NRIX - Nurix Therapeutics: Protein Deg Specialist's Latest Data Establishes Bull Case

2024-06-19 09:27:56 ET

Summary

• Nurix Therapeutics raised $209m in its IPO in July 2020, focusing on protein degradation in drug development, primarily in the blood cancer space.
• Protein degradation involves marking proteins for destruction by the proteasome using bifunctional small molecules.
• Nurix's lead proprietary candidate NX-5948 showed promising results in a Phase 1a clinical study for CLL patients in data released this week, triggering a surge in the company's share price.
• Management hopes to guide its lead candidate into a pivotal study next year, opening up a potentially compelling market opportunity.
• More data - in NHL and immuno-oncology - will arrive this year, and Nurix continues to collaborate with three major Pharma companies - Gilead, Sanofi, and Pfizer. The bull run can therefore be sustained.

Overview: Nurix and The Protein Deg Field Of Drug Development

San Francisco-based biotech company Nurix Therapeutics ( NRIX ) completed its Initial Public Offering ("IPO") in July 2020, raising ~$209m via the issuance of ~11m shares priced at $11 per share.

Nurix' area of expertise is a field of drug development known as "protein degradation". The company explains the mechanism of action ("MoA") of this approach in its 2023 annual report / 10K submission - I'll quote from this document to try to provide a brief overview....

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