Spruce Biosciences, a Phase 2 biotech developing novel therapies for rare endocrine disorders, announced terms for its IPO on Monday.
The Daly City, CA-based company plans to raise $75 million by offering 5 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Spruce Biosciences would command a fully diluted market value of $351 million.
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.
Spruce Biosciences was founded in 2014 and plans to list on the Nasdaq under the symbol SPRB. Cowen, SVB Leerink, Credit Suisse and RBC Capital Markets are the joint bookrunners on the deal.
