By Colin Kellaher
Shares of Crinetics Pharmaceuticals surged in premarket trading Monday after the clinical-stage pharmaceutical company said its lead drug candidate paltusotine met the primary and all secondary endpoints of a Phase 3 study in patients with acromegaly, a rare hormonal disorder.
The San Diego company said the study, one of two Phase 3 trials it is conducting of paltusotine in acromegaly, involved patients switching to the oral, once-daily investigational compound from standard-of-care injected depot somatostatin analogs.
Crinetics said paltusotine was well tolerated in the study, with no severe or serious adverse events, adding that it plans to seek regulatory approval of paltusotine as quickly as possible after it completes the second Phase 3 study early next year.
Crinetics shares, which closed Friday at $15.97, were recently up more than 34% to $21.47 in premarket trading.
Write to Colin Kellaher at [email protected]
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