Business
Crinetics Pharmaceuticals Reports Third Quarter 2019 Financial Results and Provides Corporate Update
SAN DIEGO, Nov. 12, 2019 (GLOBE NEWSWIRE) -- Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX), a clinical stage pharmaceutical company focused on the discovery,
About this update from Crinetics Pharmaceuticals, Inc.
[{"type":"text","content":"SAN DIEGO, Nov. 12, 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 third quarter ended September 30, 2019 and provided an update on its corporate activities and product pipeline.\n “Crinetics has continued to make significant strides in the development of new therapeutics to treat patients suffering from rare endocrine diseases and endocrine-related tumors,” said Scott Struthers, Ph.D., Founder and Chief Executive Officer of Crinetics. “Our ACROBAT clinical studies for patients with acromegaly are advancing as is our Phase 1 study for CRN01941 aimed at neuroendocrine tumors. Furthermore, we are excited with the progress we have made to develop novel therapies for patients suffering from Cushing’s disease and hyperinsulinism as we continue to steer these programs towards clinical development.” Third Quarter and Subsequent Highlights Received final award of SBIR grant from NIH for congenital hyperinsulinism. In July 2019, Crinetics announced that it would receive up to approximately $0.9 million in continued funding under its Small Business Innovation Research (SBIR) grant from the National Institute of Diabetes and Digestive and Kidney diseases (NIDDK) of the National Institutes of Health (NIH). The funds are being used to support the ongoing research and development of Crinetics’ nonpeptide somatostatin agonists for congenital hyperinsulinemias (CHI). Expanded board of directors. In July 2019, Crinetics appointed Stephanie S. Okey, M.S. to its board of directors as an independent board member. Ms. Okey brings extensive leadership and management experience having spent her career in senior commercial roles including, most recently, Head of North America and U.S. General Manager of Rare Diseases at Genzyme. Third Quarter 2019 Financial Results Research and development expenses were $11.8 million and $29.4 million for the three and nine months ended September 30, 2019, respectively, compared to $6.9 million and $16.8 million for the same periods in 2018. The increases were primarily attributable to development and manufacturing activities for CRN00808 and CRN01941 as well as the company’s ...