Harbour BioMed, a global biopharmaceutical company committed to the discovery and development of novel antibody therapeutics in immunology and oncology, recently announced that through its wholly-owned subsidiary, it has exercised its warrant to acquire the common stock in Spruce Biosciences, Inc. (“Spruce”). Following this transaction, Harbour BioMed holds approximately 3.8% of the total outstanding shares of Spruce and approximately 3.1% of the fully diluted shares of Spruce.
The warrant was originally issued to Harbour BioMed’s subsidiary and other minority shareholders of HBM Alpha Therapeutics (“HBMAT”), an innovative biotechnology company incubated by Harbour BioMed, in connection with a license and collaboration agreement by and between HBMAT and Spruce. The collaboration aims to advance the development of SPR202 (formerly known as HBM9013 by Harbour BioMed), a potent and selective anti-corticotropin-releasing hormone monoclonal antibody for various disorders, including congenital adrenal hyperplasia.
Dr. Jingsong Wang, Founder, Chairman, and CEO of Harbour BioMed, stated: “This warrant exercise marks a significant milestone in our relationship with Spruce Biosciences. It moves us beyond a traditional licensor-licensee relationship to a truly aligned strategic partnership, reinforcing our shared commitment to accelerating the development of transformative therapies for patients worldwide.”
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