Press Releases

Crinetics Pharmaceuticals ($CRNX) has closed its previously announced underwritten public offering of 8,712,400 shares of its common stock, including 1,136,400 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares, at a price to the public of $19.80 per share.

Crinetics intends to use the net proceeds from the offering to fund the development of paltusotine, CRN04894, CRN04777 and its other research and development programs, and for working capital and general corporate purposes. SVB Leerink, Evercore ISI and Cantor are acting as joint bookrunning managers for the offering. H.C. Wainwright & Co. is acting as lead manager and JonesTrading is acting as co-manager for the offering.

Crinetics announced today that it intends to offer and sell, subject to market and other conditions, shares of its common stock in an underwritten public offering. In addition, Crinetics intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering. All of the shares to be sold in the offering are to be sold by Crinetics. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Radionetics’ pipeline is based on a broadly enabling platform and intellectual property that will leverage more than a decade of discovery experience within Crinetics. The platform uses nonpeptides as targeting agents designed to deliver therapeutically active radiopharmaceuticals to tumors expressing unique peptide receptors. Radionetics’ initial drug development efforts will center on advancing a collection of 10 potent nonpeptide-targeted radiopharmaceutical candidates and leads, discovered at Crinetics, into clinical imaging and efficacy studies.

“Our PTHR1 antagonists have the potential to improve the lives of people with hypercalcemia caused by parathyroid adenomas; and moreover, may offer a life-saving treatment option for patients with CKD or cancer, for whom hypercalcemia is a complication that can be fatal. We look forward to the continued advancement of this preclinical program and to the identification of a lead PTHR1 antagonist for optimization.” - Alan Krasner, M.D., Crinetics’ chief medical officer.