Biotech Crinetics Therapeutics Raises $86 million in IPO

June 26, 2018  Source: FierceBiotech 207

The San Diego-based biotech company Crinetics Therapeutics recently raised $86 million in an IPO. Prior to the new funding, the company received $63.5 million in series B funding and will see its lead asset through phase 2.

Crinetics Therapeutics is currently focusing on endocrine disorders (hormone diseases) and endocrine-related cancers by aiming at the G-protein coupled receptor (GPCR) through its drug CRN00808, a nonpeptide somatostatin agonists, currently in its phase 1 clinical trial for the treatment of acromegaly, a disease which allows the body to mass produce hormones which can lead to bones and soft tissue growing abnormally resulting in complications, including hypertension, diabetes and osteoarthritis.

A pituitary tumor is often the cause for the production of too much growth hormones which could lead to acromegaly. Treatment for this includes surgery and injectable drugs that stop the growth hormone and now, Crinetics’ CRN00808 would be the oral alternative.

Apart from Crinetics and their CRN00808, Chiasma is also working on capsule formulation of octreotide, an injectable marketed as Sandostatin by Novartis, however, the FDA rejected it in 2016. The drug is currently a new phase 3 trial.

By Ddu