CRNX - NetworkNewsBreaks - Crinetics Pharmaceuticals Inc. (NASDAQ: CRNX) Secures $115.1 Million in Underwritten Public Offering
Crinetics Pharmaceuticals (NASDAQ: CRNX), a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors, has closed an underwritten public offering of 8,222,500 shares of its common stock, which includes an additional 1,072,500 shares per the full exercise of the over-allotment option granted to the underwriters. According to the update, Crinetics Pharmaceuticals secured approximately $115.1 million in gross proceeds, with each of the shares sold at the public offering price of $14.00. The company intends to use the proceeds to fund the development of paltusotine and its other research and development programs, as well as for working capital and general corporate purposes. ROTH Capital Partners acted as co-manager for the offering.
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About Crinetics Pharmaceuticals
Crinetics Pharmaceuticals is a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company’s lead product candidate, paltusotine (formerly CRN00808), is an oral, selective nonpeptide somatostatin receptor type 2 biased agonist undergoing two Phase 2 clinical trials for the treatment of acromegaly, an orphan disease affecting more than 25,000 people in the United States. Crinetics plans to advance paltusotine into a Phase 3 trial in acromegaly and a Phase 2 trial for the treatment of carcinoid syndrome associated with neuroendocrine tumors in 2021. The company is also developing an oral nonpeptide somatostatin sst5 agonist for hyperinsulinism, as well as an oral nonpeptide ACTH antagonist for the treatment of Cushing’s disease, congenital adrenal hyperplasia and other diseases of excess ACTH excess. All of the company’s drug candidates are new chemical entities resulting from in-house drug discovery efforts and are wholly owned by the company. For more information, please visit www.Crinetics.com.
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