acquisition company (SPAC)
that was created for the purpose of entering into a business
combination with a selected life sciences company.
The description of the business combination contained herein is
only a high-level summary and is qualified in its entirety by
reference to the underlying documents filed with the U.S.
Securities and Exchange Commission. A more detailed description of
the terms of the transaction has been provided in a registration
statement on Form S-4 filed with the U.S. Securities and Exchange
Commission by Consonance-HFW.
Transaction Advisors
J.P. Morgan Securities LLC is acting as financial advisor to
Consonance-HFW in connection with the business combination, and
J.P. Morgan Securities LLC and BofA Securities are acting as
placement agents on behalf of Consonance-HFW. Guggenheim
Securities, LLC is acting as financial advisor and capital markets
advisor to Surrozen, and Stifel, Nicolaus & Company,
Incorporated is acting as capital markets advisor to Surrozen in
the transaction. Goodwin Procter LLP is acting as legal counsel to
Consonance-HFW, Cooley LLP is acting as legal counsel to Surrozen
and Wilson Sonsini Goodrich & Rosati, P.C. is acting as legal
counsel to the placement agents.
About Consonance-HFW Acquisition Corp.
Consonance-HFW Acquisition Corp. is a recently incorporated
blank check company incorporated as a Cayman Islands exempted
company and incorporated for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses or
entities. It is led by Chairman Mitchell Blutt, M.D., Chief
Executive Officer Gad Soffer, Chief Financial Officer Kevin
Livingston and VP Business Development Joshua House.
About Consonance Capital Management
Consonance Capital Management was founded in 2007 with
approximately $50 million of assets under management by Mitchell
Blutt, Benny Soffer and Kevin Livingston. As of March 31, 2021, the
fund has grown to approximately $1 billion in assets under
management and focuses on equity investments in life sciences
companies, with an emphasis on small and mid-cap life sciences
companies.
About Surrozen
Surrozen is a biotechnology company discovering and developing
drug candidates to selectively modulate the Wnt pathway. Surrozen
is developing tissue-specific antibodies designed to engage the
body’s existing biological repair mechanisms with potential
application across multiple disease areas, including diseases of
the intestine, liver, retina, cornea, lung, kidney, cochlea, skin,
pancreas and central nervous system. For more information, please
visit www.surrozen.com.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are
based on beliefs and assumptions and on information currently
available. In some cases, you can identify forward-looking
statements by the following words: “may,” “will,” “could,” “would,”
“should,” “expect,” “intend,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “project,” “potential,” “continue,”
“ongoing” or the negative of these terms or other comparable
terminology, although not all forward-looking statements contain
these words. These statements involve risks, uncertainties and
other factors that may cause actual results, levels of activity,
performance or achievements to be materially different from the
information expressed or implied by these forward-looking
statements. Although we believe that we have a reasonable basis for
each forward-looking statement contained in this press release, we
caution you that these statements are based on a combination of
facts and factors currently known by us and our projections of the
future, about which we cannot be certain. We cannot assure you that
the forward-looking statements in this press release will prove to
be accurate. These forward looking statements are subject to a
number of risks and uncertainties, including, among others, those
included under the header “Risk Factors” in the registration
statement on Form S-4 filed with the U.S. Securities and Exchange
Commission by Consonance-HFW, and those risks and uncertainties
included under the header “Risk Factors” in the final prospectus of
Consonance-HFW related to its initial public offering and in its
Annual Report. The forward-looking statements in this press release
represent our views as of the date of this press release. IF
UNDERLYING ASSUMPTIONS PROVE INACCURATE OR UNKNOWN RISKS OR
UNCERTAINTIES MATERIALIZE, ACTUAL RESULTS AND THE TIMING OF EVENTS
MAY DIFFER MATERIALLY FROM THE RESULTS AND/OR TIMING DISCUSSED IN
THE FORWARD-LOOKING STATEMENTS, AND YOU SHOULD NOT PLACE UNDUE
RELIANCE ON THESE STATEMENTS. CONSONANCE-HFW AND SURROZEN DISCLAIM
ANY INTENT OR OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENTS
AS A RESULT OF DEVELOPMENTS OCCURRING AFTER THE DATE OF THIS REPORT
OR OTHERWISE. Furthermore, if any forward-looking statements prove
to be inaccurate, the inaccuracy may be material. In light of the
significant uncertainties in these forward-looking statements, you
should not regard these statements as a representation or warranty
by us or any other person that we will achieve our objectives and
plans in any specified time frame, or at all.
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version on businesswire.com: https://www.businesswire.com/news/home/20210811005819/en/
Surrozen: 171 Oyster Point Blvd., Suite 400 South San
Francisco, CA 94080 Tel.: (650) 475-2820 Email:
info@surrozen.com
Media: Surabhi Verma CanaleComm Tel.: (848) 250-0266
Email: surabhi.verma@canalecomm.com
Investor: Email: investorinfo@surrozen.com
Consonance HFW Acquisition (AMEX:CHFW)
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