On October 14, 2020, Spruce Biosciences Inc., a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet need, announced the closing of its initial public offering of 6,900,000 shares of its common stock, which includes 900,000 shares sold pursuant to the full exercise by the underwriters of their option to purchase additional shares, at a public offering price of $15.00 per share. The gross proceeds to Spruce from the offering, before deducting underwriting discounts, commissions, and offering expenses, were $103.5 million. All of the shares in the offering were sold by Spruce. Spruce’s common stock began trading on the Nasdaq Global Select Market on October 9, 2020, under the ticker symbol "SPRB." Cowen, SVB Leerink, Credit Suisse, and RBC Capital Markets acted as joint book-running managers for the offering.

The Wilson Sonsini team that advised Spruce Biosciences on patents and patent strategy related to the IPO includes partner Michael Hostetler, Of Counsel Uale Taotafa, and associate Rona Lamiquiz.

For more information, please see Spruce’s press release.