Spruce Biosciences ( NASDAQ: SPRB ) has raised approximately $53.6M in a private placement financing .
Under the securities purchase agreement, the investors have agreed to purchase around 16.1M shares of the company’s common stock and accompanying warrants to purchase up to an aggregate of approximately 12.7M shares of common stock, at a combined purchase price of $3.17 per share and accompanying warrant.
In lieu of shares of common stock, as a portion of its investment, an investor purchased pre-funded warrants at a purchase price of $3.16.
Each accompanying warrant will represent the right to purchase one share of the company's common stock at an exercise price of $3.96/share. The pre-funded warrants and accompanying warrants will be exercisable for a period of five years following the date of issuance.
The round includes participation from new and existing investors, including 5am Ventures, Abingworth, Armistice Capital, HealthCap, Novo Holdings, RiverVest Venture Partners, and Rock Springs Capital.
The capital will be used to fund operating and capital expenditures into the first half of 2025 and support the late-stage development of tildacerfont.
Shares of Spruce Biosciences ( SPRB ) were up around 7% shortly before 10a.m. ET
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Spruce Biosciences raises $53.6M in private financing