Crinetics Pharmaceuticals Announces Oversubscribed $350M Private Placement Of 8,333,334 Shares Of Common Stock At A Price Of $42/Share
Portfolio Pulse from Benzinga Newsdesk
Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) announced an oversubscribed private placement of 8,333,334 shares at $42/share, expecting to raise $350M. The funds are intended for R&D, working capital, and general corporate purposes. The placement, supported by notable institutional investors and managed by several prominent placement agents, is set to close by March 1, 2024.
February 28, 2024 | 1:02 pm
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Crinetics Pharmaceuticals plans to raise $350M through an oversubscribed private placement of shares, aiming to fund R&D and other corporate needs.
The successful completion of this oversubscribed private placement indicates strong investor confidence in Crinetics Pharmaceuticals. The influx of $350M in gross proceeds is expected to significantly bolster the company's financial position, enabling accelerated research and development activities. This financial reinforcement is likely to be viewed positively by the market, potentially leading to a short-term uptick in CRNX's stock price as investors react to the company's enhanced growth prospects and the strong backing from institutional investors.
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