Crinetics Pharmaceuticals Reports Third Quarter 2024 Financial Results and Provides Business Update

In This Article:

Crinetics Pharmaceuticals, Inc.
Crinetics Pharmaceuticals, Inc.

Submission of New Drug Application for Paltusotine for the Treatment of Acromegaly

Completed Upsized Public Offering of $575M of Common Stock

Debut of First Drug Candidate from a Novel Nonpeptide Drug Conjugate Platform at North American Neuroendocrine Tumor Society (NANETS)

Total of Four New Drug Candidates in IND-Enabling Preclinical Studies

Management Hosting Conference Call at 4:30 p.m. ET Today

SAN DIEGO, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX), a clinical stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for endocrine diseases and endocrine-related tumors, today reported financial results for the third quarter ended September 30, 2024.

“As we approach the end of 2024, it has been yet another remarkable year for Crinetics as we continued to consistently achieve key milestones to advance and expand our pipeline and strengthen the company’s position,” said Scott Struthers, Ph.D., Founder and Chief Executive Officer of Crinetics. “The submission of our first NDA was a significant milestone in the company’s history, and we remain on track for the expected launch of our investigational drug paltusotine for acromegaly in 2025, which will be a pivotal event for the company. The company’s core commitment to internal innovation continues to bear fruit with four new internally discovered drug candidates now in IND enabling activities, including the first candidate from our novel nonpeptide drug conjugate (NDC) targeted therapeutics platform emerging from our laboratories. We are excited to share preclinical data for this candidate intended for the treatment of SST2-expressing tumors at the North American Neuroendocrine Tumor Society (NANETS) in Chicago on November 21-23. Further, subsequent to quarter end, we strengthened our already robust balance sheet by issuing additional equity, allowing us to invest in these promising early-stage programs, while continuing to fully support the anticipated launch of paltusotine and later-stage clinical development efforts.”

Third Quarter 2024 and Recent Highlights:

  • Submitted New Drug Application (NDA) for paltusotine for the treatment of acromegaly. In September, Crinetics submitted an NDA to the U.S. Food and Drug Administration (FDA) for its investigational drug, paltusotine, the first once-daily, oral, selective somatostatin receptor type 2 nonpeptide agonist, for the proposed treatment of and long-term maintenance therapy for acromegaly. Crinetics anticipates receiving notification from the FDA on the status of the NDA submission in December 2024.

  • Strengthened balance sheet with $575 million public offering. In October, Crinetics completed an upsized public offering of common stock for gross proceeds of $575 million.

  • Selected development candidate in TSH antagonist program. Crinetics has identified an oral thyroid stimulating hormone (TSH) receptor antagonist for the potential treatment of Graves’ disease and thyroid eye disease. First-in-human-enabling studies have commenced and an Investigational New Drug (IND) filing is expected in 2025.

  • Data from CRN09682, the first drug candidate from novel Nonpeptide Drug Conjugate (NDC) platform, to be presented at the North American Neuroendocrine Tumor Society (NANETS) Annual Meeting in November 2024. First-in-human-enabling activities are nearing completion and IND filing is expected in early 2025.

  • Total of four development candidates currently in IND-enabling studies to support transition to clinical development in 2025.