By Fineline Cube Harbour BioMed (HKG: 2142) announced it has exercised warrants to acquire additional common stock in Spruce Biosciences (SPRB), increasing its ownership to approximately 3.8% of outstanding shares (3.1% fully diluted), strengthening their partnership to jointly advance SPR202 (formerly HBM9013), a neutralizing antibody targeting corticotropin-releasing hormone for treating congenital adrenal hyperplasia and related diseases.
Investment Milestone
| Item | Detail |
|---|---|
| Company | Harbour BioMed (HKEX: 02142) |
| Target | Spruce Biosciences (NASDAQ: SPRB) |
| Action | Exercise of warrants |
| Ownership Increase | From ~2.5% to 3.8% outstanding (3.1% fully diluted) |
| Asset | SPR202 (HBM9013) |
| **Mechanism | CRH (corticotropin-releasing hormone) neutralizing antibody |
| **Indication | Congenital adrenal hyperplasia |
| **Partnership | Joint advancement agreement |
Asset Profile & Strategic Value
- SPR202 is a first‑in‑class CRH antagonist designed to address the unmet need in congenital adrenal hyperplasia, a rare endocrine disorder affecting 1 in 10,000‑20,000 live births globally
- CRH Target is broadly expressed across adrenal and pituitary pathways; SPR202 aims to modulate hyperactive hormone signaling at the source
- Partnership Strengthening: Increased equity stake signals long‑term commitment and provides Harbour BioMed with greater influence in development and commercialization strategy
- Clinical Pathway: Spruce plans Phase II/III initiation in H2 2026 following FDA IND clearance
Market Opportunity
| Parameter | US | EU | Global |
|---|---|---|---|
| Congenital Adrenal Hyperplasia Cases | 12,000 | 15,000 | 45,000 |
| Current Standard of Care | Glucocorticoids (symptomatic only) | ||
| CRH Antagonist Penetration | 0 % | 0 % | 0 % |
| Peak Market Value (2030E) | $180 million | $150 million | $420 million |
| SPR202 Peak Revenue | $72 million | $60 million | $168 million |
- Unmet Need: No approved disease‑modifying therapy for CAH; long‑term steroid use causes severe side effects
- Regulatory Advantage: Spruce has Rare Pediatric Disease Designation from FDA, qualifying for PRV (Priority Review Voucher) upon approval
Forward‑Looking Statements
This brief contains forward‑looking statements regarding SPR202 development timelines, partnership strategy, and commercial projections. Actual results may differ due to clinical trial outcomes, regulatory approvals, and market dynamics.-Fineline Info & Tech