Nurix Therapeutics Announces $55 Million Registered Direct Offering

SAN FRANCISCO, July 07, 2022 (GLOBE NEWSWIRE) -- Nurix Therapeutics, Inc. (NASDAQ:NRIX ), a clinical-stage biopharmaceutical company developing targeted protein modulation drugs, today announced that it has entered into a securities purchase agreement with an institutional investor to sell, in a registered direct offering, pre-funded warrants to purchase 3,945,480 shares of common stock at a price of $13.939 per pre-funded warrant for total gross proceeds of approximately $55 million, before deducting estimated offering expenses. 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 from the offering, together with existing cash, cash equivalents and investments, to fund clinical trials, manufacturing and process development, research, working capital, capital expenditures and other general corporate purposes. Nurix expects that the net proceeds from this offering, together with existing cash, cash equivalents and investments, excluding any future potential milestones from collaborations, will be sufficient to fund its operating activities into the second half of 2024. The financing includes participation by Redmile Group, LLC. The pre-funded warrants were offered pursuant to an automatically effective shelf registration statement on Form S-3 (File No. 333-258448) that was previously filed with the U.S. Securities and Exchange Commission (the "SEC") on August 4, 2021. A prospectus supplement related to the pre-funded warrants will be filed with the SEC and will be ... Full story available on Benzinga.com