Rare Daily Staff
Crinetics Pharmaceuticals, a company focused on rare endocrine diseases and endocrine-related tumors, said it has entered into a securities purchase agreement with Frazier Healthcare Partners for a private placement of shares with proceeds of $15 million.
“We are extremely pleased that an investor like Frazier Healthcare Partners supports our vision to become the leading endocrinology company pioneering novel therapeutics for patients to address unmet medical needs,” said Scott Struthers, founder and CEO of Crinetics.
Crinetics intends to use the net proceeds from the proposed offering to fund the development of its lead product candidate paltusotine, an experimental oral, selective nonpeptide somatostatin receptor type 2 agonist for the treatment of acromegaly, an orphan disease affecting more than 26,000 people in the United States.
Acromegaly is a hormonal disorder that results from the pituitary gland producing too much growth hormone (GH), usually due to benign tumors on the pituitary. It is most often diagnosed in middle-aged adults, although symptoms can appear at any age. Signs and symptoms include abnormal growth and swelling of the hands and feet, bone changes that alter various facial features, arthritis, carpal tunnel syndrome, enlargement of body organs, and various other symptoms. If not treated with surgery or drugs, acromegaly can result in serious illness and premature death.
A phase 3 program to evaluate safety and efficacy of paltusotine for the treatment of acromegaly is underway. Crinetics also plans to advance paltusotine into a phase 2 trial for the treatment of carcinoid syndrome associated with neuroendocrine tumors. The company is also developing CRN04777, an investigational, oral, nonpeptide somatostatin receptor type 5 (SST5) agonist for congenital hyperinsulinism, as well as CRN04894, an investigational, oral, nonpeptide ACTH antagonist for the treatment of Cushing’s disease, congenital adrenal hyperplasia, and other diseases of excess ACTH.
Photo: Scott Struthers, founder and CEO of Crinetics