Spruce spins off preclinical endocrinology program into Adrenyx with up to $50 million backing
Spruce Biosciences is spinning out its preclinical endocrinology program, including a monoclonal antibody for congenital adrenal hyperplasia, into a new entity called Adrenyx Biosciences. Backed by up to $50 million in private equity and led by Spruce's CFO, the separation allows Spruce to focus on neurological disorders while Adrenyx prioritizes endocrinology.
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According to a Nov. 9 release, Spruce Biosciences is creating a subsidiary named Adrenyx Biosciences to house its preclinical endocrinology program, specifically the monoclonal antibody CRHX-101 (formerly SPR-202) for congenital adrenal hyperplasia.
The transaction structure involves an initial $5 million promissory note from an unnamed institutional biotechnology investor, with a total commitment of up to $50 million. The companies plan to operate as separate, publicly traded entities led by Spruce CFO Samir Gharib, pending regulatory and listing approvals in the first half of next year.
Strategic focus enables Spruce to concentrate resources on its lead neurological candidate TA-ERT for Sanfilippo syndrome type B, following a period of workforce reductions and manufacturing data delays.
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