Spruce Biosciences drops after cutting investment for genetic disorder drug

Spruce Biosciences

10/12/2024 22:26

** Shares of drug developer Spruce Biosciences  SPRB.O  fall
18.25% to 43 cents in after-market trading
    ** Co says it will be winding down investment in its
experimental drug, tildacerfont, which was being developed as a
treatment of congenital adrenal hyperplasia (CAH)
    ** Co will also discontinue two studies for the drug
    ** The drug failed to meet the main goal of reducing the
usage of a steroid hormone known as glucocorticoid in a
mid-stage trial conducted among adults with the disease
    ** Results from another study of tildacerfont in adult and
pediatric CAH patients suggest higher doses and twice-daily
dosing may be needed 
    ** CAH is a rare genetic condition that affects the body's
ability to create and regulate key hormones
    ** Adds evaluation of strategic opportunities and
cost-reduction activities underway
    ** Up to last close, stock down ~82% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))