On Heels of $100M Financing, Annexon Bio Aims to Tack On More Via IPO

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Nurix Therapeutics, a preclinical-stage biotech developing drugs for cancer and immune diseases, submitted its IPO paperwork with securities regulators.

San Francisco-based Nurix is developing drugs based on protein degradation, a cell’s built-in system for disposing of old or damaged proteins. The idea is to use this cellular system to get rid of a problem protein before it causes disease. Nurix’s lead internal program, NX-2127, is being readied for Phase 1 testing as a potential treatment for B-cell lymphomas. The biotech also has research partnerships with Sanofi (NYSE: SNY) and Gilead Sciences (NASDAQ: GILD).

Nurix’s largest shareholder is The Column Group with a 26 percent stake in the company, followed by Third Rock Ventures, which owns 20.9 percent, according to the IPO filing. Bristol Myers Squibb (NYSE: BMY) holds a 10 percent stake, which came to the company via its acquisition of Celgene, another Nurix R&D partner. Nurix set a preliminary $100 million goal for its IPO. If it completes the stock offering, the company expects to trade on the Nasdaq under the stock symbol “NRIX.”

—Rare disease drug developer Inozyme Pharma filed for an IPO to advance its lead drug, a potential treatment for an enzyme deficiency, into clinical testing.

Boston-based Inozyme is developing a treatment for generalized arterial calcification of infants (GACI). The inherited disease is caused by a mutation to the ENPP1 gene, which codes for an enzyme that stops calcium from building up in blood vessels. Without enough of that enzyme, the calcium buildup leads to high blood pressure and heart problems. Inozyme’s drug candidate, INZ-701, is a fusion protein designed to correct the defect in the mineralization pathway at the root of GACI.

Inozyme’s largest shareholders are Longitude Venture Partners, New Enterprise Associates, and Novo Holdings, each owning 15.6 percent of the company, according to the IPO filing, The biotech set a preliminary $86.3 million goal for its IPO. The company plans to seek permission from US and European regulators to begin a Phase 1/2 study in the second half of this year. Inozyme has applied for a Nasdaq listing under the stock symbol “INZY.”

Frank Vinluan contributed to this report.

Image: iStock/whyframestudio

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