Nurix Therapeutics Announces Pricing of Upsized $175.0 Million Public Offering
12 April 2024 - 1:38PM
Nurix Therapeutics, Inc. (Nasdaq: NRIX) today announced the pricing
of its upsized underwritten public offering of 10,166,667 shares of
its common stock at a price to the public of $15.00 per share. In
addition, and in lieu of common stock, Nurix is offering to certain
investors pre-funded warrants to purchase up to an aggregate of
1,500,100 shares of common stock at a purchase price of $14.999 per
pre-funded warrant, which represents the per share public offering
price for the common stock less the $0.001 per share exercise price
for each such pre-funded warrant. The gross proceeds to Nurix from
the offering, before deducting underwriting discounts and
commissions and other offering expenses payable by Nurix, are
expected to be $175.0 million. Nurix has granted the underwriters a
30-day option to purchase up to an additional 1,750,000 shares of
common stock in connection with the public offering. The offering
is expected to close on or about April 16, 2024, subject to the
satisfaction of customary closing conditions. All of the securities
are being offered by Nurix.
J.P. Morgan Securities LLC, Piper Sandler &
Co. and Stifel, Nicolaus & Company, Incorporated are acting as
joint book-running managers for the offering. RBC Capital Markets,
LLC and Needham & Company, LLC are acting as lead managers for
the offering.
Nurix currently intends to use any net proceeds
from this offering primarily to fund clinical development of its
drug candidates, to fund research and development activities to
expand its pipeline and for working capital and general corporate
purposes.
The public offering is being made pursuant to a
shelf registration statement on Form S-3 (File No. 333-258448) that
was previously filed by Nurix with the Securities and Exchange
Commission (“SEC”) on August 4, 2021, which was subsequently
amended on February 9, 2023, by Post-Effective Amendment No. 1 and
Post-Effective Amendment No. 2 and declared effective on April 6,
2023. A preliminary prospectus supplement and accompanying
prospectus relating to and describing the terms of the offering was
filed with the SEC and is available on the SEC’s website at
www.sec.gov. A copy of the final prospectus supplement relating to
the offering, when available, may be obtained from: J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204,
or via email at prospectus-eq_fi@jpmchase.com; Piper Sandler &
Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03,
Minneapolis, MN 55402, by telephone at (800) 747-3924, or via email
at prospectus@psc.com; or Stifel, Nicolaus & Company,
Incorporated, Attention: Prospectus Department, One Montgomery
Street, Suite 3700, San Francisco, CA 94104, by telephone at (415)
364-2720, or via email at syndprospectus@stifel.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities of
Nurix, nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Nurix Therapeutics,
Inc.
Nurix Therapeutics is a clinical stage
biopharmaceutical company focused on the discovery, development and
commercialization of innovative small molecules and antibody
therapies based on the modulation of cellular protein levels as a
novel treatment approach for cancer, inflammatory conditions, and
other challenging diseases. Leveraging extensive expertise in E3
ligases together with 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
of enzymes that can modulate proteins within the cell. Nurix’s drug
discovery approach is to either harness or inhibit the natural
function of E3 ligases within the ubiquitin-proteasome system to
selectively decrease or increase cellular protein levels. Nurix’s
wholly owned, clinical stage pipeline includes targeted protein
degraders of Bruton’s tyrosine kinase, a B-cell signaling protein,
and inhibitors of Casitas B-lineage lymphoma proto-oncogene B, an
E3 ligase that regulates activation of multiple immune cell types
including T cell and NK cells. Nurix is headquartered in San
Francisco, California.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 and other federal securities laws.
Any statements contained herein that do not describe historical
facts, including, but not limited to, statements regarding the
satisfaction of customary closing conditions related to the
offering and sale of its securities, the expected gross proceeds
and timing of completion of the offering and the expected use of
proceeds, are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially
from those discussed in such forward-looking statements. Such risks
and uncertainties include, among others, the risks identified in
Nurix’s filings with the SEC, the prospectus related to the
offering, and subsequent filings with the SEC. Any of these risks
and uncertainties could materially and adversely affect Nurix’s
results of operations, which would, in turn, have a significant and
adverse impact on Nurix’s stock price. Nurix cautions you not to
place undue reliance on any forward-looking statements, which speak
only as of the date they are made. Nurix undertakes no obligation
to update publicly any forward-looking statements to reflect new
information, events or circumstances after the date they were made
or to reflect the occurrence of unanticipated events.
Investor Contacts:Jason Kantor,
Ph.DNurix Therapeuticsir@nurixtx.com
Elizabeth Wolffe, Ph.DWheelhouse Life Science
Advisorslwolffe@wheelhouselsa.com
Media Contact:Aljanae Reynolds
Wheelhouse Life Science Advisorsareynolds@wheelhouselsa.com
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