08:45 AM EDT, 10/08/2025 (MT Newswires) -- Spruce Biosciences ( SPRB ) said Wednesday it will sell common shares and pre-funded warrants to raise $50 million in gross proceeds through a private placement.

The company said it reached a securities purchase agreement with certain unnamed investors, under which it will sell 502,181 common shares at $68 apiece. As part of their investment, certain investors will buy pre-funded warrants for up to 233,144 shares.

Proceeds from the sale will be used to advance its tralesinidase alfa enzyme replacement therapy to treat Sanfilippo Syndrome Type B, a rare genetic disorder.

The private placement is expected to close on or about Thursday, it said.

Shares of the company fell more than 20% in recent premarket activity Wednesday.

Price: 145.00, Change: -37.60, Percent Change: -20.59