Nurix Therapeutics Announces $125 Mln Public Stock Offering; Stock Down In After-hours

(RTTNews) - Nurix Therapeutics Inc. (NRIX) announced that it has commenced an underwritten public offering of $125 million of its common stock and, in lieu of common stock, in the case of certain investors, pre-funded warrants to purchase shares of its common stock.

NRIX closed Thursday's regular trading at $17.21 up $1.52 or 9.69%. But, in the after hours trading, the stock dropped $1.09 or 6.33%.

In addition, Nurix intends to grant the underwriters a 30-day option to purchase additional shares of its common stock at the public offering price less underwriting discounts and commissions. All of the securities will be offered and sold by Nurix.

Nurix noted that it plans to use any net proceeds from the offering primarily to fund clinical development of its drug candidates, to fund research and development activities to expand its pipeline and for working capital and general corporate purposes.