Nurix Therapeutics, Inc. (NASDAQ: NRIX) has successfully priced its upsized underwritten public offering, raising $175.0 million. The offering consists of 10,166,667 shares of common stock priced at $15.00 per share and 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.
This pricing represents an upsize from the initial offering, as 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.
The gross proceeds from this offering will primarily be used to fund the clinical development of Nurix's drug candidates, as well as research and development activities to expand its pipeline, and for working capital and general corporate purposes.
Nurix Therapeutics is a clinical stage biopharmaceutical company with a focus on the discovery, development, and commercialization of innovative small molecules and antibody therapies for the treatment of cancer, inflammatory conditions, and other challenging diseases. The company's wholly owned, clinical stage pipeline includes targeted protein degraders of Bruton’s tyrosine kinase and inhibitors of casitas B-lineage lymphoma proto-oncogene B.
This successful public offering signifies Nurix's commitment to advancing its drug discovery approach and expanding its clinical stage pipeline. Following these announcements, the company's shares moved -2.7%, and are now trading at a price of $16.74. For the full picture, make sure to review Nurix Therapeutics's 8-K report.
