Crinetics Pharmaceuticals Announces Pricing of Upsized Public Offering of Common Stock

SAN DIEGO, Sept. 12, 2023 (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 11,441,648 shares of its common stock at a price to the public of $30.59 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 approximately $350.0 million. In addition, Crinetics has granted the underwriters a 30-day option to purchase up to an additional 1,716,247 shares of common stock. The offering is expected to close on or about September 15, 2023, subject to the satisfaction of customary closing conditions.

Crinetics intends to use the net proceeds from the offering to fund the development of paltusotine, CRN04894 and its other research and development programs, and for working capital and general corporate purposes.

J.P. Morgan, Morgan Stanley, Leerink Partners and Piper Sandler are acting as joint book-running managers for the offering. LifeSci Capital is acting as the lead manager for the offering.

The securities described above are being offered by Crinetics pursuant to a shelf registration statement that became automatically effective upon its filing with the Securities and Exchange Commission (SEC). A preliminary prospectus supplement relating to this offering has been filed with the SEC and a final prospectus supplement relating to this offering will be filed with the SEC. The offering may be made only by means of a prospectus supplement and accompanying prospectus. When available, copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at [phone] or by email at [e-mail]; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or by email at [e-mail]; Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at [phone], ext. 6105, or by email at [e-mail]; or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at [phone] or by email at [e-mail]. Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on the website of the SEC at www.sec.gov.