On April 12, 2021, Crinetics Pharmaceuticals, Inc., a clinical-stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors, announced that it has closed its previously announced underwritten follow-on offering of 4,562,044 shares of its common stock at a price to the public of $16.44 per share. The gross proceeds to Crinetics from the offering, before deducting the underwriting discounts and commissions and other offering expenses, were approximately $75 million.
Investors in the offering included Deep Track Capital, Bain Capital Life Sciences, and Driehaus Capital Management, with participation from other new and existing stockholders.
Crinetics intends to use the net proceeds from the offering to fund the development of paltusotine and its other research and development programs, and for working capital and general corporate purposes.
Wilson Sonsini Goodrich & Rosati advised Crinetics Pharmaceuticals on patent matters related to the transaction. The team was led by Val Zunic and included Uale Taotafa, Tyler Baguley, and Michael Hostetler.
For more information, please see Crinetics Pharmaceuticals' press release.