Crinetics Pharmaceuticals Stock Price, News & Analysis

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.

Crinetics Pharmaceuticals (NASDAQ: CRNX) appointed James Hassard as Chief Commercial Officer, bringing over 30 years of commercial experience in biotechnology. Hassard will focus on the company’s lead candidate, paltusotine, currently in Phase 3 trials for acromegaly. His previous roles include leadership positions at Arrowhead Pharmaceuticals and Coherus BioSciences. The company will grant Hassard a non-qualified stock option for 160,000 shares, with a vesting schedule starting on February 28, 2023. This appointment is expected to bolster Crinetics’ commercial strategy and readiness in the market.

Crinetics Pharmaceuticals (Nasdaq: CRNX) has announced a strategic partnership with Sanwa Kagaku Kenkyusho Co., Ltd. to exclusively develop and commercialize paltusotine in Japan, aimed at treating acromegaly and neuroendocrine tumors. The agreement includes a $13 million upfront payment, milestone payments, and tiered royalties on net sales. Sanwa will handle all clinical trial costs and has the exclusive rights in Japan, while Crinetics retains global rights. The partnership anticipates significant market potential with around 21,000 patients affected by these conditions in Japan.

Crinetics Pharmaceuticals (Nasdaq: CRNX) announced its participation in the SVB Leerink Global Healthcare Conference from February 14-18, 2022. A fireside chat featuring company management is scheduled for February 16, 2022, at 1:00 p.m. Eastern Time. Investors can access the live webcast through a provided link and find the archived presentation on the company’s website. Crinetics focuses on developing novel therapeutics for rare endocrine diseases, with its lead candidate, paltusotine, currently in a Phase 3 clinical program for acromegaly.