Spruce Biosciences, Inc. (SPRB) experienced an increase of 29.84% in aftermarket. However, the last trading session closed at $2.48 with a decrease of 0.8%.
Third Quarter 2021 Results – Newest Updates
SPRB announced third quarter 2021 results on 15th November 2021. The reported cash, cash equivalents, and investments of about $131.3 million. Moreover, R&D expenses came out to be $8.6 million and $24.4 million for the three and nine months ended on September 30, 2021, respectively. Furthermore, the general and administrative expenditures came out to be $2.8 million and $8.5 million, respectively, for the three and nine months that ended on September 30, 2021. The rise in expenditures associated with operating as a public business drove the overall increase in G&A spending.
Corporate Updates by SPRB
SPRB currently expects to announce topline findings from CAHmelia-203 in 2023, owing to the ongoing impact of the COVID-19 pandemic on patient enrollment and site activation in the company’s CAHmelia program. Following the completion of a complete review of the pandemic’s impact on expected enrolment, the company will offer an update on timeline estimates for topline findings from the CAHmelia-204 research.
Furthermore, in response to patient and investigator interest, SPRB has expanded the CAHmelia study in adult classic CAH to include locations in Australia and Canada. The extra locations also give more strong recruiting capabilities, which will help to speed up enrollment and mitigate any additional interruption caused by the continuing COVID-19 outbreak.
New Appointment in SPRB
On 15th November 2021, SPRB announced that the company has appointed Mike Grey as the interim CEO. Mike Grey has almost 40 years of expertise in the pharmaceutical and biotechnology businesses. Moreover, he is the chairman or executive chairperson of Mirum Pharmaceuticals. Furthermore, he has started multiple biotechnology firms as well. Not only this, but at Pappas Capital, he is also a project partner. Last but not the least, Mr. Grey previously created Lumena Pharmaceuticals, Inc. It is a business that develops therapies for pediatric and adult orphan illnesses.
Spruce Biosciences is a late-stage biopharmaceutical business dedicated to discovering and commercializing innovative medicines for rare endocrine illnesses with high unmet medical needs. Spruce is developing tildacerfont, a wholly-owned product candidate, as the first non-steroidal medication for patients with typical congenital adrenal hyperplasia (CAH). Moreover, Classic CAH is a life-threatening condition for which no new medicines have been authorized in the last 50 years. Lastly, SPRB is also researching tildacerfont for women with primary adrenal androgen excess, a rare kind of polycystic ovarian syndrome (PCOS).