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Arthur Sands, chief executive officer of Nurix Therapeutics, said, "With the funds raised in this financing, Nurix is well positioned to bring its targeted protein modulation therapeutics into the clinic"
FREMONT, CA: Nurix Therapeutics, a California- based company developing targeted protein modulation drugs, closed an oversubscribed $120 million funding.
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The funding round was led by Foresite Capital with significant participation from EcoR1 Capital, Bain Capital Life Sciences, Wellington Management Company, Boxer Capital (Tavistock Group), Redmile Group and an undisclosed investor, as well as the Company's founding investors The Column Group and Third Rock Ventures.
Arthur Sands, M.D., Ph.D., chief executive officer of Nurix Therapeutics, said, "With the funds raised in this financing, Nurix is well positioned to bring its targeted protein modulation therapeutics into the clinic. We will also continue to use our powerful DELigase platform to discover new therapies aimed at previously undruggable targets of high therapeutic potential."
[vendor_logo_first]The Company intends to use the capital to advance Nurix's wholly-owned development candidates into clinical development. The leading edge of Nurix's pipeline includes an orally delivered BTK chimeric targeting molecule (CTM) for B cell malignancies for which the Company plans to file an IND application with the FDA by the end 2020. The second molecule in Nurix's preclinical pipeline is an orally delivered inhibitor of the CBL-B ligase to stimulate T cell activation and IL-2 secretion as a novel immuno-oncology agent. Both development candidates have been derived from Nurix's DELigaseTM targeted protein modulation platform that combines the use of DNA-encoded libraries (DEL) with a set of E3 ligases to achieve targeted protein modulation. Nurix's scientific approach enables either controlling of E3 ligases to degrade specific target proteins, as in the case of the BTK CTM, or the inhibition of specific ligases to increase substrate protein levels, as in the case of the CBL-B inhibitor.
Michael Rome, Ph.D., partner at Foresite Capital, said, "Nurix's CTM and DELigaseTM platform technologies have led to the discovery of novel BTK degraders with the potential to transform the treatment landscape for hematological indications. Their differentiated platform and novel approach have resulted in strategic corporate partnerships and we believe position the Company as a leader in the emerging protein modulation field."
Recently Nurix partnered up with Sanofi and Gilead to develop novel protein degradation therapies in multiple therapeutic areas. Together, these partnerships provided Nurix with $100 million in upfront payments and the potential for over $4.5 billion in milestones with additional capital and certain co-development options.
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