Joint Bookrunner on Spruce Biosciences’ $69MM CMPO

Oppenheimer & Co. Inc. acted as Joint Bookrunner on Spruce Biosciences’ $69MM Confidentially Marketed Public Offering

Spruce Biosciences, Inc. (“Spruce Biosciences”) (Nasdaq: SPRB), a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for neurological disorders with significant unmet medical need, announced the closing of its previously announced underwritten public offering of 1,150,000 shares of its common stock at a price to the public of $50.00 per share and, in lieu of shares of common stock to a certain investor, pre-funded warrants to purchase 50,000 shares of common stock at a purchase price of $49.99 per share, which equals the public offering price per share of the common stock less the $0.01 exercise price per share of each pre-funded warrant.

The gross proceeds to Spruce Biosciences from the offering were approximately $60 million, before deducting underwriting discounts and commissions and other offering expenses payable by Spruce Biosciences. In addition, the underwriters exercised their 30-day option to purchase an additional 180,000 shares of common stock, resulting in total gross proceeds of approximately $69 million before deducting underwriting discounts, commissions, and other offering expenses.

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