Spruce Biosciences prices upsized IPO at $15 a share, to raise $90 million

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Spruce Biosciences Inc. said Friday that its initial public offering, which was upsized by 20%, priced at $15 a share, as the California-based biopharmaceutical company developing treatments for endocrine disorders raised $90 million. The company said late Thursday that it sold 6.0 million shares in the IPO, up from an expected 5.0 million. The pricing was in the middle of the expected range of $14 to $16 a share, and valued the company at about $319 million. The stock is expected to begin trading Friday on the Nasdaq, under the ticker symbol “SPRB.” Cowen, SVB Leerink, Credit Suisse and RBC Capital Markets were the underwriters. For the six months ended June 30, the company recorded a net loss of $11.6 million on no revenue, after a loss of $7.4 million on no revenue in the same period a year ago. The company is going public at a time that the Renaissance IPO ETF has soared 76.2% year to date, while the S&P 500 has gained 6.7%.
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