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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) announced its intention to conduct an underwritten public offering of common stock, with a possibility of an additional 15% share purchase option for underwriters. The funds raised will be allocated towards advancing clinical development for paltusotine, CRN04894, CRN04777, and general corporate needs. The offering is subject to market conditions, and the company plans to file a preliminary prospectus with the SEC. Specifics on the offering's size and completion timeline remain uncertain.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced the formation of Radionetics Oncology with $30 million in financing from 5AM Ventures and Frazier Healthcare Partners. Radionetics will develop targeted, nonpeptide radiopharmaceuticals for various cancer indications using a novel drug delivery platform. The collaboration allows Radionetics to license Crinetics' technology and pursue clinical studies on 10 oncology targets. The market for radiopharmaceuticals is projected to reach $12.6 billion by 2027, reflecting growing demand for innovative cancer treatments.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced plans to develop a nonpeptide oral parathyroid hormone (PTH) receptor antagonist aimed at treating hypercalcemia linked to primary hyperparathyroidism and other PTH receptor-related conditions. A late-breaking poster detailing the preclinical work will be presented at the ASBMR annual meeting on October 3, 2021. This initiative expands Crinetics' pipeline, addressing unmet needs in large patient populations. The company emphasizes that there are currently no medications targeting the PTHR1 receptor, highlighting its innovative approach.
Crinetics Pharmaceuticals (CRNX) announced positive initial results from the Phase 1 clinical trial of CRN04777, a novel treatment for congenital hyperinsulinism. The trial demonstrated dose-dependent reductions in insulin secretion in healthy volunteers, confirming pharmacologic proof-of-concept for CRN04777 as an oral SST5 agonist. This compound is designed to normalize glucose levels in affected patients, with expectations for further clinical development and data from multiple ascending dose cohorts anticipated in Q1 2022. A Webcast to discuss these findings was held on September 15, 2021.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced participation in key investor conferences in September 2021. The notable events include the H.C. Wainwright Global Investment Conference from September 13-15, featuring a presentation by CEO Dr. Scott Struthers, and one-on-one meetings on September 13. The SVB Leerink CybeRx Series will take place on September 22-23, where management will also engage in one-on-one meetings. Lastly, the Cantor Fitzgerald Global Healthcare Conference is scheduled for September 27-30, with presentations by Dr. Struthers and CMO Dr. Alan Krasner on September 27.
Crinetics Pharmaceuticals (Nasdaq: CRNX) has appointed Jeff E. Knight as Chief Operating Officer. Knight will oversee strategic management of the company’s operations, leveraging his extensive experience in pharmaceutical portfolio strategy and operations. He previously held roles at Poseida Therapeutics and Amgen. The company is experiencing growth, with ongoing clinical studies for its lead product candidate, paltusotine, and an increase in staff to support its expanding clinical and commercial operations.
Crinetics Pharmaceuticals (CRNX) reported a net loss of $26.1 million for Q2 2021, up from $16.5 million in the same period last year. R&D expenses increased by 63% to $20.5 million due to personnel costs and clinical activities. Positive results were shared from Phase 1 studies of CRN04894, demonstrating significant cortisol suppression, while dosing for the Phase 3 PATHFNDR-1 trial of paltusotine has commenced. The company raised $90 million through stock offerings to strengthen its financial position, with total cash reserves at $203.8 million as of June 30, 2021.
Crinetics Pharmaceuticals (CRNX) has announced promising preliminary results from its Phase 1 study of CRN04894, a first-in-class ACTH antagonist aimed at treating conditions of ACTH excess such as Cushing’s disease. The study demonstrated pharmacologic proof-of-concept, revealing a dose-dependent reduction in cortisol levels among 39 healthy volunteers. CRN04894 effectively suppressed cortisol by 25-56% following ACTH challenges, indicating strong receptor binding. The drug was well tolerated, with mild adverse events reported. A further conference call is scheduled to discuss these results.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced a private placement of 851,306 shares at $17.62 per share with Frazier Healthcare Partners, generating gross proceeds of $15.0 million. The closing is anticipated on August 2, 2021, pending customary conditions. The funds will support the development of paltusotine and other research programs. Crinetics intends to register the resale of the shares with the SEC. The company specializes in therapeutics for rare endocrine diseases and is advancing multiple investigational drug candidates.
Crinetics Pharmaceuticals (CRNX) announced the randomization of its first acromegaly patient in the Phase 3 clinical trial of paltusotine, known as PATHFNDR-1. This trial aims to evaluate the safety and efficacy of this once-daily oral treatment compared to placebo in patients already controlled by injectable therapies. Successful results could support paltusotine's market registration in the U.S. and Europe. Topline data is anticipated in 2023, marking a significant step toward offering an innovative treatment option for acromegaly patients.
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