Business
Spruce Biosciences Reports Full Year 2022 Financial Results and Provides Corporate Updates
CAHmelia-203 in Adult Classic CAH Surpasses 50% Enrollment Private Placement Financing of $53.6 million in Gross Proceeds with Top-Tier Healthcare Investors
About this update from Spruce Biosciences, Inc.
[{"type":"text","content":"\nCAHmelia-203 in Adult Classic CAH Surpasses 50% Enrollment\n\nPrivate Placement Financing of $53.6 million in Gross Proceeds with Top-Tier Healthcare Investors\n\nStrategic Partnership and Exclusive Licensing Agreement with Kaken Pharmaceutical to Develop and Commercialize Tildacerfont for CAH in Japan\n\nPrivate Placement Proceeds and Kaken Upfront Payment Expected to Extend Cash Runway Into 1H 2025\n\n SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--\nSpruce Biosciences, Inc. (Nasdaq: SPRB), a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet medical need, today reported financial results for the year ended December 31, 2022 and provided corporate updates.\n\n“In 2022, we made significant progress across the board heading into 2023, which we believe will be a pivotal year for Spruce,” said Javier Szwarcberg, M.D., M.P.H., Chief Executive Officer of Spruce Biosciences. “In 2023, we remain focused on delivering data for a number of our ongoing clinical programs, including topline data from our CAHmelia-203 study in adult classic congenital adrenal hyperplasia (CAH), which surpassed 50% enrollment.”\n\nDr. Szwarcberg continued, “We’ve had a very strong start to the year. In January, we announced a strategic collaboration and exclusive license agreement with Kaken Pharmaceutical (Kaken) to develop and commercialize tildacerfont for CAH in Japan. In February, we closed a private placement financing with top-tier healthcare investors for gross proceeds of $53.6 million, which, together with the Kaken upfront payment of $15.0 million, enables us to fund operating and capital expenditures into the first half of 2025, beyond topline results for CAHmelia-204 which are anticipated in the second half of 2024.”\n\nRecent Corporate Updates\n\n\nCAHmelia-203 in Adult Classic CAH Surpasses 50% Enrollment: Spruce surpassed 50% enrollment in the company’s CAHmelia-203 clinical study and is on track to report topline data in the second half of 2023. CAHmelia-203 is a randomized, double-blind, placebo-controlled, dose-ranging study evaluating the safety and efficacy of tildacerfont in adult patients with classic CAH and highly elevated levels of androstenedione (A4) on their current glucocorticoid regimen.\n\n\nPrivate Placement Financing of $53.6 mil...