Nurix Therapeutics, a San Fran company developing targeted protein modulation drugs, will advance its pipeline into clinical development after closing an oversubscribed financing.
The $120 million financing was led by Foresite Capital with participation from Bain Capital Life Sciences, Boxer Capital (Tavistock Group), EcoR1 Capital, Redmile Group, Wellington Management Company and an undisclosed investor.
Nurix’s founding investors, The Column Group and Third Rock Ventures, also participated.
“With the funds raised in this financing, Nurix is well positioned to bring its targeted protein modulation therapeutics into the clinic,” said Nurix CEO Arthur Sands.
“We will also continue to use our powerful DELigase platform to discover new therapies aimed at previously undruggable targets of high therapeutic potential.”
The leading edge of Nurix’s pipeline includes an orally delivered BTK chimeric targeting molecule (CTM) for B cell malignancies for which the company expects to file an IND application with the FDA by the end of the year.
The second molecule in Nurix’s preclinical pipeline is an orally delivered inhibitor of the CBL-B ligase for stimulation of T cell activation and IL-2 secretion as a novel immuno-oncology agent.
Both development candidates were derived from Nurix’s DELigase targeted protein modulation platform, which combines the use of DNA-encoded libraries (DEL) with an expanding set of E3 ligases to achieve targeted protein modulation.
Nurix’s scientific approach enables either the harnessing of E3 ligases to degrade specific target proteins, as in the case of the BTK CTM, or the inhibition of specific ligases to raise substrate protein levels, as in the case of the CBL-B inhibitor.
In addition to advancing its wholly-owned pipeline, Nurix recently formed two new strategic collaborations with Sanofi and Gilead to develop novel protein degradation therapies in multiple therapeutic areas.
Together, these collaborations provided Nurix with $100 million in upfront payments and the potential for over $4.5 billion in milestones with additional royalties and certain co-development options.