Business
Nurix Therapeutics Reports First Quarter Fiscal 2021 Financial Results and Provides a Corporate Update
On track to initiate Phase 1 trials for four wholly owned drug candidates in 2021 Expanded Sanofi collaboration resulting in option exercise payment of $22
About this update from Nurix Therapeutics, Inc.
[{"type":"text","content":"On track to initiate Phase 1 trials for four wholly owned drug candidates in 2021 Expanded Sanofi collaboration resulting in option exercise payment of $22 million Strong financial position after successful $150 million follow-on offering in March 2021 SAN FRANCISCO, April 13, 2021 (GLOBE NEWSWIRE) -- Nurix Therapeutics Inc. (Nasdaq: NRIX), a biopharmaceutical company developing targeted protein modulation drugs, today reported financial results for the first quarter ended February 28, 2021 and provided a corporate update. “We began 2021 with the initiation of our first clinical trial to evaluate NX-2127, an orally available degrader of Bruton’s tyrosine kinase with immunomodulatory drug activity in patients with relapsed or refractory B-cell malignancies,” said Dr. Arthur T. Sands, M.D., Ph.D., president and chief executive officer of Nurix. “We are on track to initiate Phase 1 trials for three more proprietary drug candidates in 2021 for patients with hematologic malignancies and solid tumors.” Recent Business Highlights Expanded Strategic Collaboration with Sanofi S.A. (Sanofi): On January 7, 2021, Nurix announced the expansion of its global strategic collaboration with Sanofi to discover, develop and commercialize a pipeline of innovative targeted protein degradation drugs for patients with challenging diseases in multiple therapeutic areas. Sanofi has exercised its option to expand the number of targets in the collaboration agreement from three to a total of five targets. With the expansion, Nurix received a payment of $22 million, in addition to the previously received upfront payment of $55 million.Completed a Public Follow-on Offering: On March 9, 2021, Nurix announced the closing of its underwritten public offering of 5,175,000 shares of common stock, at a public offering price of $31.00 per share, which included 675,000 shares issued upon the exercise in full by the underwriters of their option to purchase additional shares of common stock. The net proceeds to Nurix from the offering were approximately $150 million, after deducting underwriting discounts, commissions and offering expenses.Presented Preclinical Data Highlighting NX-1607: Nurix presented data from its NX-1607 program at the American Association for Cancer Research 2021 annual meeting which is being held virtually over two weeks, April 10-15 and May 17-21...