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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 (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.
Crinetics Pharmaceuticals (Nasdaq: CRNX) has appointed Garlan Adams as the new General Counsel, a role created to enhance the company’s legal strategies in rare endocrine diseases. Adams brings over two decades of experience in intellectual property and regulatory compliance. CEO Scott Struthers expressed confidence in her ability to support the development of paltusotine for acromegaly. Crinetics is advancing its pipeline, which includes therapies for various endocrine-related conditions.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced its Q1 2021 financial results and clinical updates. The company has initiated the Phase 3 PATHFNDR program for paltusotine in acromegaly, with studies designed to secure FDA approval for various patient groups. Additionally, CRN04894 and CRN04777 entered Phase 1 trials. Financially, R&D expenses rose to $17.6 million, and net loss increased to $22.9 million for the quarter. Following a successful stock offering in April, the company has $150.7 million in cash, aiming for a steady flow of clinical developments through the remainder of the year.
Crinetics Pharmaceuticals (Nasdaq: CRNX) has successfully completed its underwritten follow-on offering of 4,562,044 shares at $16.44 per share, generating approximately $75 million in gross proceeds. Notable investors included Deep Track Capital and Bain Capital Life Sciences. The funds will support the development of paltusotine and other R&D programs, alongside general corporate purposes. The offering was executed under a shelf registration statement previously filed with the SEC.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced a public offering of 4,562,044 shares at $16.44 each, aiming to raise approximately $75 million. The funds will support the development of their lead product, paltusotine, as well as other R&D initiatives and general corporate needs. The offering is set to close around April 12, 2021, contingent on standard closing conditions. SVB Leerink is the sole bookrunning manager. The shares are being sold under a previously filed shelf registration statement with the SEC.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced its 2021 plans, advancing paltusotine into Phase 3 trials for acromegaly after successful Phase 2 results. The company aims to initiate PATHFNDR-1 and PATHFNDR-2 studies to evaluate paltusotine's efficacy against standard care. Additionally, CRN04894 and CRN04777 have entered Phase 1 trials, targeting Cushing’s disease and congenital hyperinsulinism, respectively. Financially, Crinetics reported a net loss of $73.8 million for 2020, up from $50.4 million in 2019, with significant R&D expenses of $57 million. The firm held $170.9 million in cash at year-end.
Crinetics Pharmaceuticals (Nasdaq: CRNX) is set to host a webcast and conference call on March 30, 2021, at 4:30 p.m. ET, to discuss its 2020 financial results and clinical plans for 2021.
The company focuses on developing treatments for rare endocrine diseases, particularly its lead candidate, paltusotine, aimed at treating acromegaly. Crinetics plans to launch Phase 3 trials for paltusotine and a Phase 2 trial for carcinoid syndrome, alongside developing other investigational drugs.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced four presentations at the ENDO 2021 congress, showcasing significant advancements in their clinical pipeline. Key highlights include findings on CRN04894, an oral ACTH antagonist, and CRN04777, an SST5 agonist for congenital hyperinsulinism. The company shared promising preclinical data indicating CRN04894's potential in treating conditions like Cushing's disease. Additionally, results from the ACROBAT Edge Phase 2 study of paltusotine, an oral treatment for acromegaly, demonstrated efficacy in maintaining insulin-like growth factor-1 levels.
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