Crinetics Pharmaceuticals Stock Price, News & Analysis

Crinetics Pharmaceuticals (NASDAQ: CRNX) will participate in the 4th Annual Evercore ISI HealthCONx Conference from November 30 to December 2, 2021. Management will engage in a fireside chat on December 2, 2021, at 12:35 PM ET. Investors can access the webcast here. A replay will be available for 90 days following the event. Crinetics focuses on novel therapies for rare endocrine diseases and is advancing its lead candidate, paltusotine, for treating acromegaly.

Crinetics Pharmaceuticals (Nasdaq: CRNX) announced promising new data from the ACROBAT Advance trial of paltusotine in patients with acromegaly, to be presented at the Society for Endocrinology BES congress in Edinburgh. A total of 84% of eligible participants continued from previous Phase 2 studies. After 51 weeks of treatment, median IGF-1 levels were maintained at lower than washout levels, indicating effective management of the disease. The treatment was generally well tolerated, reinforcing paltusotine's potential as a preferred oral alternative to injected therapies.

Crinetics Pharmaceuticals (CRNX) reported a strong pipeline with three new chemical entities (NCEs) following positive Phase 1 results for CRN04894 and CRN04777. The company co-founded Radionetics Oncology with $30 million in financing, focusing on novel radiopharmaceuticals. Financially, R&D expenses rose to $21.6 million, and the net loss increased to $27.9 million. However, cash reserves grew to $193.3 million, excluding recent stock offering proceeds of $172.5 million. The outlook remains positive with advancements in multiple programs and a solid financial foundation.

Crinetics Pharmaceuticals (Nasdaq: CRNX) has successfully closed its public offering of 8,712,400 shares of common stock, raising approximately $172.5 million in gross proceeds. The offering price was set at $19.80 per share, with shares sold reflecting full exercise of underwriters' options. The funds will aid in the development of key candidates, including paltusotine, CRN04894, and CRN04777, along with supporting working capital and general corporate needs.

Crinetics Pharmaceuticals announced the pricing of a public offering of 7,576,000 shares at $19.80 each, aiming to raise approximately $150 million before expenses. The offering may include an additional 1,136,400 shares within 30 days. Proceeds will fund the development of two investigational drugs, paltusotine and CRN04894, along with working capital. The closing of the offering is anticipated on or about October 25, 2021. SVB Leerink, Evercore ISI, and Cantor are managing the offering.

Crinetics Pharmaceuticals (Nasdaq: CRNX) announced its intention to conduct an underwritten public offering of common stock, with a possibility of an additional 15% share purchase option for underwriters. The funds raised will be allocated towards advancing clinical development for paltusotine, CRN04894, CRN04777, and general corporate needs. The offering is subject to market conditions, and the company plans to file a preliminary prospectus with the SEC. Specifics on the offering's size and completion timeline remain uncertain.

Crinetics Pharmaceuticals (Nasdaq: CRNX) announced the formation of Radionetics Oncology with $30 million in financing from 5AM Ventures and Frazier Healthcare Partners. Radionetics will develop targeted, nonpeptide radiopharmaceuticals for various cancer indications using a novel drug delivery platform. The collaboration allows Radionetics to license Crinetics' technology and pursue clinical studies on 10 oncology targets. The market for radiopharmaceuticals is projected to reach $12.6 billion by 2027, reflecting growing demand for innovative cancer treatments.

Crinetics Pharmaceuticals (Nasdaq: CRNX) announced plans to develop a nonpeptide oral parathyroid hormone (PTH) receptor antagonist aimed at treating hypercalcemia linked to primary hyperparathyroidism and other PTH receptor-related conditions. A late-breaking poster detailing the preclinical work will be presented at the ASBMR annual meeting on October 3, 2021. This initiative expands Crinetics' pipeline, addressing unmet needs in large patient populations. The company emphasizes that there are currently no medications targeting the PTHR1 receptor, highlighting its innovative approach.

Crinetics Pharmaceuticals (CRNX) announced positive initial results from the Phase 1 clinical trial of CRN04777, a novel treatment for congenital hyperinsulinism. The trial demonstrated dose-dependent reductions in insulin secretion in healthy volunteers, confirming pharmacologic proof-of-concept for CRN04777 as an oral SST5 agonist. This compound is designed to normalize glucose levels in affected patients, with expectations for further clinical development and data from multiple ascending dose cohorts anticipated in Q1 2022. A Webcast to discuss these findings was held on September 15, 2021.