Crinetics Pharmaceuticals, Inc. (NASDAQ: CRNX) has announced a proposed public offering of $400.0 million of shares of its common stock, with an option for underwriters to purchase up to an additional $60.0 million of shares. The company intends to use the net proceeds from the offering, along with its existing cash, cash equivalents, and investment securities, to fund research and development of its clinical-stage product candidates, as well as other general corporate purposes.
Leerink Partners and Morgan Stanley are acting as joint bookrunning managers for the proposed offering, which will be made pursuant to a shelf registration statement that became automatically effective upon filing with the Securities and Exchange Commission (SEC).
Crinetics Pharmaceuticals is a clinical-stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for endocrine diseases and endocrine-related tumors. The company's lead development candidate, Paltusotine, has completed phase 3 clinical development for acromegaly and is in phase 2 clinical development for carcinoid syndrome associated with neuroendocrine tumors. Additionally, the company is developing Atumelnant (CRN04894), an investigational, first-in-class, oral ACTH antagonist, which is currently completing phase 2 clinical studies for the treatment of congenital adrenal hyperplasia and Cushing’s disease.
The proposed offering is intended to provide funding for the advancement of these clinical programs and other research initiatives. Today the company's shares have moved 0.1% to a price of $50.75. If you want to know more, read the company's complete 8-K report here.
