Crinetics Therapeutics is on a fundraising roll, filing Friday to raise up to $86 million in its IPO. The move comes three months after the biotech picked up $63.5 million in its series B and will see its lead asset through phase 2.
The San Diego-based biotech is working on oral treatments for endocrine disorders and endocrine-related cancers by targeting the G-protein coupled receptor (GPCR). Its lead candidate, CRN00808, is a nonpeptide somatostatin agonist in phase 1 for the treatment of acromegaly, a condition in which the body produces too much growth hormone. This causes bones and soft tissue to grow abnormally, which can lead to a host of complications, including hypertension, diabetes and osteoarthritis.
Acromegaly is often caused by a pituitary tumor; treatment can include surgery to remove the tumor and injectable drugs that suppress the production of or block the activity of growth hormone. Crinetics’ CRN00808 is an oral alternative to these treatments.
RELATED: Escient Pharma grabs $40M to push orphan GPCR drugs into the clinic
Crinetics isn’t the only one working on patient-friendly acromegaly meds. Chiasma has been developing a capsule formulation of octreotide—an injectable marketed as Sandostatin by Novartis—but it was rejected by the FDA in 2016. The drug is in a new phase 3 study to support resubmission that is expected to read out next year.
Based on its plan, the biotech expects its IPO haul to provide at least two years of runway, according to its S-1. In addition to completing the planned phase 2 study in acromegaly, the capital will support the preclinical and clinical development of other programs, including planned phase 1 trials for CRN02481 in hyperinsulinemia and CRN01941 in neuroendocrine tumors. It has a preclinical program in Cushing disease and “early discovery efforts” against undisclosed targets.