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) will participate in a fireside chat at the annual SVB Securities Global Biopharma Conference on February 14, 2023, at 3:40 p.m. Eastern Time. This virtual event, occurring from February 14-16, 2023, will showcase the company's progress in developing therapeutics for rare endocrine diseases and related tumors. Notably, Crinetics is advancing Paltusotine, an investigational SST2 agonist, through Phase 3 trials for acromegaly and Phase 2 for carcinoid syndrome. The live broadcast and archived version will be available on the Events & Presentations page of Crinetics’ website.
Crinetics Pharmaceuticals (CRNX) is advancing its clinical trials with key milestones expected in 2023. The Phase 3 PATHFNDR trials of paltusotine for acromegaly are on track for topline data readouts in 2H 2023, with plans to submit data for regulatory approval if successful. Additionally, a Phase 2 trial of paltusotine in carcinoid syndrome is anticipated to deliver topline data in 2H 2023. The company plans to initiate trials for CRN04894 targeting ACTH-dependent Cushing’s syndrome and congenital adrenal hyperplasia in Q1 2023, as part of its strategy to build a comprehensive endocrine-focused pipeline.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced the granting of non-qualified stock options to twelve new non-executive employees on December 10, 2022. Under the 2021 Employment Inducement Incentive Award Plan, a total of 356,300 shares were awarded with an exercise price of $16.26, reflecting the fair market value at the time of the grant. These options will vest over four years, encouraging employee retention. This move aligns with Nasdaq Listing Rule 5635(c)(4), which allows for equity awards to induce employment for new hires.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced an update on CRN04777, an oral somatostatin receptor type 5 (SST5) agonist for congenital hyperinsulinism. Following an Investigational New Drug application submitted to the FDA, the proposed Phase 2 clinical study was placed on hold pending further information from the agency. Previous Phase 1 trials indicated CRN04777 was well tolerated in adults, with no serious side effects reported.
SAN DIEGO, Nov. 22, 2022 – Crinetics Pharmaceuticals (Nasdaq: CRNX) will participate in the 5th Annual Evercore ISI HealthCONx Conference from November 29 to December 1, 2022. The company will host a fireside chat on November 30, 2022, at 1:00 PM (ET), moderated by Josh Schimmer, Research Analyst at Evercore ISI. The presentation will be accessible via the Evercore ISI platform and will be available for replay for 90 days. Interested parties can arrange virtual 1x1 meetings with Crinetics management through their bank or conference representative.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced the completion of enrollment in the Phase 3 PATHFNDR-1 trial for acromegaly, with topline data expected in Q3 2023. The company reported a net loss of $41.9 million for Q3 2022, a significant increase from $27.9 million in Q3 2021. Revenues totaled $0.5 million, primarily from a licensing agreement. Research and development expenses rose to $32 million. Crinetics also received an Innovation Passport from the UK MHRA for CRN04777, which could expedite its market entry.
On November 10, 2022, Crinetics Pharmaceuticals (Nasdaq: CRNX) announced the grant of non-qualified stock option awards totaling 200,000 shares under its 2021 Employment Inducement Incentive Award Plan to four new non-executive employees. This grant, effective immediately, aligns with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $18.59 per share, equivalent to the fair market value on the grant date, and will vest over four years, contingent on continued employment.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced the completion of enrollment for its Phase 3 PATHFNDR-1 study evaluating paltusotine in acromegaly patients. A total of 58 participants, exceeding the planned 52, were enrolled. Topline results are anticipated in Q3 2023. The study aims to assess the safety and efficacy of once-daily oral paltusotine compared to placebo. If successful, data will be submitted to regulatory authorities for approval for all acromegaly patients requiring treatment. The PATHFNDR-2 study remains ongoing, with results expected in Q4 2023.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced on October 10, 2022, that it granted stock options for 237,600 shares to eleven new non-executive employees under its 2021 Employment Inducement Incentive Award Plan. The options, exercisable at $16.89 per share, vest over four years, beginning with 25% on the one-year anniversary and the remainder monthly thereafter, contingent on continued employment. This plan adheres to Nasdaq Listing Rule 5635(c)(4) and aims to attract talent to drive the company's focus on developing therapeutics for rare endocrine diseases.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced that the UK MHRA granted CRN04777 an 'Innovation Passport' for treating congenital hyperinsulinism. This designation allows access to the Innovative Licensing and Access Pathway (ILAP), aimed at expediting market entry for critical therapies. Congenital hyperinsulinism is a serious condition affecting infants, necessitating continuous glucose management. The ILAP enhances coordination with the MHRA and allows for quicker Marketing Authorization Application reviews. CRN04777, an oral SST5 selective agonist, demonstrated promising results in preclinical studies.
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