SAN FRANCISCO, July 08 12, 2022 (GLOBE NEWSWIRE) — Nurix Therapeutics, Inc. (Nasdaq: NRIX), a clinical-stage biopharmaceutical company developing targeted protein-modulating drugs, today announced that it has entered into a securities purchase agreement with two companies health care – investment funds targeted to sell, in a registered direct offering, pre-funded warrants to purchase 2,869,440 shares of common stock at a price of $13.939 per pre-funded warrant for gross proceeds total of approximately $40 million, before deducting estimated offering costs. The offering is expected to close on July 11, 2022, subject to the satisfaction of customary closing conditions.
Nurix intends to use the net proceeds of the offering, together with existing cash, cash equivalents and investments, to fund clinical trials, manufacturing and process development, research, turnover, capital expenditures and other general business objectives. Nurix expects the net proceeds from this offering, together with existing cash, cash equivalents and investments, excluding any potential future milestone collaborations, to be sufficient to fund its operating activities until second half of 2024.
The funding includes participation from two health-focused investment funds.
The Prefunded Warrants have been offered pursuant to an automatically effective pending registration statement on Form S-3 (File No. 333-258448) which was previously filed with the United States Securities and Exchange Commission ( the “SEC”) on August 4, 2021. A prospectus supplement relating to the pre-funded warrants will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.
Before investing in this offering, interested parties should read the Prospectus Supplement, the accompanying Prospectus and the other documents incorporated by reference into this Prospectus Supplement and the accompanying Prospectus in their entirety, which provide more information about Nurix and the offer.
This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful before registration or qualification under the securities laws of such state or territory.
Nurix Therapeutics is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of small molecule and cell therapies based on modulating cellular protein levels as a novel approach to treating cancer and other challenging diseases. . Leveraging Nurix’s extensive expertise in E3 ligases as well as its proprietary DNA-encoded libraries, Nurix has built DELigase, an integrated discovery platform to identify and advance novel drug candidates targeting E3 ligases, a broad class enzymes capable of modulating proteins in the cell. Nurix’s drug discovery approach is to harness or inhibit the natural function of E3 ligases within the ubiquitin proteasome system to selectively decrease or increase cellular protein levels. Nurix’s 100%-owned pipeline includes targeted protein degraders of Bruton’s tyrosine kinase, a B-cell signaling protein, and inhibitors of Casitas lineage B lymphoma proto-oncogene B, an E3 ligase that regulates T-cell activation. Nurix is headquartered in San Francisco, California.
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management’s current beliefs and expectations and include, but are not limited to, limit, statements regarding Nurix’s ability to complete the offer, the intended use of the proceeds of the offer, the timing of the closing of the offer and the ability of Nurix to fund its operations through the second half of 2024. All statements other than statements of historical fact are statements that could be considered forward-looking statements. Although Nurix believes that the expectations reflected in these forward-looking statements are reasonable, it cannot guarantee that these expectations will prove to be correct. Forward-looking statements are subject to risks and uncertainties that may cause the actual operations or results of Nurix to differ materially from those expressed in any forward-looking statement, including, without limitation, risks and uncertainties relating to the conditions market conditions and the satisfaction of closing conditions relating to the offering, and the risks and uncertainties described under “Risk Factors” in Nurix’s filings from time to time with the SEC, including the Quarterly Report of Nurix on Form 10-Q filed with the SEC on July 7, 2022, the supplemental prospectus relating to the offering and other reports filed with the SEC. These forward-looking statements speak only as of the date of this press release, and Nurix undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
Elizabeth Wolffe, Ph.D.
Wheelhouse Life Science Advisors