Surrozen (SRZN) said Monday it plans to raise up to $175 million in gross proceeds in a private placement with two tranches to fund multiple ophthalmology programs.

In the initial funding tranche, expected to close on Wednesday, the company said it will raise about $70 million by issuing about 6.03 million units, with each unit consisting of one share, or pre-funded warrant, and one half of a common stock warrant, at a purchase price of $11.60.

At the second closing, investors have committed to purchase an additional 9.05 million units, each consisting of one share, or pre-funded warrant, and one half of a common stock warrant at a price of $11.60 for gross proceeds of about $105 million. The second closing is subject Food and Drug Administration clearance of the company's new drug application for SZN-8141, expected in 2026.

Surrozen said it plans to focus its Wnt signal modulation antibody technologies and expertise on ophthalmology applications, including the development of new treatment options for retinopathies. The company also will discontinue development of its SZN-043 drug candidate to treat severe alcohol associated hepatitis, it said Monday

Surrozen recently were down about 4.1% in recent trading.

Price: 11.90, Change: -0.55, Percent Change: -4.42