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Nurix Therapeutics Announces Two Direct Offerings to Raise $95M

NEW YORK – Nurix Therapeutics this week announced two separate registered direct offerings of prefunded warrants for its common stock at a price of $13.939 per warrant, expecting to raise approximately $95 million.

On Thursday, Nurix announced an agreement with Redmile Group to purchase the prefunded warrants for 3,945,480 shares of common stock worth up to $55 million.

On Friday, the firm announced a second direct offering with two undisclosed healthcare-focused investment funds to purchase prefunded warrants for 2,869,440 shares of common stock with expected gross proceeds of approximately $40 million. Both direct offerings are expected to close on July 11.

San Francisco-based Nurix plans to use the proceeds to fund clinical trials, manufacturing and process development, research, working capital, capital expenditures, and other general corporate purposes. The firm expects the proceeds, along with its existing cash equivalents and investments, will fund its operating activities through the second half of 2024.

Nurix has four cancer programs in Phase I studies. Its pipeline includes two BTK degraders that are being developed for B-cell malignancies, including non-Hodgkin lymphoma, chronic lymphocytic leukemia, and some autoimmune conditions. The firm is also developing a CBL-B inhibitor that is being studied in advanced solid tumors.

In April, Nurix began a Phase I trial of its autologous tumor-infiltrating lymphocyte (TIL) therapy, DeTIL-0255, in patients with advanced ovarian, endometrial, and cervical cancers.