Crinetics Pharmaceuticals, Inc. - CRNX STOCK NEWS

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.

Crinetics Pharmaceuticals (Nasdaq: CRNX) announced its participation in the Endocrine Society’s ENDO 2021 congress, where it will showcase a new formulation of the paltusotine tablet, intended for Phase 3 studies. The company will present preclinical evidence supporting its programs for congenital hyperinsulinism and Cushing’s disease. Key presentations include improved pharmacokinetics of paltusotine and the efficacy of switching from injected to oral therapies. These developments highlight Crinetics’ commitment to advancing treatment options for rare endocrine diseases.

Crinetics Pharmaceuticals (Nasdaq: CRNX) has initiated a Phase 1 clinical trial for CRN04894, an adrenocorticotropic hormone (ACTH) antagonist designed to treat Cushing's disease and congenital adrenal hyperplasia (CAH). Following positive preclinical results, this randomized, placebo-controlled study will evaluate the drug's safety and tolerability in healthy volunteers. The trial aims to assess CRN04894's effectiveness in suppressing cortisol levels, a key biomarker for assessing treatments for these conditions. Successful outcomes could lead to a new therapeutic option for patients affected by excess ACTH.

Crinetics Pharmaceuticals (Nasdaq: CRNX) has initiated a Phase 1 study for CRN04777, an oral SST5 agonist aimed at treating congenital hyperinsulinism (HI). This rare disease causes excessive insulin production leading to life-threatening hypoglycemia. The study will assess safety and tolerability in healthy adults and evaluate CRN04777's capacity to suppress insulin secretion upon glucose or sulfonylurea stimulation. The FDA has granted this investigational drug a rare pediatric disease designation, highlighting its potential significance in addressing an under-served medical need.