Crinetics Pharmaceuticals Stock Price, News & Analysis

Crinetics Pharmaceuticals (Nasdaq: CRNX) has successfully completed its follow-on offering of 5,625,563 shares at $22.22 per share, raising approximately $125 million. The company plans to utilize these funds to support the development of its therapeutic candidates, including paltusotine, CRN04777, and CRN04894, as well as for general corporate purposes. New investors participated in the offering alongside existing shareholders. The offering was managed by SVB Leerink, Evercore ISI, and Cantor Fitzgerald.

Crinetics Pharmaceuticals (Nasdaq: CRNX) announced a follow-on offering of 5,625,563 shares at $22.22 per share, expected to raise approximately $125 million. The shares will be sold solely by the company, with the offering set to close around April 18, 2022, pending customary conditions. Proceeds will fund the development of drug candidates paltusotine, CRN04777, and CRN04894, as well as general corporate purposes. The offering is conducted under a shelf registration statement with oversight from SVB Leerink, Evercore ISI, and Cantor.

Radionetics Oncology has appointed Nishan de Silva, M.D., as CEO, enhancing its leadership team focused on innovative radiopharmaceuticals. De Silva, with over 20 years in biopharmaceuticals, aims to accelerate the company’s growth. Radionetics plans to file three INDs within two years, leveraging its technology that targets peptide receptors in various cancers. The market for radiopharmaceuticals is projected to reach $12.6 billion by 2027, positioning Radionetics favorably as it advances its pipeline of potential treatments.

Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX) announced on April 10, 2022, that its Compensation Committee granted non-qualified stock option awards totaling 502,500 shares to new employees, including 145,000 shares to Chris Robillard, the new Chief Business Officer. These awards were made under the 2021 Employment Inducement Incentive Award Plan, compliant with Nasdaq rules, to incentivize new hires. The options have an exercise price of $23.04 per share and will vest over four years, supporting Crinetics' growth strategy in developing therapeutics for rare endocrine diseases.

Crinetics Pharmaceuticals (Nasdaq: CRNX) reported its 2021 financial results, highlighting significant achievements in drug development. The company showcased positive proof-of-concept data from Phase 1 programs for CRN04894 and CRN04777. It advanced its Phase 3 PATHFNDR program for paltusotine in acromegaly, with results expected in 2023. Crinetics secured a $13 million licensing agreement with Sanwa for paltusotine in Japan and co-founded Radionetics Oncology. Despite a net loss of $107.6 million for 2021, cash and investments rose to $333.7 million, supporting ongoing development efforts.

Crinetics Pharmaceuticals (CRNX) announced positive results from the Phase 1 clinical study of CRN04777, a novel oral treatment for congenital hyperinsulinism. In the study involving 27 healthy volunteers, CRN04777 showed significant, dose-dependent reductions in fasting insulin after 10 days of treatment. The results demonstrated its ability to inhibit insulin secretion while maintaining safe glucose levels without the need for intravenous support. The drug was well-tolerated, with no serious adverse events reported. Crinetics plans to discuss these findings with global regulators for future clinical advancements.

Crinetics Pharmaceuticals (Nasdaq: CRNX) announced the appointment of Chris Robillard as chief business officer, a new role aimed at enhancing corporate development strategies. Robillard, with over a decade of experience, is expected to drive global pharmaceutical alliances to maximize the value of Crinetics’ programs. The company has demonstrated clinical proof-of-concept for three drug candidates and is focused on rare endocrine diseases. The ongoing Phase 3 clinical program for paltusotine, targeting acromegaly, is a significant aspect of their pipeline.

Crinetics Pharmaceuticals (Nasdaq: CRNX) has appointed Caren Deardorf to its board of directors. With over 20 years of experience in biotechnology, she previously led commercial efforts at Biogen, focusing on rare neurological diseases. Scott Struthers, CEO, emphasized her expertise as crucial for the company's shift towards commercialization, especially regarding CRN04777's upcoming patient studies for congenital hyperinsulinism. Crinetics is advancing its lead candidate, paltusotine, through Phase 3 trials for acromegaly and plans to pursue additional trials for related conditions.

Crinetics Pharmaceuticals (Nasdaq: CRNX) announced on March 10, 2022, that its Compensation Committee granted stock options to purchase 121,500 shares to five new non-executive employees. This award is part of the 2021 Employment Inducement Incentive Award Plan, aimed at attracting talent. The options have an exercise price of $19.73 per share, representing the closing price on the grant date, and will vest over four years. The company specializes in developing therapeutics for rare endocrine diseases, including paltusotine for acromegaly, with ongoing clinical trials.