Harbour BioMed (HKEX: 02142), a global biopharmaceutical company committed to the discovery and development of novel antibody therapeutics in immunology and oncology, announced that through its wholly-owned subsidiary, it has exercised its warrant to acquire the common stock in Spruce Biosciences, Inc. (Nasdaq: SPRB) ("Spruce"). Following this transaction, Harbour BioMed holds approximately 3.8% of the total outstanding shares of Spruce and approximately 3.1% of the fully diluted shares of Spruce^[1].

The warrant was originally issued to Harbour BioMed's subsidiary and other minority shareholders of HBM Alpha Therapeutics ("HBMAT"), an innovative biotechnology company incubated by Harbour BioMed, in connection with a license and collaboration agreement by and between HBMAT and Spruce. The collaboration aims to advance the development of SPR202 (formerly known as HBM9013 by Harbour BioMed), a potent and selective anti-corticotropin-releasing hormone monoclonal antibody for various disorders, including congenital adrenal hyperplasia.

Dr. Jingsong Wang, Founder, Chairman, and CEO of Harbour BioMed, stated: "This warrant exercise marks a significant milestone in our relationship with Spruce Biosciences. It moves us beyond a traditional licensor-licensee relationship to a truly aligned strategic partnership, reinforcing our shared commitment to accelerating the development of transformative therapies for patients worldwide."