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Nurix Therapeutics Inc. shares traded 13% higher after the company reported Q1/22 financial results and released an outline for two poster presentations that will be submitted at the American Association for Cancer Research Annual Meeting this weekend.

Clinical stage biopharmaceutical company Nurix Therapeutics Inc. (NRIX:NASDAQ), which is focused on developing targeted protein modulation drugs to treat cancer and other diseases, yesterday announced Q1/22 financial results for the period ended February 28, 2022 and provided an update on business operations in the quarter.

Therapeutics' President and CEO Arthur T. Sands, M.D., Ph.D. commented, "In the first quarter, we have made both clinical and regulatory advances in each of our four drug programs including our lead BTK degrader NX-2127 which position us well to provide important proof of concept data across our pipeline throughout the remainder of 2022…With the recent dosing of our first patient in the DeTIL-0255 Phase 1 program, we have expanded the reach of our protein modulation platform to now include drug-enhanced cell therapy."

The company reported on recent developments at the company and advised that it had commenced with dosing the first patient enrolled in its DeTIL-0255 clinical study. The Phase 1 trial is being conducted in patients diagnosed with advanced gynecologic cancers, including ovarian cancer, cervical cancer, and endometrial cancer at multiple U.S. locations. Nurix highlighted that this signifies a major milestone for the company and "represents the first application of targeted protein modulation in the field of cell therapy."

The firm also indicated that the U.K. Medicines and Healthcare products Regulatory Agency (MHRA) recently granted an innovative medicine designation for its NX-1607 for treating patients with advanced solid tumors.

The company mentioned that it is conducting a Phase 1 clinical trial of NX-2127, which it stated it the leading drug candidate from its protein degradation portfolio, at multiple clinical sites in the U.S. The firm advised that "NX-2127 is an orally bioavailable degrader of BTK with immunomodulatory drug (IMiD) activity for the treatment of patients with relapsed or refractory B-cell malignancies." The company stated that preclinical data suggests that NX-2127 potentially offers dual action ability to degrade BTK and IMiD neosubstrates and thus "enhance multiple mechanisms of tumor killing."

The company stated that a second candidate in its protein degradation portfolio called NX-5948 is also currently being evaluated in a Phase 1 study in the U.K. in adults with relapsed or refractory B-cell malignancies. The first dosing of patients expected to begin in H1/22.

Nurix also provided updates on two other ongoing Phase 1 studies including its NX-1607, an E3 ligase inhibitor for use in a wide range of solid tumor types and DeTIL-0255, a drug-enhanced adoptive cellular therapy for adult women with gynecological malignancies such as ovarian, cervical, and endometrial cancer.

The company stated that during Q1/22 it recorded collaboration revenue of $9.6 million, compared to $5.0 million in Q1/21. The firm indicated that the increase was mostly due to revenue recognition adjustments and milestones achieved under its research partnership activities with Gilead Sciences Inc. (GILD:NASDAQ) and Sanofi SA (SNY:NYSE).

The company noted that in addition, in Q1/22 it has received a $6.0 million milestone payment from Gilead and expects to receive another $2.0 million payment from Sanofi later in Q2/22.

The firm state that it spent $43.1 million on R&D in Q1/22, versus $23.0 million during Q1/21. The company attributed the increase mostly to rises in compensation and related personnel costs (+$7.6 million) and increases in supply, contract research, contract manufacturing and clinical trial costs (+$8.6 million).

The company posted a net loss of $42.5 million, or a net loss of $0.95 per share in Q1/22, compared to a net loss of $24.3 million, or a net loss of $0.63 per share in Q1/21.

Nurix advised that as of the end of Q1/22 it held $385.7 million in cash, cash equivalents and investments on its balance sheet.

In a separate new release today, Nurix Therapeutics Inc. (NRIX:NASDAQ) announced that it will making "a presentation of preclinical data that support the clinical development of investigative therapies NX-2127 and DeTIL-0255, for the treatment of B-cell malignancies and solid tumors, respectively, at the American Association for Cancer Research (AACR) Annual Meeting," which is being held in New Orleans, La. starting today.

Nurix's Chief Scientific Officer Gwenn M. Hansen, Ph.D. stated, "Our data presentations at the AACR meeting highlight the breadth and potential of our protein modulation platform to create therapies that could be transformative for patients with cancer…These presentations showing the unique activity of two proprietary small molecule protein modulators, NX-2127 and NX-0255, provide clear scientific rationale supporting our ongoing clinical programs for NX-2127 in B-cell malignancies and DeTIL-0255 for solid tumors. We plan to provide clinical updates from both programs in the second half of 2022."

Nurix Therapeutics is biopharma company based in San Francisco, Calif. that concentrates its efforts on finding, developing and commercializing small molecule and cell therapies for cancer and other challenging diseases. The firm's approach to creating treatments is based upon modulating cellular protein levels. The company listed that "its wholly owned pipeline includes targeted protein degraders of Bruton's tyrosine kinase, a B-cell signaling protein, and inhibitors of Casitas B-lineage lymphoma proto-oncogene B, an E3 ligase that regulates T cell activation." The company's drug-candidate pipeline includes therapeutics for treating patients with autoimmune diseases, hematologic malignancies, solid tumors and viral diseases.

Nurix Therapeutics started the day Friday with a market cap of around $594.8 million with approximately 44.85 million shares outstanding and a short interest of about 8.6%. NRIX shares opened slightly higher at $13.31 (+$0.05, +0.38%) over Thursday's $13.26 closing price. The stock traded Friday between $13.25 and $15.457 per share and closed at $14.82 (+$1.56, +11.76%).

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