Crinetics Pharma Prices Public Offering Of 10 Mln Shares At $50/Shr

(RTTNews) - Crinetics Pharmaceuticals, Inc. (CRNX) announced pricing of upsized underwritten public offering of 10 million common shares at $50.00 per share. The offering is expected to close on or about October 10, 2024.

Crinetics also granted the underwriters a 30-day option to purchase up to an additional 1.5 million common shares. The company expects offering gross proceeds, before expenses, to be $500.0 million.

Crinetics intends to use offering net proceeds, together with cash, cash equivalents and investment securities, to fund research and development, other research programs, pre-commercialization activities and other general corporate purposes.