BUZZ-Spruce Biosciences drops after cutting investment for genetic disorder drug

Reuters12-11
BUZZ-Spruce Biosciences drops after cutting investment for genetic disorder drug

** 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;))

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