Spruce Biosciences reports developments as a late-stage biopharmaceutical company focused on novel therapies for neurological disorders with significant unmet medical need. Its recurring news centers on tralesinidase alfa enzyme replacement therapy, or TA-ERT, for Sanfilippo Syndrome Type B (MPS IIIB), including clinical data presentations, FDA interactions and regulatory planning for the program.
Company updates also cover financial results, capital actions involving common stock and pre-funded warrants, investor conference participation, and additions to commercial leadership as Spruce builds capabilities around a potential rare-disease launch.
Spruce Biosciences (Nasdaq: SPRB) announced its inclusion in the Russell 2000®, 3000®, and Microcap® Indexes effective December 21, 2020, following quarterly additions by Russell. CEO Richard King highlighted this milestone as a means to enhance visibility and attract institutional investors. The Russell 2000® Index represents around 10% of the total market capitalization of the Russell 3000®. Russell indexes are utilized widely by investment managers, with around $9 trillion in assets tracked against them, indicating a significant recognition for Spruce Biosciences.
Spruce Biosciences, Inc. (Nasdaq: SPRB) reported its Q3 2020 financial results, highlighting significant advancements in its late-stage CAHmelia program for adult classic congenital adrenal hyperplasia (CAH). The company has initiated two studies, CAHmelia-203 and CAHmelia-204, to assess the impact of tildacerfont. Following a successful IPO in October 2020, Spruce reported pro forma cash and equivalents of $168.4 million. However, net losses increased to $9.6 million in Q3 2020 from $2.6 million in Q3 2019, with R&D expenses rising significantly due to clinical development efforts.
SAN FRANCISCO--Spruce Biosciences (Nasdaq: SPRB), a biopharmaceutical company focused on therapies for rare endocrine disorders, will participate in the Credit Suisse 29th Annual Virtual Healthcare Conference. CEO Richard King is scheduled to present on November 12 at 4:15 p.m. EST. Interested parties can access the live audio webcast from the company’s Investor Relations section, with a replay available for 30 days post-event. The company is developing tildacerfont to address classic congenital adrenal hyperplasia, a serious condition with no novel therapies approved in 50 years.
Spruce Biosciences announced the successful closure of its initial public offering, selling 6,900,000 shares at $15.00 each, raising gross proceeds of $103.5 million. The offering included 900,000 shares from underwriters' exercised options. Trading commenced on the Nasdaq Global Select Market on October 9, 2020, under the ticker symbol SPRB. Spruce focuses on developing therapies for rare endocrine disorders, specifically targeting congenital adrenal hyperplasia with its product candidate, tildacerfont.