Spruce Biosciences Announces $53.6 Million Private Placement Financing
“We are pleased that this impressive group of healthcare investors came together to support the late-stage development of tildacerfont, which has the potential to transform the treatment of congenital adrenal hyperplasia (CAH) and other endocrine disorders,” said
Under the securities purchase agreement, the investors have agreed to purchase approximately 16.1 million shares of the company’s common stock and accompanying warrants to purchase up to an aggregate of approximately 12.7 million shares of common stock, at a combined purchase price of
The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements associated with the timing, size and completion of the private placement, the potential of tildacerfont to transform the treatment of CAH and other endocrine disorders, the Company’s expectations regarding funding operating and working capital expenditures, and the timing of topline results. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipate,” “expects,” “will,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Spruce’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks associated with market conditions. These and other risks are described in additional detail in Spruce’s filings with the
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