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 (CRNX) announced that its Phase 3 PATHFNDR program for paltusotine in acromegaly and Phase 2 study for carcinoid syndrome are on schedule for top-line data in 2023. The Phase 1 data for CRN04894 confirmed pharmacologic proof-of-concept for conditions like Cushing’s disease. The company plans to initiate Phase 2 studies for CRN04777 and CRN04894 after protocol finalization with global regulators. In Q2 2022, Crinetics reported a net loss of $42.4 million on revenues of $0.4 million, while cash reserves were $408.5 million, sufficient for operations through 2024.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced on August 10, 2022, the grant of non-qualified stock options for a total of 67,100 shares to nine new non-executive employees. These options, part of the 2021 Employment Inducement Incentive Award Plan, were issued to incentivize hiring as per Nasdaq Listing Rule 5635(c)(4). The exercise price is set at $21.77 per share, matching the stock's fair market value. The options will vest over four years with 25% vesting after one year and the rest in monthly installments, contingent on continued employment.
Crinetics Pharmaceuticals (CRNX) announces Peter J. Trainer, M.D. will present findings from preclinical and Phase 1 studies of CRN04894 at the International Congress of Neuroendocrinology from August 7-10, 2022. CRN04894 is an oral ACTH antagonist targeting Cushing’s disease and congenital adrenal hyperplasia. Results show significant reductions in cortisol levels during the Phase 1 trial, affirming pharmacologic proof-of-concept. The presentation occurs on August 10, 2022, detailing the drug's impact on glucocorticoid secretion.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced the grant of non-qualified stock options for 107,500 shares to six new non-executive employees on July 12, 2022. These options were awarded under the 2021 Employment Inducement Incentive Award Plan to attract new talent, complying with Nasdaq Listing Rule 5635(c)(4). The exercise price is set at $20.33 per share, reflecting the current market value. The options will vest over four years, contingent upon continued employment. Crinetics focuses on developing therapies for rare endocrine diseases, with ongoing clinical trials for key drug candidates.
On June 10, 2022, Crinetics Pharmaceuticals (Nasdaq: CRNX) announced the grant of non-qualified stock options to purchase 138,500 shares to seven new non-executive employees. This action follows the 2021 Employment Inducement Incentive Award Plan, aimed at attracting new talent. The options have an exercise price of $18.59 per share and will vest over four years, contingent upon continued employment. This initiative aligns with Nasdaq regulations designed to incentivize new hires and support the company's growth in developing treatments for rare endocrine diseases.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced the selection of CRN04894 for oral presentation at ENDO 2022. This investigational drug targets conditions like Cushing’s disease and reduces serum cortisol levels and urine free cortisol excretion. Details include an oral session on June 12, 2022, highlighting the inhibition of ACTH-stimulated cortisol secretion. Additionally, results for CRN04777 and a preclinical PTH antagonist will be presented through narrated posters. These events underscore Crinetics' commitment to advancing treatments for rare endocrine diseases.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced participation in a fireside chat at the JMP Securities Life Sciences Conference on June 15-16, 2022, held at the Lotte New York Palace. The chat is scheduled for 3:30 p.m. Eastern Time on June 15. Investors can access the live and archived presentation via the provided webcast link. The company focuses on developing therapies for rare endocrine diseases, with candidates like paltusotine in Phase 3 development for acromegaly.
Crinetics Pharmaceuticals (Nasdaq: CRNX) announced positive findings from the Phase 1 clinical study of CRN04894, an investigational ACTH antagonist targeting Cushing’s disease and congenital adrenal hyperplasia (CAH). The study demonstrated significant reductions in serum cortisol levels and 24-hour urine free cortisol excretion after administering CRN04894 to 49 healthy volunteers. The drug showed consistent oral bioavailability and favorable safety profiles. Plans to initiate patient studies for CRN04894 later this year signal a promising trajectory for Crinetics in the treatment of rare endocrine disorders.
Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX) reported its Q1 2022 results, highlighting key developments in their clinical pipeline. The company anticipates Phase 1 data for CRN04894 in Q2 2022 and plans to initiate CRN04777's Phase 2 study in congenital hyperinsulinism in 2H 2022. Significant progress includes positive results from CRN04777's Phase 1 study and a strategic licensing agreement with Sanwa for paltusotine in Japan, generating $13 million in upfront fees. Financially, Crinetics raised $125 million from a stock offering, ending Q1 with $319.7 million in cash, expected to fund operations into 2024.
On May 10, 2022, Crinetics Pharmaceuticals (Nasdaq: CRNX) announced the granting of non-qualified stock option awards totaling 234,600 shares to eight non-executive employees as part of the 2021 Employment Inducement Incentive Award Plan. The options, with an exercise price of $17.60 per share, equal the fair market value at the time of the grant. The options will vest over four years, starting with 25% on the one-year anniversary and the remaining in monthly installments. This move aligns with Nasdaq Listing Rule 5635(c)(4) and is intended to attract new talent.
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