Business
Crinetics Pharmaceuticals Reports First Quarter 2022 Financial Results and Provides Corporate Update
Phase 1 Multiple-Ascending Dose Data for CRN04894 Expected in 2Q22 Paltusotine’s Phase 3 PATHFNDR Trials in Acromegaly Advancing Towards Anticipated Top-Line
About this update from Crinetics Pharmaceuticals, Inc.
[{"type":"text","content":"Phase 1 Multiple-Ascending Dose Data for CRN04894 Expected in 2Q22 Paltusotine’s Phase 3 PATHFNDR Trials in Acromegaly Advancing Towards Anticipated Top-Line Data Readouts in 2023Clinical Trial of CRN04777 in Congenital Hyperinsulinism Patients Planned to Begin in 2H22 Following Our Previous Announcement of Positive Top-Line Data from Phase 1 Multiple-Ascending Dose Cohorts Strengthened Balance Sheet by Raising Gross Proceeds of $125 Million in Successful Common Stock Offering SAN DIEGO, May 12, 2022 (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 first quarter ended March 31, 2022. “We continue to build the foundation needed to establish Crinetics as the world’s leading endocrine company, as recent progress has strengthened our clinical dataset, balance sheet and leadership team,” said Scott Struthers, Ph.D., founder and chief executive officer of Crinetics. “This is highlighted by CRN04777’s recent Phase 1 top-line results, which further demonstrated the molecule’s dose-dependent effects on biomarkers that are critically important to the pathophysiology and medical management of hyperinsulinism. Later this quarter, we expect to report data from a healthy volunteer study designed to evaluate CRN04894’s potential to counteract the effects of excess ACTH with a novel mechanism of action. The pharmacologic proof-of-concept these Phase 1 studies aim to achieve highlights the unique efficiency of our endocrine drug development paradigm. Looking forward, we will continue to combine the advantages of this paradigm with the efforts of our deeply talented drug discovery team to thoughtfully expand our pipeline as we work to advance our current clinical-stage candidates towards registration.” First Quarter 2022 and Recent Highlights Reported positive top-line results from multiple-ascending dose (MAD) cohorts of the CRN04777 Phase 1 study. In March 2022, Crinetics announced positive data from the MAD cohorts of a Phase 1 study of CRN04777, a somatostatin receptor type 5 (SST5) agonist being developed as a treatment for congenital and syndromic hyperinsulinisms. The results built upon previously report...