Crinetics [NASDAQ: CRNX] to Raise $75M from Public Offering of Common Stock

Crinetics Pharmaceuticals, Inc. [NASDAQ: CRNX] declared 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. The firm has disclosed that all the shares which it has offered are sold by it.  

Crinetics disclosed that it is anticipating raising the profit of nearly $75.0 million from the offering, prior to subtracting the underwriting markdowns and commissions and other offering expenditure. The offering is anticipated to execute on or about April 12, 2021. The closure of Crinetics dependent on the fulfillment of certain execution conditions.

Shares of Crinetics Pharmaceuticals, Inc. [NASDAQ: CRNX] surged 0.55% as it gained +0.09 during the trading session of Wednesday. In the past 52-week of a trading session, the share of the firm went up to $11.61 from its 52-week low range and went down $23.70 from its past 52-week of high range. CRNX’s share surged 41.60% from its 52-week low and plunged -30.63% from its 52-week high. CRNX has a total market capitalization of $516.87 million.

CRNX is planning to utilize the profit from the offering to fund the growth of paltusotine and its other R&D programs. It is also planning to use the profit for working capital and general business purposes.

The book-running manager for the firm is SVB Leerink. The securities defined in the offering are being proposed by Crinetics in accordance with a shelf registration declaration earlier submitted and asserted valid by the SEC.