Spruce Biosciences, a Phase 2 biotech developing a novel therapy for rare endocrine disorders, raised $90 million by offering 6 million shares at $15, within the range of $14 to $16. The company offered 1 million more shares than anticipated. At pricing, the company raised 20% more in proceeds than expected.
Spruce Biosciences plans to list on the Nasdaq under the symbol SPRB. Cowen, SVB Leerink, Credit Suisse and RBC Capital Markets acted as joint bookrunners on the deal.
