On February 19, 2020, Spruce Biosciences, a clinical stage biopharmaceutical company developing therapeutics for rare endocrine diseases, announced it has raised $88 million in Series B financing co-led by Omega Funds and Abingworth and supported by existing investors Novo Holdings and RiverVest Venture Partners, as well as new investors HealthCap Partners, Rock Springs Capital, Surveyor Capital (a Citadel company), Aisling Capital, and Sands Capital. Wilson Sonsini Goodrich & Rosati represented Spruce Biosciences as to intellectual property matters in the transaction.

Spruce will use the proceeds to fund the clinical development of its lead product, tildacerfont, in classic congenital adrenal hyperplasia (CAH) and other conditions. The product, which has been granted orphan drug status by both the FDA and EMA, will be evaluated for its ability to reduce glucocorticoid steroid usage and improve clinical outcomes in a late-stage clinical program in adults with CAH. In addition, the company plans to complete proof-of-concept trials in the pediatric population.

The Wilson Sonsini team that advised Spruce Biosciences on IP matters in the transaction includes Uale Taotafa and Michael Hostetler.

For more information, please see Spruce Biosciences' press release.