Crinetics Pharmaceuticals Inc., of San Diego, which is focused on developing therapeutics for rare endocrine diseases and endocrine-related tumors, said it closed its underwritten public offering of 8.22 million shares, a total that includes 1.07 million shares sold by the underwriters who exercised in full their option to purchase additional shares at the public offering price of $14 each. The gross proceeds were approximately $115.1 million and the company intends to use the net proceeds to support the development of paltusotine, an oral, selective nonpeptide somatostatin receptor type 2 biased agonist undergoing two phase II trials for the treatment of acromegaly, and its other research and development programs, and for working capital and general corporate purposes.
Oric Pharmaceuticals Inc., of South San Francisco, has established terms for its proposed IPO planning to raise up to $75 million by offering 5 million shares at a price range of $14 to $16. Its lead product candidate, ORIC-101, is a selective small-molecule antagonist of the glucocorticoid receptor, which has been linked to resistance to multiple classes of cancer therapeutics across a variety of solid tumors. In August last year, the company raised $55 million to help drive two separate phase Ib trials of ORIC-101 in combination with Xtandi (enzalutamide, Astellas Pharma Inc./Pfizer Inc.) in metastatic prostate cancer and Abraxane (nab-paclitaxel, Celgene Corp./Bristol Myers Squibb Co.) in advanced or metastatic solid tumors. The company’s shares will list on Nasdaq under the symbol ORIC.
Zikani Therapeutics Inc., of Watertown, Mass., which is developing ribosome modulating agents for the treatment of rare, nonsense mutation-driven diseases, said it closed a $7.5 million series A-1 financing with Advent Life Sciences, Gurnet Point Capital and Roche Venture Fund supporting the round. The company indicates that it will use the proceeds to advance its current nonsense mutation readthrough programs from lead optimization to candidate selection. It has demonstrated positive, preclinical data in multiple disease areas such as: APC mutant colon cancer, familial adenomatous polyposis, class 1 cystic fibrosis, and recessive dystrophic and junctional epidermolysis bullosa.