Crinetics Pharmaceuticals Announces $350 Million Private Placement

Details

entered into a securities purchase agreement for a private placement of 8,333,334 shares of its common stock at $42.00 per share, raising approximately $350 million in gross proceeds. The placement closed on March 1, 2024. The Company agreed to register the shares for resale by no later than the 40th day after the closing. The offering was made in reliance on Regulation D exemptions.

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About Crinetics Pharmaceuticals Inc.

Crinetics Pharmaceuticals Inc. is a biopharmaceutical company dedicated to the development of novel therapeutics for patients with endocrine conditions and other rare diseases. The primary focus of Crinetics is on crafting oral therapies that target hormone receptors, offering significant potential to transform the treatment landscape for several disorders. The company's pipeline includes investigational drugs such as paltusotine and CRN04894, aimed at addressing conditions like acromegaly and congenital adrenal hyperplasia, respectively. Crinetics combines cutting-edge drug discovery with an in-depth understanding of disease biology to impact the field of endocrinology substantially. By specializing in small molecules, Crinetics Pharmaceuticals seeks to provide new treatment options that enhance patient quality of life and address significant unmet medical needs. Headquartered in San Diego, California, the enterprise collaborates with academic institutions and industry partners to position its innovations at the forefront of medical advancement. Its work holds significant potential to influence the pharmaceutical industry, contributing to the expansion of targeted therapies within niche markets where few options currently exist.