Spruce Biosciences, a Phase 2 biotech developing novel therapies for rare endocrine disorders, filed on Friday with the SEC to raise up to $86 million in an initial public offering.
The company's lead candidate, tildacerfont, is being developed for classic congenital adrenal hyperplasia (CAH). The company has initiated a Phase 2b trial in adult patients with classic CAH with poor disease control and anticipates topline results in the 4Q21 or the 1Q22. It has also initiated a second Phase 2b trial in adult patients with classic CAH with good disease control and anticipate topline results in the 1H22.
The Daly City, CA-based company was founded in 2014 and plans to list on the Nasdaq under the symbol SPRB. Spruce Biosciences filed confidentially on August 7, 2020. Cowen, SVB Leerink, Credit Suisse and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
