Nuvectis Pharma launches public stock offering

FORT LEE, NJ - Nuvectis Pharma , Inc. (NASDAQ:NVCT), a biopharmaceutical company specializing in precision oncology medicines with a current market capitalization of $131 million, announced today its initiation of an underwritten public offering of common stock. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 2.74. All shares in this offering are being sold by Nuvectis, which also plans to give underwriters a 30-day option to buy an additional 15% of shares.

The completion and terms of the offering are subject to market conditions, with no guarantees of the offering’s size or timing. Lucid (NASDAQ:LCID) Capital Markets is the sole book runner for the transaction. InvestingPro analysis shows the company holds more cash than debt on its balance sheet, suggesting a solid foundation for this capital raising initiative.

Proceeds from the sale are earmarked for further development of Nuvectis’ drug candidates, NXP800 and NXP900, as well as for hiring staff, capital expenditures, and general corporate purposes. The securities are offered under a shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) on March 17, 2023, and declared effective on March 29, 2023.

Nuvectis is currently advancing two clinical-stage drugs: NXP800, in Phase 1b trials for ARID1a-mutated ovarian carcinoma and cholangiocarcinoma, and NXP900, in Phase 1a trials targeting the SRC Family of Kinases. Wall Street analysts maintain an optimistic outlook, with price targets ranging from $20 to $25 per share, significantly above the current trading price of $7.Get access to more detailed analysis and 8 additional key insights about Nuvectis with InvestingPro.

This press release contains forward-looking statements regarding the public offering and the development of Nuvectis’ drug candidates. These forward-looking statements are based on current expectations and projections about future events. While the company maintains an overall "Fair" financial health score according to InvestingPro metrics, they are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed in such forward-looking statements.

The information provided in this article is based on a press release statement from Nuvectis Pharma.

In other recent news, Nuvectis Pharma, Inc. reported positive data from a Phase 1b study of NXP800, a potential treatment for patients with a specific type of ovarian cancer resistant to platinum-based chemotherapy. The study, conducted with clinical trial consortia in the US and UK, tested NXP800 on twelve patients, revealing antitumor activity. One patient showed an unconfirmed partial response, while six others achieved stable disease with tumor shrinkage. An adjusted dosing schedule successfully mitigated a severe blood condition observed in earlier safety evaluations. Looking ahead, Nuvectis plans to increase dose intensity in future cohorts and anticipates sharing additional clinical data in the second quarter of 2025. NXP800 has been granted Fast Track and Orphan Drug Designations by the FDA and is also being evaluated for the treatment of cholangiocarcinoma in a separate study. These developments highlight the ongoing efforts to find effective treatments for challenging forms of cancer.

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