Spruce Biosciences Stock (SPRB): Why The Price Jumped

By Amit Chowdhry ● Jan 7, 2022
  • The stock price of Spruce Biosciences Inc (NASDAQ: SPRB) increased by 13.48% in the most recent trading session. This is why it happened.

The stock price of Spruce Biosciences Inc (NASDAQ: SPRB) – a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet medical need – increased by 13.48% in the most recent trading session. Investors are responding positively to Spruce Biosciences announcing that Dr. Javier Szwarcberg, M.D., MPH, has been appointed Chief Executive Officer and as a member of the board of directors. Samir Gharib, MBA, has been concurrently promoted to President and will continue in his role as Chief Financial Officer.

Dr. Javier Szwarcberg is known as an accomplished physician executive with over 18 years of leadership experience in the biotechnology and pharmaceutical industries. And he has an exceptionally rich skill set in clinical research and drug development, leading more than 22 clinical trials for a variety of drugs – including small molecules, peptides and biologics – with a proven track record of 4 successful drug approvals. 

Most recently, Dr. Szwarcberg served as the Group Vice President and Head of Program and Portfolio Development for BioMarin Pharmaceuticals. Previously, he had held positions as Senior Vice President, Head of Program and Portfolio Management at Ultragenyx Pharmaceutical and Vice President of R&D and Business Development at Horizon Pharma. He is currently a scientific advisor to Abalone Bio. Dr. Szwarcberg had received his MPH from the Harvard School of Public Health and his M.D. from Universidad de Buenos Aires School of Medicine.

The promotion of Samir Gharib to President follows his service as CFO of Spruce since May 2020 and reflects an evolution of the company’s leadership structure. And in this new role, Gharib will lead the finance, business, and corporate development, investor relations, corporate communications, human resources, legal, and information technology functions at Spruce. And Gharib is known as an experienced leader in the global biopharmaceutical arena who has demonstrated success in strategy and execution of transformative capital raises strategic transactions and support of commercial product launches. As President and Chief Financial Officer, Gharib will work closely with Dr. Szwarcberg to scale the organization and execute on the company’s mission to advance its pipeline of indications for tildacerfont.

KEY QUOTES:

“With his range of leadership and demonstrated success in rare disease drug development, Javier is an excellent fit for Spruce Biosciences as we enter the next chapter of clinical development. I, along with Spruce’s entire board, look forward to working with Javier and our leadership team to timely execute on our clinical development plans for tildacerfont and to deliver on Spruce’s mission to bring novel treatment options to patients with rare endocrine disorders. Likewise, we are pleased to recognize Samir’s efforts with his promotion to President, and we expect his operational and business acumen to launch Spruce Biosciences into the next phase of growth.”

— Mike Grey, Executive Chairman, Spruce Biosciences

“It is an amazing opportunity to join Spruce during a transformative time for the company and lead a team advancing novel therapeutics for rare endocrine disorders. Spruce has an opportunity to evolve the treatment paradigm for people living with classic congenital adrenal hyperplasia (CAH), improving disease control while reducing the burden of daily glucocorticoid use, and bring relief to a patients that have not benefited from a new treatment in over 50 years. With a focus on the tildacerfont late-stage program in adult classic CAH, as well as expanding opportunities in pediatric classic CAH and polycystic ovary syndrome (PCOS), I look forward to working with the Spruce team to maximize the value of our pipeline programs for patients, caregivers and physicians seeking important new treatment options.”

— Javier Szwarcberg, M.D., MPH, Chief Executive Officer, Spruce Biosciences

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.