Why Nurix Therapeutics Shares Are Rising Today

Nurix Therapeutics Inc NRIX shares are trading higher by 13.25% to $17.52 Friday afternoon after the company announced a registered direct offering for total gross proceeds of approximately $40 million.

Nurix says the company intends to use the net proceeds from the offering, together with existing cash, cash equivalents and investments, to fund clinical trials, manufacturing and process development, research, working capital, capital expenditures and other general corporate purposes.

Nurix added that the company expects that the net proceeds from this offering, together with existing cash, cash equivalents and investments, excluding any future potential milestones from collaborations, will be sufficient to fund its operating activities into the second half of 2024.

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Nurix Therapeutics Inc is a biopharmaceutical company.

According to data from Benzinga Pro, Nurix Therapeutics has a 52-week high of $37.42 and a 52-week low of $7.52.