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Crinetics Pharmaceuticals Announces Upsized Public Offering of Common Stock

Oct 09, 2024•over 1 year ago

Contract Type

partnership

San DiegoBiotechnologyHealthcareHealth CareTherapeuticsPharmaceuticalBiopharma

Description

Crinetics Pharmaceuticals, Inc. announced the pricing of an upsized underwritten public offering of 10,000,000 shares of its common stock at a price to the public of $50.00 per share, with expected gross proceeds of $500.0 million. The offering is expected to close on or about October 10, 2024.

Company Information

Company

Crinetics Pharmaceuticals

Location

San Diego, California, United States

About

Crinetics Pharmaceuticals is a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for endocrine diseases and endocrine-related tumors. Crinetics’ lead development candidate, paltusotine, is the first investigational once-daily, oral, selective somatostatin receptor type 2 (SST2) nonpeptide agonist that is in clinical development for acromegaly and carcinoid syndrome associated with neuroendocrine tumors. Atumelnant is currently in development for congenital adrenal hyperplasia and ACTH-dependent Cushing’s syndrome. All of the company’s drug candidates are orally delivered, small molecule, new chemical entities resulting from in-house drug discovery efforts, including additional discovery programs addressing a variety of endocrine conditions such as hyperparathyroidism, polycystic kidney disease, Graves’ disease (including thyroid eye disease), diabetes, obesity and GPCR-targeted oncology indications.

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