A South San Francisco biotech company, hoping to deliver top-line results from key drug studies targeting a genetic hormonal disorder, raised $53.6 million in a private investment in a public entity, or PIPE, deal.
By that time, Spruce will have top-line results from two mid-stage clinical trials of its drug, called tildacerfont, in adults with congenital adrenal hyperplasia, or CAH. That includes top-line data in second-half 2024 from a potentially pivotal study. Long-term use of high-dose steroids comes with side effects and there are no Food and Drug Administration-approved treatments for CAH. But a handful of companies, including Palo Alto's experimental gene therapy from BridgeBio Pharma inc. .
Investors agreed to buy about 16.1 million shares of Spruce's common stock and accompanying warrants to buy up to an aggregate of about 12.7 million shares at a combined price of $3.17 per share/warrant.