Nurix Therapeutics (NRIX) said Thursday that the US Food and Drug Administration has cleared an investigational new drug application for its oral IRAK4 degrader GS-6791/NX-0479, allowing for a phase 1 trial to start, which is expected to begin in Q2.
The company said it is to receive $5 million from Gilead Sciences (GILD) for the IND clearance and remains eligible for up to $420 million in potential future milestone payments as part of a 2019 collaboration agreement.
Nurix said GS-6791/NX-0479 has potential applications in rheumatology and dermatology, including rheumatoid arthritis and atopic dermatitis.
Under the terms of the 2019 collaboration agreement, Nurix and Gilead Sciences (GILD) are looking to discover, develop, and commercialize a pipeline of up to five therapies for cancer and other diseases, the company said.
Nurix shares were over 8% higher while Gilead shares were 0.2% higher in recent premarket activity.
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