Business
Nurix Therapeutics Reports Third Quarter Fiscal 2023 Financial Results and Provides a Corporate Update
Announced strategic collaboration with Seagen to develop a portfolio of Degrader-Antibody Conjugates, resulting in a $60 million upfront payment Achieved an
About this update from Nurix Therapeutics, Inc.
[{"type":"text","content":"Announced strategic collaboration with Seagen to develop a portfolio of Degrader-Antibody Conjugates, resulting in a $60 million upfront payment Achieved an additional $8 million in research milestones for the quarter, resulting in milestone and license fee payments totaling $35.5 million year-to-date from Gilead and Sanofi Maintained strong financial position with cash runway into the second quarter of 2025 SAN FRANCISCO, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Nurix Therapeutics, Inc. (Nasdaq: NRIX), a clinical stage biopharmaceutical company developing targeted protein modulation drugs designed to treat patients with hematologic malignancies and solid tumors, today reported financial results for the fiscal quarter ended August 31, 2023, and provided a corporate update. “As our drug development pipeline continues to advance in the clinic, we are excited to add to our pipeline with Seagen to advance a portfolio of Degrader-Antibody Conjugates, or DACs, a new class of highly selective cancer therapeutics,” said Arthur T. Sands, M.D., Ph.D., president and chief executive officer of Nurix. “Nurix enters the fourth quarter of 2023 in a strong financial position due to our ability to access significant revenue from corporate partners including our recently announced agreement with Seagen and ongoing strategic collaborations with Gilead and Sanofi.” Recent Business Highlights Nurix announced a first of its kind strategic collaboration with Seagen: In September, Nurix entered a collaboration with Seagen to develop a portfolio of Degrader-Antibody Conjugates (DACs): antibodies that deliver a targeted protein degrader payload to selectively kill cancer cells. Nurix received a $60 million upfront payment and has the potential to receive approximately $3.4 billion in milestone payments plus future royalties. Nurix also retains an option for U.S. profit sharing and co-promotion on two products arising from the collaboration. In addition, Nurix announced that with the receipt of the $60 million upfront payment, Nurix expects that its existing cash, cash equivalents and marketable securities, excluding any future potential milestones from collaborations, will be sufficient to fund its operating activities into the second quarter of 2025.Nurix expanded its Phase 1a trial of NX-1607 to include a combination with paclitaxel: In August, Nurix treated ...