Nurix flags Nasdaq IPO

Nurix Therapeutics has filed for a first-time share sale on Nasdaq, which announced yesterday it welcomed 69 initial public offerings (IPOs) raising a total USD 17.40 billion in the first half of 2020.

The Californian biopharmaceutical company has hired JPMorgan, Piper Sandler, Stifel and Needham to handle the listing with a USD 100.00 million placeholder.

Nurix is focused on the discovery, development and commercialisation of oral, small molecule therapies designed to modulate cellular protein levels as a novel treatment approach for cancer and immune disorders.

The group’s drugs control ubiquitin E3 ligases, the key enzymes responsible for protein breakdown in human cells.

Its wholly-owned pipeline comprises targeted protein degraders of Bruton’s tyrosine kinase (BTK), a B-cell signalling protein, and inhibitors of Casitas B-lineage lymphoma proto-oncogene-B, an E3 ligase that regulates T cell activation.

NX-2127, the lead candidate from the protein degradation portfolio, is an orally available BTK degrader for the treatment of relapsed or refractory B-cell malignancies.

The frontrunner drug from the E3 ligase inhibitor programme, NX-1607, is an orally available CBL-B inhibitor for immuno-oncology indications.

Beyond these two, Nurix is advancing additional preclinical treatments, either independently or through established strategic collaborations with Sanofi and Gilead Sciences.

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The company incurred a net loss of USD 21.70 million in the financial year ended 30th November 2019 (FY 2018: USD 9.43 million loss), and of USD 4.81 million in H1 2020 (H1 2019: USD 5.75 million loss).

As of May 31, 2020, it had an accumulated deficit of USD 65.30 million and had cash and equivalents of USD 182.60 million.

Unsurprisingly, proceeds from the IPO will fund the further development of the company’s programmes and broaden its drug pipeline.

In March, Nurix raised USD 120.20 million by selling 28.29 million series D redeemable convertible stock.

The round was led by Foresite Capital with participation from Bain Capital Life Sciences, Boxer Capital, EcoR1 Capital, Redmile, Wellington Management and an undisclosed investor, as well as founding investors, the Column Group and Third Rock Ventures.

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