Crinetics Pharmaceuticals Announces Oversubscribed $350 Million Private Placement
SAN DIEGO, Feb. 28, 2024 (GLOBE NEWSWIRE) — Crinetics Pharmaceuticals, Inc. (Nasdaq:CRNX) (“Crinetics” or the “Company”), 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 that it has agreed to sell 8,333,334 shares of its common stock at a price of $42.00 per share to a select group of institutional and accredited healthcare specialist investors in an oversubscribed private placement. Crinetics anticipates the gross proceeds from the private placement to be approximately $350 million, before deducting any offering-related expenses. The private placement is expected to close on or about March 1, 2024, subject to the satisfaction of customary closing conditions.