Spruce Biosciences, Inc. (SPRB) is planning to raise $75 million in an initial public offering on Friday, October 9th, IPO Scoop reports. The company will issue 5,000,000 shares at a price of $14.00-$16.00 per share.
Spruce Biosciences, Inc. has a market-cap of $318.9 million.
Cowen, SVB Leerink, Credit Suisse and RBC Capital Markets acted as the underwriters for the IPO.
Spruce Biosciences, Inc. provided the following description of their company for its IPO: “We are a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet medical need. We are initially developing our wholly owned product candidate, tildacerfont, as the potential first non-steroidal therapy to offer markedly improved disease control and reduce steroid burden for patients suffering from classic congenital adrenal hyperplasia, or CAH. Classic CAH is a serious and life-threatening disease with no known novel therapies approved in approximately 50 years. In a 12-week Phase 2a proof-of-concept clinical trial, tildacerfont-treated patients suffering from classic CAH who had poor disease control despite being on standard of care therapy achieved approximately 80% reductions in hormones that are key indicators of poor disease control. Furthermore, 163 subjects across six clinical trials to date have been administered tildacerfont with no drug-related serious adverse events, or SAEs, reported. “.
Spruce Biosciences, Inc. was founded in 2014 and has 15 employees. The company is located at 2001 Junipero Serra Boulevard, Suite 640, Daly City, California 94014 and can be reached via phone at (415) 294-1687 or on the web at https://www.sprucebiosciences.com/.
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