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nurix Nurix Therapeutics Reports First Quarter Fiscal 2021 Financial Results and Provides a Corporate Update April 13 , 2021 On track to initiate Phase 1 trials for four wholly owned drug candidates in 2021 Expanded Sanofi collaboration resulting in option exercise payment of $ 22 million Strong financial position after successful $ 150 million follow - on offering in March 2021 SAN FRANCISCO , April 13 , 2021 ( GLOBE NEWSWIRE ) -- Nurix Therapeutics Inc. ( Nasdaq : NRIX ) , a biopharmaceutical company developing targeted protein modulation drugs , today reported financial results for the first quarter ended February 28 , 2021 and provided a corporate update . " We began 2021 with the initiation of our first clinical trial to evaluate NX - 2127 , an orally available degrader of Bruton's tyrosine kinase with immunomodulatory drug activity in patients with relapsed or refractory B - cell malignancies , " said Dr. Arthur T. Sands , M.D. , Ph.D. , president and chief executive officer of Nurix . " We are on track to initiate Phase 1 trials for three more proprietary drug candidates in 2021 for patients with hematologic malignancies and solid tumors . " Recent Business Highlights • Expanded Strategic Collaboration with Sanofi S.A. ( Sanofi ) : On January 7 , 2021 , Nurix announced the expansion of its global strategic collaboration with Sanofi to discover , develop and commercialize a pipeline of innovative targeted protein degradation drugs for patients with challenging diseases in multiple therapeutic areas . Sanofi has exercised its option to expand the number of targets in the collaboration agreement from three to a total of five targets . With the expansion , Nurix received a payment of $ 22 million , in addition to the previously received upfront payment of $ 55 million . • Completed a Public Follow - on Offering : On March 9 , 2021 , Nurix announced the closing of its underwritten public offering of 5,175,000 shares of common stock , at a public offering price of $ 31.00 per share , which included 675,000 shares issued upon the exercise in full by the underwriters of their option to purchase additional shares of common stock . The net proceeds to Nurix from the offering were approximately $ 150 million , after deducting underwriting discounts , commissions and offering expenses . • Presented Preclinical Data Highlighting NX - 1607 : Nurix presented data from its NX - 1607 program at the American Association for Cancer Research 2021 annual meeting which is being held virtually over two weeks , April 10-15 and May 17-21 . NX - 1607 , an orally bioavailable , small - molecule inhibitor of Casitas B - lineage lymphoma B ( CBL - B ) , demonstrated significant anti - tumor efficacy in animal models of both colorectal cancer and triple negative breast cancer . Importantly , the combination of NX - 1607 and an anti - PD - 1 antibody substantially increased the median overall survival and the frequency of long - lasting tumor rejection in these models compared to either single agent alone . The activity of NX - 1607 was shown to be dependent on CD8 + T cells and NK cells . A copy of the poster can be found on Nurix's website ( link ) . • Announced Collaboration for the Discovery of Novel Drugs to Treat Pediatric Cancers : On March 16 , 2021 , Nurix announced that it is part of a collaboration sponsored by Alex's Lemonade Stand Foundation ( ALSF ) , a leading funder of pediatric cancer research , to develop a drug to potentially treat aggressive childhood cancers including neuroblastoma and medulloblastoma . Nurix will provide its extensive expertise in E3 ligases and use its proprietary DNA - encoded library to help identify small - molecule degraders of MYCN , a target previously considered undruggable . The program is one of four that are being supported by ALFS's Crazy 8 initiative , which is designed to bring together world - class research talent to accelerate the pace of new cure discovery in childhood cancer . Upcoming Program Highlights • NX - 2127 : Nurix's lead drug candidate from its protein degradation portfolio , NX - 2127 , is an orally available degrader of Bruton's tyrosine kinase ( BTK ) with immunomodulatory drug ( IMiD ) activity for the treatment of relapsed or refractory B - cell malignancies . Nurix filed an IND for NX - 2127 in December 2020 and received clearance by the U.S. FDA to initiate human clinical trials . Clinical sites are actively recruiting patients for a Phase 1 clinical trial of NX - 2127 . Additional information on the clinical trial can be accessed at ClinicalTrials.gov ( NCT04830137 ) .