On November 13, 2018 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, reported financial results for the quarter ended September 30, 2018 and provided an update on its corporate activities and product pipeline (Press release, Crinetics Pharmaceuticals, NOV 13, 2018, View Source [SID1234531330]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"Following the success of our July 2018 initial public offering, the Crinetics team is on track for the initiation of our Phase 2 EVOLVE and Phase 2 EDGE clinical trials in early 2019 for our lead product candidate, CRN00808, in acromegaly," said Scott Struthers, Ph.D., Founder and Chief Executive Officer of Crinetics. "In addition, we continue to work towards advancing our other pipeline programs and expand our engagement with the scientific, medical and patient communities."
Third Quarter Highlights
Filed IND with the FDA. In August 2018, the company filed its Investigational New Product Application (IND) for CRN00808 in acromegaly. The IND is in effect, thereby allowing the company to proceed with its planned Phase 2 clinical studies, the ACROBAT EVOLVE and ACROBAT EDGE trials.
Completed initial public offering. In July 2018, the company closed its initial public offering of 6,900,000 shares of common stock at a public offering price of $17.00 per share. Net proceeds were approximately $106.5 million, after deducting underwriting discounts, commissions, and offering expenses.
Third Quarter 2018 Financial Results
Research and development expenses were $6.9 million and $16.8 million for the three and nine months ended September 30, 2018, respectively, compared to $2.5 million and $6.7 million for the same periods in 2017. The increases were primarily attributable to manufacturing and development activities associated with the company’s clinical and preclinical programs and personnel costs.
General and administrative expenses were $1.7 million and $4.1 million for the three and nine months ended September 30, 2018, compared to $0.5 million and $1.5 million for the same periods in 2017. The increases were primarily due to costs to operate as a public company, as well as personnel costs to support the company’s growth.
Net loss for the three months ended September 30, 2018 was $7.6 million, compared to a net loss of $2.4 million for the three months ended September 30, 2017. For the nine months ended September 30, 2018, the company’s net loss was $18.6 million compared to a net loss of $6.6 million for the nine months ended September 30, 2017.
Cash and cash equivalents totaled $169.7 million as of September 30, 2018, which includes the net proceeds from the company’s July 2018 initial public offering, compared with $14.2 million as of December 31, 2017.
As of October 31, 2018, the company had 24,036,983 common shares outstanding.