Welcome to our dedicated page for Crinetics Pharmaceuticals news (Ticker: CRNX), a resource for investors and traders seeking the latest updates and insights on Crinetics Pharmaceuticals stock.
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 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.
Crinetics Pharmaceuticals (Nasdaq: CRNX), a clinical stage pharmaceutical company specializing in endocrine diseases and tumors, has announced its participation in two upcoming investor conferences in New York this September. The company will engage in fireside chats at:
1. The Morgan Stanley 22nd Annual Global Healthcare Conference on September 4, 2024, at 5:35 p.m. ET
2. The Cantor Global Healthcare Conference on September 18, 2024, at 8:35 a.m. ET
Both events will be webcast live and archived on Crinetics' website. Investors interested in 1x1 meetings with management should contact their conference representatives.
Crinetics Pharmaceuticals (Nasdaq: CRNX) has announced the granting of non-qualified stock options to fifteen new non-executive employees on August 10, 2024. The Compensation Committee approved options to purchase a total of 103,900 shares of common stock under the company's 2021 Employment Inducement Incentive Award Plan. These grants, made in accordance with Nasdaq Listing Rule 5635(c)(4), serve as inducements for new employees joining Crinetics.
The stock options have an exercise price of $47.64 per share, matching the closing price of Crinetics' stock on August 9, 2024. The vesting schedule spans four years, with 25% vesting after one year and the remainder vesting in 36 equal monthly installments, contingent on continued employment.
Crinetics Pharmaceuticals (CRNX) reported Q2 2024 financial results and provided a business update. Key highlights include:
- Paltusotine NDA submission for acromegaly on track for 2024
- Positive initial results from atumelnant studies in CAH and Cushing's syndrome
- R&D expenses increased to $58.3M from $40.6M in Q2 2023
- G&A expenses rose to $24.8M from $13.3M in Q2 2023
- Net loss widened to $74.1M from $51.0M in Q2 2023
- Cash position strengthened to $863.0M, expected to fund operations into 2028
The company anticipates topline data from atumelnant Phase 2 studies and paltusotine NDA submission in H2 2024.
Crinetics Pharmaceuticals (Nasdaq: CRNX) has launched ACRO/TRUTH, an educational initiative aimed at raising awareness about the challenges faced by acromegaly patients using current standard-of-care treatments. The initiative includes a website featuring patient testimonials and peer-reviewed data on treatment-related symptoms, side effects, and quality-of-life impacts.
The ACRO/TRUTH website provides authentic patient perspectives and clinical insights, addressing topics such as breakthrough symptoms, injection site reactions, and emotional impacts of treatment. It aims to improve communication between healthcare providers and patients, recognizing that patients may hesitate to discuss treatment challenges.
Developed with input from patient organizations like Acromegaly Community, ACRO/TRUTH seeks to empower patients and optimize treatment plans. The initiative will expand to include additional educational offerings, including a speaker's panel.
Crinetics Pharmaceuticals (Nasdaq: CRNX) has announced that it will release its second quarter 2024 financial results on Thursday, August 8, 2024, after the market closes. The company will host a conference call and webcast at 4:30 p.m. ET on the same day to discuss the results and provide a business update.
Investors and interested parties can join the call using the provided domestic (1-800-267-6316) or international (1-203-518-9783) dial-in numbers, with the conference ID: CRNXQ2. Alternatively, participants can access the call via a live webcast on the Events section of the Crinetics website. It is recommended to join at least 15 minutes before the scheduled start time. The webcast will be archived on the company's Investor Relations section for future reference.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced on July 10, 2024, that it has granted non-qualified stock options to purchase a total of 137,900 shares of common stock to 18 new non-executive employees. These grants are part of the 2021 Employment Inducement Incentive Award Plan and align with Nasdaq Listing Rule 5635(c)(4). The exercise price for these options is set at $50.80 per share, matching the closing price on July 10, 2024. The stock options will vest over four years, with 25% vesting after one year and the remaining 75% vesting in 36 monthly installments, contingent upon continued employment.
Scott Struthers, Ph.D., CEO and founder of Crinetics Pharmaceuticals, has been named the Entrepreneur Of The Year® 2024 Pacific Southwest Award winner by Ernst & Young LLP (EY US). This award honors leaders who disrupt markets and create significant value. This recognition highlights Struthers' entrepreneurial spirit and the impactful work of Crinetics in developing novel therapeutics for endocrine diseases. Crinetics' lead drug candidate, paltusotine, is on track for a New Drug Application submission with the FDA by the end of 2024. Struthers will now be considered for the national awards, with winners to be announced in November. The award program celebrates diverse entrepreneurial leaders, including original founders and transformational CEOs, and provides access to a global community and vast EY resources.
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