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Crinetics Pharmaceuticals, Inc. (NASDAQ: CRNX) is a clinical-stage pharmaceutical company dedicated to the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. Founded with a mission to create impactful treatments, Crinetics focuses on advancing its innovative pipeline of orally delivered small molecule drugs.
The company's leading product candidate, paltusotine, is an investigational somatostatin receptor type 2 (SST2) agonist, currently in Phase 3 development for acromegaly and Phase 2 for carcinoid syndrome associated with neuroendocrine tumors. Paltusotine promises a convenient, once-daily oral treatment alternative to monthly injections, simplifying patient care and improving quality of life.
Moreover, Crinetics is advancing CRN04894 (atumelnant), a first-in-class oral ACTH antagonist in Phase 2 trials for congenital adrenal hyperplasia and ACTH-dependent Cushing's disease. This promising candidate aims to address significant unmet needs in these patient populations by reducing disease drivers and normalizing hormone levels.
Crinetics' in-house drug discovery efforts have resulted in several ongoing programs targeting conditions such as hyperparathyroidism, polycystic kidney disease, Graves' disease, thyroid eye disease, diabetes, and obesity. The company's robust pipeline highlights its commitment to developing transformative therapies for patients with rare endocrine disorders.
Recent achievements include a successful private placement of $350 million, strengthening their financial position to support ongoing research and development. The company also reported positive topline results from its Phase 2 study of paltusotine for carcinoid syndrome, as well as from its Phase 3 PATHFNDR-2 study for acromegaly, reinforcing the potential of paltusotine in providing both symptom and biochemical control.
With strategic partnerships, including collaborations with top institutional investors and the National Institutes of Health, Crinetics is well-positioned for future growth. The company remains committed to bringing innovative treatments to market and improving the lives of patients worldwide.
Crinetics Pharmaceuticals (Nasdaq: CRNX), a clinical stage pharmaceutical company specializing in endocrine diseases and tumors, has announced its participation in three major investor conferences this December. The company will present at the Piper Sandler 36th Annual Healthcare Conference in New York, and both the Citi Global Healthcare Conference and Evercore 7th Annual HealthCONx Conference in Miami. Management will conduct fireside chats on December 3rd at 7:30 AM ET (Evercore), December 4th at 9:30 AM ET (Citi), and December 5th at 1:00 PM ET (Piper Sandler). Live and archived webcasts will be available on the company's website.
Crinetics Pharmaceuticals (NASDAQ: CRNX) will present two abstracts at NANETS 2024, showcasing advancements in neuroendocrine tumor treatments. The company will debut its nonpeptide drug conjugate platform, featuring CRN09682, a lead candidate targeting SST2-expressing tumors, with IND submission planned for early 2025. The presentation includes preclinical data demonstrating CRN09682's potent and selective anti-tumor activity. Additionally, Phase 2 trial data for paltusotine, an oral SST2 agonist for carcinoid syndrome treatment, will be presented, showing reduced symptom frequency and severity across 36 trial participants.
Crinetics Pharmaceuticals (NASDAQ: CRNX) announced two key presentations at NANETS 2024, showcasing advancements in their neuroendocrine tumor pipeline. The company will present preclinical data for CRN09682, a first-in-class nonpeptide drug conjugate targeting SST2-expressing tumors, planned for IND submission in early 2025. Additionally, they will share Phase 2 trial results for paltusotine, demonstrating reduced frequency and severity of carcinoid syndrome symptoms in patients with functional NETs. The presentations include data from all 36 trial participants, supporting further clinical development. A company-sponsored symposium will feature both drug candidates and their novel nonpeptide approaches to treating carcinoid syndrome and neuroendocrine tumors.
Crinetics Pharmaceuticals (CRNX) reported Q3 2024 financial results, highlighting the submission of its New Drug Application for paltusotine for acromegaly treatment. The company completed an upsized public offering raising $575M and advanced four drug candidates to IND-enabling studies. Q3 financial results showed R&D expenses of $61.9M and G&A expenses of $25.9M, with a net loss of $76.8M. Cash position strengthened to $862.7M as of September 30, 2024, with additional $575M raised in October, extending runway into 2029.
Crinetics Pharmaceuticals (Nasdaq: CRNX) has announced that its Compensation Committee granted stock option awards to eleven new non-executive employees on November 10, 2024. The awards, totaling 99,500 shares, were granted under the 2021 Employment Inducement Incentive Award Plan at an exercise price of $60.69 per share. The options will vest over four years, with 25% vesting after one year and the remainder vesting monthly over 36 months, contingent on continued employment. These grants were made as employment inducements in accordance with Nasdaq Listing Rule 5635(c)(4).
Crinetics Pharmaceuticals (Nasdaq: CRNX) has announced the granting of non-qualified stock options to 27 new non-executive employees on October 10, 2024. The Compensation Committee of Crinetics' Board of Directors approved these awards under the company's 2021 Employment Inducement Incentive Award Plan. The grants, totaling 258,800 shares of common stock, are in line with Nasdaq Listing Rule 5635(c)(4) and serve as inducements for new employees joining Crinetics.
Key details of the stock options include:
- Exercise price: $51.78 per share, matching the closing price of Crinetics' common stock on The Nasdaq Global Select Market on October 10, 2024
- Vesting schedule: 25% after one year, with the remainder vesting in 36 equal monthly installments
- Vesting is subject to continued employment with Crinetics
Crinetics Pharmaceuticals (Nasdaq: CRNX) has announced the pricing of an upsized public offering of 10,000,000 shares of its common stock at $50.00 per share. The gross proceeds are expected to be $500.0 million. Crinetics has also granted underwriters a 30-day option to purchase up to an additional 1,500,000 shares. The offering is set to close around October 10, 2024.
The company plans to use the net proceeds to fund research and development of clinical-stage product candidates, other research programs, pre-commercialization activities, and general corporate purposes. Crinetics may also consider in-licensing, acquiring, or investing in complementary businesses or technologies.
Joint bookrunning managers for the offering include Leerink Partners, Morgan Stanley, Piper Sandler, and Cantor. The securities are being offered pursuant to a shelf registration statement filed with the SEC.
Crinetics Pharmaceuticals (Nasdaq: CRNX), a clinical-stage pharmaceutical company focused on endocrine diseases and tumors, has announced a proposed public offering of common stock. The company aims to offer $400.0 million of shares, with an additional 30-day option for underwriters to purchase up to $60.0 million more. Leerink Partners and Morgan Stanley are acting as joint bookrunning managers.
The net proceeds will be used to fund research and development of clinical-stage product candidates, other research programs, pre-commercialization activities, and general corporate purposes. Crinetics may also consider using a portion for in-licensing, acquisitions, or investments in complementary businesses or technologies. The offering is subject to market conditions and there is no assurance of its completion or final terms.
Crinetics Pharmaceuticals (Nasdaq: CRNX) has submitted a New Drug Application (NDA) to the FDA for paltusotine, a novel once-daily, oral treatment for acromegaly. Paltusotine is the first selectively-targeted somatostatin receptor type 2 nonpeptide agonist developed for long-term maintenance therapy of acromegaly. The NDA is supported by data from 18 clinical trials, including two successful Phase 3 trials that met all primary and secondary endpoints. These trials demonstrated that paltusotine was well-tolerated and effective in achieving biochemical control and patient-reported symptom control compared to placebo. Crinetics expects to receive notification from the FDA on the NDA status in December.
Crinetics Pharmaceuticals (Nasdaq: CRNX) has announced the granting of non-qualified stock options to 15 new non-executive employees on September 10, 2024. The Compensation Committee approved options to purchase a total of 120,200 shares of common stock under the company's 2021 Employment Inducement Incentive Award Plan. These grants comply with Nasdaq Listing Rule 5635(c)(4) as inducements for new hires.
The stock options have an exercise price of $50.40 per share, matching the closing price of Crinetics' stock on the grant date. The options will vest over four years, with 25% vesting after one year and the remainder vesting in 36 monthly installments, contingent on continued employment. This move aims to attract and retain talent in the competitive pharmaceutical industry.
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