SAN DIEGO – Sorrento Valley’s Crinetics Pharmaceuticals (CRNX: NASDAQ) is celebrating the grand opening of its massive new headquarters. The state-of-the-art facility became fully operational in mid-January and includes a 280% increase in lab space square footage, more than 20 meeting rooms, a gym and outdoor amenities for employees.
“The new lab space is an exciting milestone for our company and the beginning of our transformation,” Crinetics Founder and CEO Dr. Scott Struthers, Ph.D. shared with the Business Journal following the ribbon-cutting ceremony at 6055 Lusk Blvd. “The [facility] and lab space will deepen our world-class, in-house research and development organization that allows us to fulfill our commitment to create important new therapeutic options for people living with endocrine diseases and endocrine-related tumors.”
The new headquarters will also support the company’s goal of hiring up to 100 new employees in 2024, adding to its nearly 300 current employees.
“Approximately 50% of our employees are San Diego-based, including our research team, and will be working out of this new space,” he added. “The other half are remote-based employees who are located across the country.”
Although the shell of the building dates to 1997, Crinetics says significant changes have since been made, including infrastructure improvements that the team hopes will lead to LEED certification.
With an enterprise value of $1.95 billion, Crinetics has raised more than a billion dollars in total capital since its inception. The company sits in a healthy financial position, with unrestricted cash, cash equivalents, and investments totaling $554.7 million as of September 2023.
The move to new headquarters marks another major milestone for Crinetics. Last September, the company’s stock went soaring following the release of its initial findings from a late-stage study of its novel therapeutic aimed at treating acromegaly, a rare but serious growth hormone disease. The randomized, double-blind, placebo-controlled 36-week study findings revealed that 83% of patients taking the compound achieved positive results by being able to maintain levels of IGF-1, a type of growth hormone.
A second Phase 3 study of paltusotine is underway, with results expected to be reported in the first quarter of 2024. If approved by the FDA, the drug would be the company’s first product to hit the commercial market and it could happen in 2025.
“We expect to file the new drug application for paltusotine within acromegaly with the [FDA] in the second half of this year,” he added. “We also look forward to sharing results of multiple clinical trials, including studies in carcinoid syndrome, congenital adrenal hyperplasia, and Cushing’s disease, as well as continuing to advance our pipeline of therapeutics to potentially help more patients in need.”
This January, the company’s spin-out startup Radionetics Oncology announced it raised an additional $52.5 million in Series A financing, bringing its total raised capital to $82.5 million. Radionetics harnesses the power of radiopharmaceuticals – targeted therapies in which radiation-emitting isotopes are delivered to cancer cells. The sought-after tech is especially hot right now. In December, local radiopharma company RayzeBio (RYZB.O) was acquired by pharma giant Bristol Myers Squibb (BMY.N) for $4.1 billion in a deal aimed at bolstering BMS’ cancer treatments.
“Radionetics is applying some of Crinetics core technology to the exciting new area of radiopharmaceuticals,” added Dr. Struthers. “Its first program is now in clinical trials and two more are expected to enter the clinic later this year.”
By 2030, Crinetics says it’s targeting sales-funded growth supported by multiple additional commercial launches and a continuous stream of clinical catalysts and new assets emerging from discovery into development.
“As we enter this next chapter of innovation and expansion, supported by this new campus, our mission to build the leading endocrine company that consistently pioneers new therapeutics to help patients better control their disease and improve their daily lives is truer than ever.”
Crinetics Pharmaceuticals, Inc.
FOUNDER & CEO: Dr. Scott Struthers, PhD
HEADQUARTERS: Sorrento Mesa
STOCK: CRNX (NASDAQ)
ENTERPRISE VALUE: $1.95 billion
NOTABLE: Crinetics is a dog-friendly workplace so at any given time dogs walk around its office and they know exactly which people keep treats for them at their desks.