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Spruce Biosciences Closes on $88 Million Series B Round, Advancing CAH Program

February 20, 2020 / BioSpace
SHARESHARESHARE

Spruce Biosciences, based in San Francisco, closed on a Series B financing round worth $88 million. The round was co-led by Omega Funds and Abingworth and supported by existing investors Novo Holdings and RiverVest Venture Partners. New investors included HealthCap Partners, Rock Springs Capital, Surveyor Capital (a Citadel company), Aisling Capital and Sands Capital. In September 2019, the company announced positive results from a Phase IIa, multicenter, 12-week clinical trial of tildacerfont for congenital adrenal hyperplasia (CAH). CAH is a rare genetic disorder that affects the ability of the adrenal glands to work appropriately. It is caused by a mutation in the gene that encodes for the enzyme 12-hydroxylase. As a result, people with CAH do not produce the hormone cortisol effectively, which can result in life-threatening adrenal crises.