Spruce Biosciences, a San Francisco, CA-based clinical stage biopharmaceutical company, raised $88m in Series B financing.
The round was co-led by Omega Funds and Abingworth with participation from existing investors Novo Holdings and RiverVest Venture Partners, as well as new investors HealthCap Partners, Rock Springs Capital, Surveyor Capital (a Citadel company), Aisling Capital and Sands Capital.
Led by Richard King, President and CEO, Spruce is a clinical stage biopharmaceutical company developing therapeutics for rare endocrine diseases.
The proceeds will be used to further fund the clinical development of the company’s lead product, tildacerfont, in classic congenital adrenal hyperplasia (CAH) and other conditions. With the closing of the financing, Spruce will evaluate the ability of tildacerfont to reduce glucocorticoid (GC) steroid usage and improve clinical outcomes in a late-stage clinical program in adults with CAH. In addition, the company plans to complete proof-of-concept trials in the pediatric population. Tildacerfont has been granted orphan drug status by both the FDA and EMA.