Crinetics Pharmaceuticals Announces Pricing of Initial Public Offering

July 17, 2018 at 6:55 PM EDT

SAN DIEGO, July 17, 2018 (GLOBE NEWSWIRE) — Crinetics Pharmaceuticals, Inc. (Nasdaq:CRNX), a clinical stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors, today announced the pricing of its initial public offering of 6,000,000 shares of common stock at a public offering price of $17.00 per share. All of the shares are being offered by Crinetics. The shares are expected to begin trading on the Nasdaq Global Select Market on July 18, 2018 under the ticker symbol “CRNX.” The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Crinetics, are expected to be $102.0 million. The offering is expected to close on July 20, 2018, subject to the satisfaction of customary closing conditions. In addition, Crinetics has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

J.P. Morgan Securities LLC, Leerink Partners LLC and Piper Jaffray & Co. are acting as joint book-running managers for the offering.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission and became effective on July 17, 2018. The offering will be made only by means of a prospectus, copies of which may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525, ext. 6132, or by email at syndicate@leerink.com; or Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924, or by email at prospectus@pjc.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals is a clinical stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. In March 2018, the Company reported initial results from a Phase 1 trial with its lead product candidate, CRN00808, an oral somatostatin agonist for the treatment of acromegaly, an orphan disease affecting more than 25,000 people in the United States. The Company is also developing other oral somatostatin agonists for hyperinsulinism and neuroendocrine tumors, as well as an oral nonpeptide ACTH antagonist for the treatment of Cushing’s disease. Crinetics was founded by a team of scientists with a track record of endocrine drug discovery and development.

Contacts:
Marc Wilson
Chief Financial Officer
IR@crinetics.com
(858) 450-6464

Robert H. Uhl
Westwicke Partners
robert.uhl@westwicke.com
(858) 356-5932

Crinetics Pharmaceuticals Awarded up to $3.2 Million in SBIR Grants for Congenital Hyperinsulinism and Acromegaly

SAN DIEGO – June 21, 2018 – Crinetics Pharmaceuticals, Inc., a clinical stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors, today announced that it has been awarded up to approximately $3.2 million in Small Business Innovation Research (SBIR) grants from the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK) of the National Institutes of Health (NIH) to fund the continued research and development of its nonpeptide, oral somatostatin agonists for congenital hyperinsulinemias (CHI) and acromegaly. Under award numbers R44DK115290 for CHI and R44DK088501 for acromegaly, Crinetics will be eligible to receive funding for up to approximately $1.9 million and $1.3 million, respectively.

“We are pleased with the NIH’s continuing support of our congenital hyperinsulinism and acromegaly programs,” said Stephen Betz, Ph. D., Founder and Vice President of Biology of Crinetics. “These funds will help us progress CRN02481 for CHI and CRN00808 for acromegaly. Both of these rare diseases represent significant unmet medical needs, and the resources announced today will help us to advance potential treatments for the patients and families that profoundly need them.”

About Congenital Hyperinsulinism

Hyperinsulinemia is one of the most frequent causes of persistent hypoglycemia in infants and can result in seizures, developmental delays, learning disabilities, and even death. The most severe form of hyperinsulinemia arises from CHI, a disorder whose underlying pathology is driven by genetic mutations in key genes involved in regulating insulin secretion from pancreatic ß-cells.
About Acromegaly

Acromegaly is a hormonal disorder resulting from the excess secretion of growth hormone (GH), most commonly the result of a benign pituitary tumor. Excessive growth hormone secretion in turn causes excessive secretion of another hormone, insulin-like growth factor I (IGF-I). Symptoms from the pituitary tumor itself can include severe headaches, vision impairment, and impaired pituitary endocrine function. Excess GH and IGF-I secretion can also cause increased bone and soft tissue growth including changes in facial features, enlarged hands and feet, and a range of cardiovascular, respiratory, endocrine, and metabolic effects throughout the body. If not adequately treated, acromegaly can lead to serious illness and become life-threatening. There are an estimated 25,000 patients in the United States with acromegaly.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals is a clinical stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. In March 2018, the Company reported initial results from a Phase 1 trial with its oral somatostatin agonist, CRN00808, for the treatment of acromegaly, an orphan disease affecting an estimated 25,000 people in the United States. The Company is also developing other oral somatostatin agonists for hyperinsulinism and neuroendocrine tumors, as well as an oral nonpeptide ACTH antagonist for the treatment of Cushing’s disease. Crinetics was founded by a team of scientists with a track record of endocrine drug discovery and development. The Company is backed by life sciences investors including 5AM Ventures, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, Versant Ventures and Vivo Capital, and is headquartered in San Diego. For additional information please visit www.crinetics.com.

Contacts:

Marc Wilson
Chief Financial Officer
IR@crinetics.com
(858) 450-6464

Robert H. Uhl
Westwicke Partners
robert.uhl@westwicke.com
(858) 356-5932

The above content is solely the responsibility of Crinetics Pharmaceuticals, Inc. and does not necessarily represent the official views of the National Institutes of Health.

Crinetics Pharmaceuticals Appoints Alan Krasner, M.D., as Chief Medical Officer

SAN DIEGO – June 18, 2018 – Crinetics Pharmaceuticals, Inc., a clinical stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors, today announced the appointment of Alan S. Krasner, M.D. as Chief Medical Officer.

“We are delighted to welcome Alan to the Crinetics management team,” said Scott Struthers, Ph.D., Founder and Chief Executive Officer of Crinetics. “Alan has extensive experience in clinical development of endocrine drugs at both big pharma and smaller biotech companies. We are fortunate to have his leadership to oversee our development programs as we advance our product candidates into and through the clinic.”

Dr. Krasner joins Crinetics from Shire Pharmaceuticals where he was a Senior Medical Director and served as Global Development Lead for Natpara®, the first recombinant human intact parathyroid hormone treatment for hypoparathyroidism. Prior to Shire, he worked at Biodel and Pfizer conducting clinical research at various stages of development in diabetes and obesity. He obtained his undergraduate and M.D. degrees from Northwestern University and received his clinical training in Internal Medicine and Endocrinology at Johns Hopkins University.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals is a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. In March 2018, the Company reported initial results from a Phase 1 trial with its oral somatostatin agonist, CRN00808, for the treatment of acromegaly, an orphan disease affecting more than 25,000 people in the United States. The Company is also developing other oral somatostatin agonists for hyperinsulinism and neuroendocrine tumors, as well as an oral nonpeptide ACTH antagonist for the treatment of Cushing’s disease. Crinetics was founded by a team of scientists with a track record of endocrine drug discovery and development. The Company is backed by life sciences investors including 5AM Ventures, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, Versant Ventures and Vivo Capital and is headquartered in San Diego.