SAN DIEGO, Oct. 08, 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, announced today the pricing of an upsized underwritten public offering of 10,000,000 shares of its common stock at a price to the public of $50.00 per share. All of the shares to be sold in the offering are to be sold by Crinetics. The gross proceeds to Crinetics from the offering, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be $500.0 million. In addition, Crinetics has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock. The offering is expected to close on or about October 10, 2024, subject to the satisfaction of customary closing conditions.
Crinetics intends to use the net proceeds from the offering, together with its existing cash, cash equivalents and investment securities, to fund research and development of its clinical-stage product candidates, other research programs, pre-commercialization activities and other general corporate purposes, which may include, among other things, capital expenditures or working capital. Crinetics may also use a portion of the remaining net proceeds, together with its existing cash, cash equivalents and investment securities, to in-license, acquire, or invest in complementary businesses, technologies, products or assets; however, it has no current commitments or obligations to do so.
Leerink Partners, Morgan Stanley, Piper Sandler and Cantor are acting as joint bookrunning managers for the offering. LifeSci Capital, Baird, H.C. Wainwright & Co. and Citizens JMP are acting as lead managers for the offering. Jones is acting as co-manager for the offering.
The securities described above are being offered by Crinetics pursuant to a shelf registration statement that became automatically effective upon ...
