Crinetics Pharmaceuticals, Inc. announced on October 8, 2024, the pricing of an upsized underwritten public offering of 10,000,000 shares of its common stock at $50.00 per share. This offering is expected to generate gross proceeds of $500.0 million for the company.
Crinetics also granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock. The offering is anticipated to close on or about October 10, 2024, subject to customary closing conditions.
The net proceeds from this offering, combined with existing cash, cash equivalents, and investment securities, are intended to fund research and development of clinical-stage product candidates, other research programs, pre-commercialization activities, and general corporate purposes. This capital infusion strengthens the company's financial position to advance its pipeline and prepare for potential product launches.
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