Spruce Biosciences (SPRB) IPO Opens 21% Higher

Today's IPO for Spruce Biosciences (NASDAQ: SPRB) opened for trading at $18.14 after pricing 6,000,000 shares of its common stock at a public offering price of $15.00 per share.

In addition, Spruce has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of common stock at the public offering price less underwriting discounts and commissions.

Cowen, SVB Leerink, Credit Suisse and RBC Capital Markets are acting as joint book-running managers for the offering.

Spruce Biosciences is a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet need. Spruce is initially developing its 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 (CAH). Classic CAH is a serious and life-threatening disease with no known novel therapies approved in approximately 50 years.

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