Crinetics Pharmaceuticals, Inc.

SAN DIEGO, April 12, 2022 (GLOBE NEWSWIRE) — Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX), a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of novel therapies for rare endocrine diseases and Endocrine Tumors, today announced the price of an underwritten follow-on offering of 5,625,563 common shares at a public price of $22.22 per share. All Shares for sale under the Offer must be sold by Crinetics. The gross proceeds of the offering to Crinetics, before deducting underwriting discounts and commissions and other offering expenses, are expected to be approximately $125.0 million. The offering is expected to close on or about April 18, 2022, subject to the satisfaction of customary closing conditions.

Crinetics intends to use the net proceeds of the proposed offering to fund the development of paltusotine, CRN04777, CRN04894 and its other research and development programs, as well as for working capital and general corporate purposes. business.

SVB Leerink, Evercore ISI and Cantor are acting as joint bookrunners for the offering. JMP Securities, a corporate citizen, and HC Wainwright & Co. are acting as co-managers and JonesTrading is acting as co-offering manager.

The securities described above are offered by Crinetics pursuant to a shelf registration statement which became automatically effective upon filing with the Securities and Exchange Commission (SEC). A definitive prospectus supplement relating to this offering will be filed with the SEC. The offering may only be made by means of a prospectus supplement and the accompanying prospectus. When available, copies of the final prospectus supplement and accompanying prospectus relating to this offering may be obtained from: SVB Securities LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by phone at 800-808-7525 ext. 6105 or by email at [email protected]; from: Evercore Group LLC, Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by phone at (888) 474-0200, or by email at [email protected] ; or from: Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Ave., 4th Floor, New York, New York 10022 or by email at [email protected] Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals is a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of novel therapies for rare endocrine diseases and endocrine tumors. The Company’s lead product candidate, paltusotine, is an investigational oral non-peptide selective somatostatin type 2 receptor (SST2) receptor-biased agonist for the treatment of acromegaly, an orphan disease that affects more than 26,000 people in the United States. A Phase 3 clinical program in acromegaly with paltusotine is underway. Crinetics Pharmaceuticals is also developing paltusotine for the treatment of carcinoid syndrome associated with neuroendocrine tumors. The Company is developing CRN04777, an investigational, oral, non-peptide somatostatin receptor type 5 (SST5) agonist for congenital and other forms of hyperinsulinism, as well as CRN04894, an investigational, oral, non-peptide antagonist of the hormone adrenocorticotropic (ACTH) for the treatment of congenital hyperinsulinism. adrenal hyperplasia, Cushing’s disease and other diseases of excess ACTH. All of the Company’s drug candidates are new chemical entities resulting from internal drug discovery efforts.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding Crinetics’ expectations regarding market conditions and the satisfaction of customary closing conditions related to the offering of Common Shares, the expected closing of the Offer and the expected use of proceeds thereof; plans and timelines for the clinical development of paltusotine, CRN04777 and CRN04894, including the therapeutic potential and clinical benefits thereof; and plans to advance other pipeline product candidates or discovery efforts. In some cases, you can identify forward-looking statements by words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “could”, ” intends’, ‘target’, ‘plans’, ‘intends’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continues’ or the negative of these terms or other similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions attached to the proposed common shares. offering, the risks and uncertainties inherent in Crinetics’ business, including the risks and uncertainties described in the company’s periodic filings with the SEC. Events and circumstances reflected in the Company’s forward-looking statements may not materialize or occur and actual results could differ materially from those projected in the forward-looking statements. Additional information about the risks Crinetics faces can be found under “Risk Factors” in Crinetics’ periodic reports, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in the prospectus supplement relating to the proposed offering. to be filed with the SEC. Except as required by applicable law, Crinetics does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of new information, future events, changed circumstances or otherwise. .

contacts:
Marc Wilson
Financial director
[email protected]
(858) 450-6464

Investors / Media:
Corey Davis
LifeSci Advisors, LLC
[email protected]
(212) 915-2577

Aline Sherwood
Scientific communications
[email protected]
(312) 238-8957