Nuvectis Pharma, a Phase 1-ready biotech developing in-licensed therapies for cancer, announced terms for its IPO on Thursday.
The Fort Lee, NJ-based company plans to raise $30 million by offering 2.3 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Nuvectis Pharma would command a fully diluted market value of $157 million.
Nuvectis is focused on the development of innovative precision medicines for the treatment of serious unmet medical needs in oncology. The company is currently developing two preclinical candidates, with the lead candidate expected to begin a Phase 1 trial in the 4Q21. Nuvectis licensed exclusive worldwide commercial rights to its lead candidate NXP800, an HSF1 pathway inhibitor, from the Institute for Cancer Research in May 2021. It licensed worldwide commercial rights to NXP900, a novel SRC/YES1 kinase inhibitor, from the University of Edinburgh in August 2021.
Nuvectis Pharma was founded in 2020 and plans to list on the Nasdaq under the symbol NVCT. ThinkEquity is the sole bookrunner on the deal. It is expected to price during the week of November 1, 2021.
