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SAN DIEGO, Aug. 30, 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 reported financial results for the quarter ended June 30, 2018 and provided an update on its corporate activities and product pipeline.
“Crinetics has made major progress in 2018 with the company’s initial public offering, which raised net proceeds of $106.4 million,” said Scott Struthers, Ph.D., Founder and Chief Executive Officer of Crinetics. “With our balance sheet substantially strengthened, we will focus on growing our operations and preparing for the initiation of our planned Phase 2 clinical trials for CRN00808 in acromegaly in early 2019, as well as developing our other pipeline programs.”
Second Quarter 2018 and Subsequent Highlights
Second Quarter 2018 Financial Results
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 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.
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 growing the company’s operations, the anticipated timing to commence Phase 2 clinical trials for CRN00808 and plans to develop its other programs in hyperinsulinemia, neuroendocrine tumors and Cushing’s disease. 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 the company’s final prospectus filed with the SEC on July 18, 2018, relating to the Registration Statement on Form S-1, as amended, for the company’s initial public offering, and any subsequent filings with the SEC. 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 June 30,||Six months ended June 30,|
|(in 000s, except per share data)||2018||2017||2018||2017|
|Consolidated Statements of Operations Data:|
|Research and development||5,222||2,083||9,942||4,148|
|General and administrative||1,118||392||2,366||981|
|Total operating expenses||6,340||2,475||12,308||5,129|
|Loss from operations||(5,683||)||(1,643||)||(11,209||)||(4,252||)|
|Total other income (expense), net||115||(5||)||177||(2||)|
|Net loss per share - basic and diluted||$||(2.41||)||$||(1.22||)||$||(5.28||)||$||(3.34||)|
|Weighted average shares - basic and diluted||2,307||1,348||2,089||1,273|
|June 30,||December 31,|
|Consolidated Balance Sheet Data:|
|Cash and cash equivalents||$||68,408||$||14,192|
|Convertible preferred stock||$||92,975||$||29,700|
|Total stockholders’ equity (deficit)||$||(25,177||)||$||(15,022||)|