SAN DIEGO, Oct. 25, 2021 (GLOBE NEWSWIRE) – Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX), a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of new treatments for rare endocrine diseases and endocrine diseases tumors, today announced that it has completed its previously announced public offering for 8,712,400 ordinary shares, including 1,136,400 shares sold following the full exercise by the underwriters of their stock option additional, at a retail price of $ 19.80 per share. The gross proceeds of the Offer for Crinetics, before deducting underwriting discounts and commissions and other expenses related to the Offer, were approximately $ 172.5 million.
Crinetics intends to use the net proceeds of the offering to finance the development of paltusotine, CRN04894, CRN04777 and its other research and development programs, as well as for working capital and general corporate purposes.
SVB Leerink, Evercore ISI and Cantor acted as joint managers of the offer. HC Wainwright & Co. acted as lead manager and JonesTrading acted as co-manager of the offering.
The securities described above have been offered by Crinetics in accordance with a registration statement which became automatically effective upon filing with the Securities and Exchange Commission (SEC). A final prospectus supplement relating to this offering has been filed with the SEC. Copies of the Final Prospectus Supplement and accompanying prospectus relating to this offering can be obtained from: SVB Leerink LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by phone at 800-808 -7525, ext. 6105 or by email at email@example.com; from: Evercore Group LLC, Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by phone at (888) 474-0200, or by email at firstname.lastname@example.org ; or from: Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022 or by email at email@example.com. Electronic copies of the Final Prospectus Supplement and accompanying prospectus are also available on the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of such securities in any jurisdiction in which such an offer, solicitation or sale would be illegal prior to ‘registration or qualification under the securities laws of such jurisdiction.
About Crinetics Pharmaceuticals
Crinetics is a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of novel therapies for rare endocrine diseases and endocrine-related tumors. The Company’s lead product candidate, paltusotin (formerly CRN00808), is an experimental, oral and selective non-peptide somatostatin type 2 receptor agonist for the treatment of acromegaly, an orphan disease affecting more than 26,000 people. in the USA. A phase 3 program in acromegaly with paltusotin is underway. Crinetics also plans to advance paltusotin into a Phase 2 trial for the treatment of carcinoid syndrome associated with neuroendocrine tumors. The company is also developing CRN04777, an experimental, oral, non-peptide somatostatin receptor type 5 (SST5) agonist for congenital hyperinsulinism, as well as CRN04894, an experimental, oral, non-peptide ACTH antagonist for the treatment Cushing’s disease, congenital adrenal hyperplasia and other diseases of excess ACTH. All of the Company’s product candidates are new chemical entities resulting from internal drug discovery efforts and are wholly owned by the Company.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements regarding Crinetics’ intended use of the proceeds of the offering; plans and timelines for the clinical development of paltusotin, CRN04777 and CRN04894, including the therapeutic potential and clinical benefits thereof; and plans to advance other product candidates or discovery efforts. In some cases, you can identify forward-looking statements by words such as “could”, “will”, “should”, “expect”, “plan”, “anticipate”, “could”, “have the intention â,â âplanâ, âconsiderâ, âbelieveâ, âestimateâ, âpredictâ, âpotentialâ or âcontinueâ or the negative of these terms or other similar expressions. These forward-looking statements are not valid as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including the risks and uncertainties inherent in Crinetics’ business, including the risks and uncertainties described in the documents. periodicals of the Company with the SEC Events and circumstances reflected in the Company’s forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Information on the risks facing Crinetics can be found under the heading âRisk Factorsâ in Crinetics’ periodic reports, including its annual report on Form 10-K for the year ended December 31, 2020, and in the Supplement of the final prospectus relating to the offer. filed with the SEC. Except as required by applicable law, Crinetics does not intend to publicly update or revise any forward-looking statements contained herein, whether as a result of new information, future events, changes in circumstances or otherwise.
Contacts: Marc Wilson Chief Financial Officer IR@crinetics.com (858) 450-6464
Investors / Media: Corey Davis LifeSci Advisors, LLC firstname.lastname@example.org (212) 915-2577
Aline Sherwood Scienta Communications email@example.com (312) 238-8957
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