- The funding round was co-led by Abingworth and Omega Funds and supported by RiverVest Venture Partners and Novo Holdings.
- Funds raised are expected to facilitate the growth of tildacerfont in Congenital Adrenal Hyperplasia.
A clinical stage biopharmaceutical company, Spruce Biosciences reportedly announced raising nearly USD 88 million in the Series B funding which is expected to be used to support the clinical advancement of company’s lead product, tildacerfont, in classical congenital adrenal hyperplasia and other different conditions. Apparently, Spruce is developing therapeutics for rare endocrine diseases.
It has been reported that the funding round was unitedly led by Omega Funds and Abingworth and endorsed by other existing investors, RiverVest Venture Partners, and Novo Holdings, along with new investors Rock Springs Capital, HealthCap Partners, Surveyor Capital, and others.
As per reliable reports, tildacerfont is the first non-steroidal molecule to posses the ability to normalize elevated androgens in patients with CAH in clinical studies. With the completion of financing, Spruce would analyze the ability of the drug to reduce glucocorticoid steroid usage and augment clinical outcomes in last stage clinical program in adults with CAH. Moreover, the company aims to complete proof of concept trials in the pediatric masses.
Speaking on the matter, the President and CEO of Spruce Biosciences, Richard King, cited that the company is delighted to partner with highly reputed investors who demonstrate a phenomenal track record in backing the most promising science and history of successful biopharmaceutical company development. What has prompted these investors towards the company is the potential of tildacerfont to emerge as first approved treatment for CAH globally.
On the other hand, partner at Abingworth, Bali Muralidhar commented that the team looks forward to working with Spruce and a distinguished syndicate of investors, to create an exciting and successful business and boost Spruce’s product development through different key inflection points for the well-being of patients.
Source credit: https://www.sprucebiosciences.com/2020/02/20/spruce-biosciences-raises-88-million-in-series-b-financing-co-led-by-omega-funds-and-abingworth/?preview=true