Crinetics, an innovative pharmaceuticals company focusing to treat specialty endocrine disorders, has announced it closing $40 million in Series A round of funding led by Versant Ventures, 5AM Ventures and Vivo Capital.
Founded in 2010, Crinetics Pharmaceuticals is an innovative therapeutics company that aims at specialty endocrine disorders in neuroendocrinology, reproductive medicine and women’s health. It founding team consists of a team of scientists with a proven track record of endocrine drug discovery and development to create important new therapeutic options for endocrinologists and their patients.
With the fresh funds, Crinetics plans to use most of its funds to improve its lead drug candidate, a small molecule agonist targeting the receptor for somatostatin, a regulatory hormone that inhibits the secretion of growth hormone. It plans to carry out a clinical proof-of-concept trials of the drug as a new treatment for neuroendocrine tumors.
“This financing is a major step forward in advancing our pipeline of novel, internally-discovered therapeutics into clinical development,” said Scott Struthers, Ph.D., founder and chief executive officer of Crinetics. “We are thrilled to have on our side top-tier institutional investors to provide the financial resources to continue building our company and pipeline, and new board members who are so experienced in guiding drugs through clinical development and regulatory approval to commercial success.”
“We invested in Crinetics because we believe in Scott and his team’s ability to build an important new company in the area of specialty endocrinology,” said Tom Woiwode, Ph.D., Managing Director at Versant Ventures. “This investment is very much a continuation of our strategy of investing in proven drug discovery and development teams, such as our prior backing of the Quanticel team, as well as the Inception family of companies, all of which are also in San Diego.”