Spruce Biosciences to sell 502,181 shares at $68.00 in private placement

Spruce Biosciences (SPRB) announced that it has entered into a definitive securities purchase agreement for a private placement that is expected to result in gross proceeds of approximately $50M, before deducting offering expenses, to advance tralesinidase alfa enzyme replacement therapy for the treatment of Sanfilippo Syndrome Type B through a biologics license application submission in the first quarter of 2026 and potential U.S. commercial launch in late 2026. The private placement is expected to close on or about October 9, subject to the satisfaction of customary closing conditions. Under the securities purchase agreement, the investors have agreed to purchase approximately 502,181 shares of the company’s common stock at a purchase price of $68.00 per share. In lieu of shares of common stock, as a portion of their investment, certain investors are purchasing pre-funded warrants to purchase up to 233,144 shares of common stock at a purchase price of $67.99, which equals the purchase price per share of common stock, less the $0.01 per share exercise price of each pre-funded warrant. The pre-funded warrants will be exercisable for a period of five years following the date of issuance. Leerink Partners, Citizens Capital Markets and H.C. Wainwright & Co. are acting as placement agents for the financing and Oppenheimer & Co. is acting as capital markets advisor for the financing.