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SAN DIEGO, March 13, 2019 (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 reported financial results for the quarter and full year ended December 31, 2018 and provided an update on its corporate activities and product pipeline.
“2018 was a transformative year for Crinetics, highlighted by our successful initial public offering in July and the progress of our pipeline programs for rare endocrine diseases,” said Scott Struthers, Ph.D., Founder and Chief Executive Officer of Crinetics. “We have initiated our Phase 2 EVOLVE and EDGE clinical trials for our lead product candidate, CRN00808, in acromegaly, and will initiate our Phase 1 proof-of-concept trial for CRN01941 aimed at neuroendocrine tumors during the first half of the year.”
Anticipated 2019 Activities
Full Year 2018 Highlights
Fourth Quarter and Full Year 2018 Financial Results
Crinetics expects that its cash, cash equivalents and investments will fund its current operating plan at least through the end of 2020.
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. The company’s lead product candidate, CRN00808, is an oral nonpeptide 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 nonpeptide somatostatin agonists for neuroendocrine tumors and hyperinsulinism, 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. For more information please visit www.crinetics.com.
Crinetics cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding the anticipated timing to commence clinical trials for CRN00808 and plans to advance other pipeline programs. The inclusion of forward-looking statements should not be regarded as a representation by Crinetics that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Crinetics’ business, including, without limitation: potential delays in the commencement, enrollment and completion of clinical trials; the company’s dependence on third parties in connection with product manufacturing, research and preclinical and clinical testing; the success of Crinetics’ clinical trials and preclinical studies for CRN00808 and its other product candidates; regulatory developments in the United States and foreign countries; unexpected adverse side effects or inadequate efficacy of the company’s product candidates that may limit their development, regulatory approval and/or commercialization, or may result in recalls or product liability claims; Crinetics’ ability to obtain and maintain intellectual property protection for its product candidates; and other risks described under the heading “Risk Factors” in documents the company files from time to time with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Crinetics undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Chief Financial Officer
Robert H. Uhl
|CRINETICS PHARMACEUTICALS, INC.|
|CONDENSED CONSOLIDATED FINANCIAL STATEMENT DATA|
|Three months ended December 31,||Twelve months ended December 31,|
|STATEMENTS OF OPERATIONS DATA:||2018||2017||2018||2017|
|Research and development||7,651||2,562||24,479||9,233|
|General and administrative||2,561||467||6,659||1,939|
|Total operating expenses||10,212||3,029||31,138||11,172|
|Loss from operations||(9,431||)||(2,501||)||(28,710||)||(9,127||)|
|Total other income (expense), net||936||(20||)||1,595||(30||)|
|Net loss per share - basic and diluted||$||(0.35||)||$||(1.68||)||$||(2.23||)||$||(6.68||)|
|Weighted-average shares - basic and diluted||24,046||1,503||12,142||1,371|
|BALANCE SHEET DATA:||
|Cash, cash equivalents and short-term investments||$||163,875||$||14,192|
|Convertible preferred stock||$||-||$||29,700|
|Total stockholders’ equity (deficit)||$||160,225||$||(15,022||)|