What is Spruce Bio?
Spruce Biosciences is a late-stage biopharmaceutical firm dedicated to developing and commercializing innovative treatments for rare endocrine disorders that present substantial unmet medical needs. The company's lead product candidate, tildacerfont, is being advanced as a potential first non-steroidal therapy for patients diagnosed with classic congenital adrenal hyperplasia (CAH), a severe and life-threatening condition that has lacked novel therapeutic approvals for decades. Additionally, Spruce is exploring tildacerfont's potential for women experiencing a rare form of polycystic ovary syndrome (PCOS) characterized by primary adrenal androgen excess.
How much funding has Spruce Bio raised?
Spruce Bio has raised a total of $401.6M across 7 funding rounds:
Series A
$20M
Series B
$88M
Stock Offering
$90M
Share Placement
$53.6M
Stock/Share Issuance
$50M
Private Equity
$50M
Debt
$50M
Series A (2017): $20M with participation from Novo Holdings
Series B (2020): $88M led by Rock Springs Capital LLC, Sands Capital Management, Novo Holdings, HealthCap Partners LLC, RiverVest Venture Partners, Omega Funds, Abingworth LLP, and Aisling Capital LLC
Stock Issuance/Offering (2020): $90M, investors not publicly disclosed
Share Placement (2023): $53.6M featuring Abingworth, Novo Holdings, RiverVest Venture Partners, HealthCap Partners, 5AM Ventures, Rock Springs Capital, and Armistice Capital
Stock/Share Issuance (2025): $50M, investors not publicly disclosed
Private Equity (2025): $50M, investors not publicly disclosed
Debt (2026): $50M led by Avenue Capital Group
Key Investors in Spruce Bio
Abingworth
Abingworth is a leading transatlantic life sciences investment firm that provides capital and expertise to build world-class companies. Their therapeutic-focused investments span seed, early-stage, development, and clinical co-development stages.
Novo Holdings
Novo Holdings is a Danish private limited liability company wholly owned by the Novo Nordisk Foundation, established in 1999 and headquartered in Hellerup, Denmark.
RiverVest Venture Partners
RiverVest is a prominent venture capital firm focused on building life science companies to meet significant unmet medical needs, aiming to enhance patient lives and support entrepreneurs through science, strategy, and innovation.
What's next for Spruce Bio?
The substantial enterprise-level backing and recent strategic investment signal a critical growth phase for Spruce Bio. This financing is poised to fuel the advancement of tildacerfont through late-stage clinical trials and prepare for regulatory submissions. The company's focus on rare diseases, particularly CAH and a specific subtype of PCOS, positions it to address significant patient populations with limited existing treatment options. Future developments will likely center on clinical trial progress, potential partnerships, and the strategic expansion of its pipeline, aiming to solidify its market position in the rare endocrine disorder space.
See full Spruce Bio company page
