Crinetics Pharmaceuticals, a San Diego biotech focused on developing new drugs for endocrine disorders and endocrine-related cancers, said today it has raised $63.5 million in a Series B financing led by Perceptive Advisors, the New York biotech fund.
Two new investors, RA Capital and OrbiMed, joined the round, along with existing investors 5AM Ventures, Versant Ventures, and Vivo Capital. With the latest funding, CEO Scott Struthers, who founded Crinetics in 2008, said the company has raised over $100 million, including private investments and non-dilutive funding such as Small Business Innovation Research Grants.
In a statement Tuesday, Crinetics said it plans to use the proceeds to fund its continuing clinical development of CRN00808, its lead drug candidate for the potential treatment of acromegaly, a rare disorder caused by excess growth hormone production. Last fall, the company began a Phase 1 study testing the drug, a solution that is taken by mouth. A separate arm of the 83-patient study will test a capsule version.
The company, which now has about 30 employees, also plans to use proceeds of the funding to develop additional new therapeutics for endocrine disorders and endocrine related cancers, and for general corporate purposes. Crinetics has focused its technology on G protein-coupled receptors. In addition to acromegaly, caused by a benign tumor of the pituitary gland, the company has laid out programs to treat patients with such disorders as neuroendocrine tumors, hyperinsulinism, and Cushing’s disease.
“We believe Crinetics is poised to make a meaningful contribution to the treatment of rare endocrine disorders and today’s successful fundraising validates that promise and our strategy to date,” Struthers said.