Rare endocrine play Spruce emerges from stealth

Spruce Biosciences Inc. (San Francisco, Calif.) revealed a $20 million series A round of funding and said it has begun enrolling patients in a U.S. Phase II trial of its lead program, SPR001, to treat congenital adrenal hyperplasia. Initial data are due next year.

Novo Ventures led the round in May 2016, while Spruce was in stealth mode. RiverVest Venture Partners also participated...