Crinetics Spins Off Radiopharmaceuticals Efforts Into New Company - Crinetics Pharmaceuticals (NASDAQ:CRNX)

Crinetics Pharmaceuticals Inc CRNX spun out a new company, Radionetics, focused solely on a burgeoning field of radiopharmaceuticals.
Radiopharmaceuticals are a class of drugs that contain radioactive isotopes. Those radioisotopes are carried by the treatments to receptors on the tumor, hoping to kill cancer.
Radionetics' platform consists of nonpeptide small molecules that bind to peptide receptors selectively expressed on various tumors.
The company announced seeding the new entity with $30 million raised from 5AM Ventures and Frazier Healthcare Partners.
Radionetics will start with its radiopharma-centric platform and a pipeline of 10 programs aimed at solid tumors.
In conjunction with the company's formation, Radionetics will receive an exclusive worldwide license to the radiotherapeutics technology platform from Crinetics for equity milestones over $1 billion and single-digit royalties on net sales.
Price Action: CRNX shares closed 0.72% lower at $19.35 on Monday.