Secondary Stock OfferingsBy The Online Investor Staff, updated Sun., Apr. 11, 8:00 PM
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Slide #3. Crinetics Pharmaceuticals, Inc. — Secondary Offering
Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)
Date of Pricing:
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Secondary Offering Details:
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, announced today the pricing of an underwritten public offering of 4,562,044 shares of its common stock at a price to the public of $16.44 per share. All of the shares to be sold in the offering are being 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 $75.0 million. The offering is expected to close on or about April 12, 2021, subject to the satisfaction of customary closing conditions.
Crinetics Pharmaceuticals is a clinical stage pharmaceutical company focused on the discovery, development and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. CRN00808, Co.'s main product candidate, establishes a class of oral selective nonpeptide somatostatin receptor type 2 (sst2) biased agonists designed for the treatment of acromegaly. CRN0194 is an oral nonpeptide sst2 biased agonist for the treatment of neuroendocrine tumors that originate from neuroendocrine cells commonly found in the gut, lung or pancreas. Co. develops a class of oral selective nonpeptide somatostatin type 5 receptor agonists designed to treat congenital hyperinsulinism.
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Strong Buy (3.60 out of 4)